4 stories mentioning HWO.TOUpdated 14d ago
Every FINWIRES story that references HWO.TO, newest first.
The interim chief financial officer of High Arctic Energy Services (HWO.TO), Jay Bachman, has tendered his resignation, the company said in a Tuesday news release.Bachman's last day at High Arctic will be June 10.Dorraine Neal has been appointed interim CFO, effective June 10. Neal previously served as corporate controller.
High Arctic Energy Services (HWO.TO) after the close on Thursday said it swung to a profit in first quarter on higher revenue and strong customers demand.The company earned $855,000 in the first quarter compared to a year-prior loss of $120,000. The increase was a result of Team Snubbing's "strong performance" in the quarter and the gain on asset dispositions, While its operating loss stood $204,000 in the quarter compared to a loss of $128,000 in Q1 2025.Revenue rose 17% to $2.74 million. The company attributed revenue increase to "improved overall customer demand combined with the impact of customer sales mix".In its outlook, High Arctic said it anticipates firm customer activity levels in central Alberta for the remainder of 2026, as certain oil and gas producers continue to ramp their capital spending as they drill, complete and tie-in their Duvernay wells which are conveniently located in close proximity to our primary operations in Red Deer.While global economic uncertainty persists, Canada's energy industry has opportunities for future growth, as evidenced by recent energy infrastructure developments and a new and seemingly more aggressive mandate at the federal level for Canada to become a global energy superpower, the company said."Our rental services business delivered solid financial and operational results in Q1 2026 despite volatile crude oil and natural gas pricing and lower activity levels and rig count. We witnessed an acceleration of customer activity in central Alberta, driven by increased development in the Duvernay near our Red Deer operations. Our current service offerings and facility locations position us to provide our customers with the assets they need while allowing us to maintain an exceptional level of customer service," said Lonn Bate, interim CEO.
