5/7/2026

speaker
Operator
Conference Operator

Good afternoon, ladies and gentlemen, and welcome to the Ensign Energy Services Inc. First Quarter 2026 Results Conference Call. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question and answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. This call is being recorded on Thursday, May 7, 2026. I would now like to turn the conference over to Michael Gray, Chief Financial Officer. Please go ahead.

speaker
Michael Gray
Former Chief Financial Officer

Thank you. Yeah, just to clarify, former Chief Financial Officer. But thank you and good morning and welcome to Enzyme Energy Services' first quarter conference call and webcast. On our call today, Bob Geddes, President and COO, Trevor Russell, a new Chief Financial Officer, and myself, Mike Gray. Today, we will review Enzyme's first quarter highlights, financial results, followed by operational update and outlook. We'll then open the call for questions after that. Our discussion today may include forward-looking statements based upon current expectations that involve several business risks and uncertainties. The factors that could cause results to differ materially include, but are not limited to, political and economic and market conditions, crude oil and natural gas prices, foreign currency fluctuations, weather conditions, the company's defense of lawsuits, the ability of oil and gas companies to pay accounts receivable balances, or other unforeseen conditions. which could impact the demand for services supplied by the company. Additionally, our discussions today may refer to non-GAAP financial measures, such as adjusted EBITDA. Please see our first quarter earnings release and CEDAR Plus filings for more information on forward-looking statements and the company's use of non-GAAP financial measures. Before I pass the call back over to Bob, I'd like to take a moment to sincerely thank all of Enzyme's employees for their hard work and dedication. I've truly appreciated my time here and the opportunity to work alongside such a strong team. I'm confident that the company is in very good hands going forward under Trevor's leadership. On that, I'll pass the call back to Bob.

speaker
Bob Geddes
President and Chief Operating Officer

Thanks, Mike. Let me start by acknowledging that Mike Gray is retiring, as you understand here, and we have the appointment of Trevor Russell under the CFO role. I just want to first of all thank Mike for his guidance and service with Enzyme over the last years on behalf of the Board of Directors, myself, and all employees. Mike has helped the company manage through some intense Trinidad acquisition, the neighbors acquisition, the COVID years, etc. Thank you, Mike, for all of that. I also want to congratulate Trevor on his promotion to the CFO role. Trevor has been with the company for 20 years and was the last in the role of VP financing. Mr. Russell will provide a seamless transition for us moving forward. Also, Mike Gray has agreed to stay on as an executive advisor until July to help through the transition period. So we've had two significant events in the first quarter that have provided a very positive construct for Enzyme. Right out of the gate in 2026, we saw Venezuela become de-risked to a large extent with a strong proxy for increased activity. With Enzyme having the only rigs operating in Venezuela, we are well positioned to expand that business unit. And then we have the Middle East conflict, which has pushed oil prices up significantly. Today, we are bumping in the low 90s. If anyone had told me WTI would be in the low 90s a few months ago, we would have been critical of such a prediction. Let's just hope demand stays somewhat inelastic. Anyway, here we are. So for a deeper dive into the first quarter financial results, I'll turn the call over to Trevor Russell. Trevor?

Disclaimer

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