Enerflex Earnings Unaffected by Natgas Downturn
Thursday, August 23, 2012
Enerflex Ltd. has reported that its earnings from continuing operations rose US$7.2 million in the second quarter, compared to the same period of 2011, despite a downturn in the natural gas market.
The company, based in Calgary, Alberta, Canada, provides natural gas compression and oil and gas processing equipment for sale or lease.
J. Blair Goertzen, president and CEO, said strong business in the southern U.S., South America, and international segments offset performance in Canada and Northern U.S., where activity levels fell as producers shut in dry gas because of weak prices.
The company said the downturn in Canadian activity would continue the rest of the year. “Our geographical diversification and strong balance sheet should provide us with the financial flexibility to weather any protracted downturn in the Canadian natural gas market,” it said.
Enerflex has doubled the capacity of its Houston facility, which will supply compression and processing equipment for southern U.S., South American and international markets.
For more information: www.enerflex.com.