Is Ensign Energy (ESI) halal?

Ensign Energy Services Inc. (TSX: ESI) is an oilfield-services company whose debt is about 141.2% of market cap — far over the ~33% ceiling — so it fails the debt gate: FAIL.

The two-gate Shariah screen

Every screener on this site runs the same two gates: first, the business must be halal (no conventional insurance, banking, alcohol, gambling, weapons manufacturing, and the like); second, the financial ratios must clear (debt under roughly 33% of market cap, non-compliant income under roughly 5%).

Gate one: the business — no haram lines identified

Ensign is 'a global leader in oilfield services' headquartered in Calgary, operating in Canada, the US, and internationally — 'one of the world's top land-based drilling and well servicing contractors serving crude oil, natural gas, and geothermal operators.' Services include contract drilling, directional drilling, underbalanced and managed pressure drilling, rental equipment, well servicing, and production services. Q2 2026 revenue was C$397.3 million. No alcohol, gambling, conventional-lending/insurance, entertainment, or weapons lines are disclosed.

Gate two: the ratios — the debt gate fails decisively

At June 30, 2026 (Q2 2026 results release): consolidated net debt (debt less cash) of C$909.098 million and cash of C$15.138 million, implying gross interest-bearing debt of C$924.236 million — the C$950 million revolving credit facility (maturing September 2028) plus C$25 million of subordinated convertible debentures at 7.5% (issued December 31, 2024, maturing January 31, 2029, convertible at C$3.50/share). With about 184.3 million shares at C$3.55 (September 28, 2026), market cap is about C$654.4 million, so debt-to-market-cap is about 141.2% — far over the ~33% ceiling. Note: post-Q2, the Citadel Drilling acquisition closed in August 2026 for US$65 million funded with cash and credit facilities — so debt is higher, not lower. The income gate is unverifiable: interest income is not separately disclosed in any filing — there is no interest-income, finance-income, or 'interest received' line in the Q2 2026 interim statements, MD&A, or results release. The company is a net payer of interest (interest expense of C$16.148 million in Q2 2026).

What other screeners say

No Zoya, Musaffa, or ShariaPortfolio rating for Ensign Energy Services (ESI) could be verified from public sources. Caution: the only 'Ensign' on Zoya is The Ensign Group (ENSG) — a US healthcare company, a completely different company; do not conflate the two. No third-party rating is claimed here.

The bottom line

This screener gives Ensign Energy Services Inc. (TSX: ESI) a FAIL. Interest-bearing debt of about 141.2% of market cap is far over the ~33% ceiling — decisive on verified numbers. The income gate is unverifiable (interest income is not disclosed in filings), and no haram business lines are disclosed — the failure is purely ratio-driven. Snapshot dated September 29, 2026; re-checked quarterly after earnings.

Sources

Frequently asked questions

Is Ensign Energy stock halal?

No — Ensign Energy Services Inc. (TSX: ESI) fails the debt gate decisively. Gross interest-bearing debt of C$924.2 million is about 141.2% of its ~C$654.4 million market cap, far over the ~33% ceiling. No haram business lines are disclosed, but the debt screen fails. Interest income is not separately disclosed in filings, so the income gate is unverifiable. No current Zoya, Musaffa, or ShariaPortfolio rating for Ensign could be verified. Consult a qualified scholar.

What are Ensign's debt and market-cap figures?

At June 30, 2026 (Q2 2026 results release): consolidated net debt (debt less cash) of C$909.098 million and cash of C$15.138 million, implying gross interest-bearing debt of C$924.236 million — the C$950 million revolving credit facility (maturing September 2028) plus C$25 million of subordinated convertible debentures at 7.5% (issued December 31, 2024, maturing January 31, 2029, convertible at C$3.50/share). Market cap is about C$654.4 million (~184.3 million shares at C$3.55, September 28, 2026). Debt-to-market-cap is about 141.2% — far over the ~33% ceiling.

How much interest income does Ensign earn?

Interest income is not separately disclosed in any filing — there is no interest-income, finance-income, or 'interest received' line in the Q2 2026 interim statements, MD&A, or results release — so the interest-income share of revenue cannot be computed and the income gate is unverifiable. The company is a net payer of interest: interest expense was C$16.148 million in Q2 2026. Note: post-Q2, the Citadel Drilling acquisition closed in August 2026 for US$65 million funded with cash and credit facilities, so debt is higher, not lower.

What does Ensign Energy do?

What do Zoya, Musaffa, and ShariaPortfolio say about ESI?