CanElson Drilling Inc. has recently released their second quarter earnings. CanElson is a publically traded company trading on the Toronto Stock Exchange, ticker: CDI, with its head office in Calgary and a significant presence in south east Saskatchewan based out of Carlyle.
The board of directors travelled to Carlyle to hold the second quarter meeting in the Company's local office. The Board of Directors not only met to discuss their financial records, but to tour the field and local rig operations in the area. This is something that they have always done. Interest and care for their company and employees is high, so when meeting to discuss quarterly earnings the board likes to travel to its different bases of operations.
Mike Smith (Cannon), VP and General Manager of CanElson, along with Skilnick explained how the roots of the company itself come back to Carlyle. McDougald and Smith made the decision to start the company. As they decided on logos and names, McDougald had walked across Smith's backyard in Carlyle. Here he found a four-leaf clover. This was seen as a sign both in moving forward with good luck in the development of their company and as a logo for CanElson.
Smith and McDougald ended up starting the business by recruiting Randy Hawkings in Calgary with five employees, expanding to Texas and Mexico they were then able to open operations in Saskatchewan. Simply three years later they now employ over 700 people across three countries: Canada, the United States, and Mexico.
The diversity in where they drill has helped generate the strong second quarter results of $0.05 earnings per share.
"The strong results are especially impressive given the second quarter is normally the slow season for drilling as spring break-up affects drilling in Canada," Rob Skilnick, Chief Financial Officer, has stated.
Much of the drilling in Canada is forced to shut down between April 1 and June 30 due to the rain. The wet season means less production, but holding assets in various locations across North America has allowed for them and for their shareholders to prosper.
Although it is now an international company spanning three countries, CanElson continues to operate approximately 40 percent of its rig fleet in southeastern Saskatchewan and southwestern Manitoba. This particular area, when the rigs are running, sees around 300 employees retained by CanElson.
"Aside from the strong presence in Saskatchewan, a number of the company's senior management and directors trace their roots back to the province, including its Chairman Elson McDougald who grew up in Carievale and took his first roughneck job in southeastern Saskatchewan," Skilnick explained.
While the Board of Directors were visiting Carlyle the President and CEO, Randy Hawkings, presented a cheque for $25,000 to the Carlyle and District Leisure Complex to aid in an expansion project planned for next year.
