ESOA · CIK 1357971
What Energy Services of America Corp. told the SEC could break it.
Energy Services of America is a construction contractor whose workload rises and falls with the energy market it serves: its revenue depends on natural-gas exploration and development activity, which is shaped by natural-gas and electricity prices and their volatility — factors entirely outside its control. That demand is also geographically concentrated, with the majority of its customers in West Virginia, Virginia and Ohio, clustering its backlog in central Appalachia. And on certain projects it depends on outside suppliers, subcontractors and equipment manufacturers, so a failure by any of them to perform could expose it to loss.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Commodity & input dependence
- demand driven by natural gas / electricity prices and activitymedium
Energy Services' revenue depends on natural gas exploration/development activity and is affected by market prices and volatility of natural gas and electricity, over which it has no control.
“Such factors include the market prices of natural gas and electricity, market expectations about future prices, the volatility of such prices, the cost of producing and delivering natural gas and electricity, government regulations and trade restrictions, local and international political and economic conditions, the development of alternate energy sources, changes in the tax code that affect the energy industry, and the long-term effects of worldwide energy conservation measures.”
Geographic concentration
- customers concentrated in West Virginia, Virginia, Ohio (and Kentucky)medium
The majority of Energy Services' customers are in West Virginia, Virginia and Ohio, concentrating its construction backlog in the central Appalachian region.
“The majority of the Company's customers are in West Virginia, Virginia, Ohio”
SEC filing →As of 2025
Supplier concentration
- dependence on suppliers, subcontractors and equipment manufacturersmedium
On certain projects Energy Services relies on suppliers, subcontractors and equipment manufacturers, exposing it to risk of loss if those third parties fail to perform.
“Our dependence on suppliers, subcontractors and equipment manufacturers could expose us to risk of loss in our operations.”
SEC filing →As of 2025
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
“Dow Chemical Kentucky American Water WV American Water Various state, county, and municipal public service districts. The majority of the Company's customers are in West Virginia, Virginia, Ohio”
Cited →Nucor Corporation (Nucor Steel West Virginia)
“Energy Services' customers include many of the leading companies in the industries it serves, including: TransCanada Corporation NiSource, Inc. Marathon Petroleum Mountaineer Gas Nucor Steel West Virginia American Electric Power Toyota Motor Manufacturing Bayer Chemical”
Cited →Marathon Petroleum Corporation
“Energy Services' customers include many of the leading companies in the industries it serves, including: TransCanada Corporation NiSource, Inc. Marathon Petroleum Mountaineer Gas Nucor Steel West Virginia American Electric Power Toyota Motor Manufacturing Bayer Chemical”
Cited →
In the MyPRIA app, this is checked against the companies you actually own.
← World Watch