Calfrac Well Services

Calfrac Announces Continuation of Multi-Year Fracturing Fleet Modernization Plan

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Friday, December 22, 2023

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The year-over-year increase in the Company’s capital program is primarily due to an acceleration of its fracturing fleet modernization plan in North America as well as approximately $40.0 million to support its Argentinian operations, and to a lesser extent, the implementation of companywide field-based technologies.

Key Points:

The year-over-year increase in the Company’s capital program is primarily due to an acceleration of its fracturing fleet modernization plan in North America as well as approximately $40.0 million to support its Argentinian operations, and to a lesser extent, the implementation of companywide field-based technologies.
With the completion of the 2024 capital program, the Company anticipates having approximately seven Tier IV DGB fracturing fleets deployed in North America by the end of the third quarter in 2024.
The planned 2024 capital expenditures in Argentina are expected to be fully funded by cash on-hand and locally generated free cash flow.
This level of capital investment accelerates Calfrac’s Tier IV DGB fleet modernization program in North America allowing the Company to meet the increasing customer demand for next generation, lower emission dual-fuel equipment and keep pace with the evolving fracturing market.

Calfrac Announces Extension and Amendment of Credit Facilities

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Friday, September 29, 2023

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CALGARY, Alberta, Sept. 29, 2023 (GLOBE NEWSWIRE) -- Calfrac Well Services Ltd. ("Calfrac" or “the Company”) (TSX-CFW) is pleased to announce that it has entered into an agreement with a syndicate of Canadian financial institutions which amends and extends its credit facilities (the “Credit Facilities”).

Key Points:

CALGARY, Alberta, Sept. 29, 2023 (GLOBE NEWSWIRE) -- Calfrac Well Services Ltd. ("Calfrac" or “the Company”) (TSX-CFW) is pleased to announce that it has entered into an agreement with a syndicate of Canadian financial institutions which amends and extends its credit facilities (the “Credit Facilities”).
As at June 30, 2023 the Interest Coverage Ratio and Total Debt to EBITDA ratio from continuing operations would have been 7.93:1.00 and 1.04:1.00, respectively.
Calfrac’s Chief Financial Officer, Mike Olinek, commented: “We are pleased to report an extension of the Company’s Credit Facilities with a newly configured lending syndicate consisting of four major financial institutions.
Calfrac provides specialized oilfield services to exploration and production companies designed to increase the production of hydrocarbons from wells with continuing operations focused throughout western Canada, the United States and Argentina.

Berry Corporation Completes Acquisition of Macpherson Energy Corporation, Updates Annual Guidance

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Monday, September 18, 2023

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(2) Expenses from field operations include lease operating expenses, electricity generation expenses, transportation expenses, and marketing expenses.

Key Points:

(2) Expenses from field operations include lease operating expenses, electricity generation expenses, transportation expenses, and marketing expenses.
(4) Natural gas purchase hedge settlements is the cash (received) or paid from these derivatives on a per boe basis.
(6) Adjusted General & Administrative expenses and Well Servicing and Abandonment Segment Adjusted EBITDA are non-GAAP financial measures.
Non-GAAP forward-looking measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures.

CloudMD Reports Second Quarter 2023 CloudMD Continues to Drive Execution with Adjusted EBITDA Approaching Breakeven

Retrieved on:

Monday, August 28, 2023

This was CloudMD’s third consecutive quarter of improving Adjusted EBITDA, representing a $2.5 million improvement year over year.

Key Points:

This was CloudMD’s third consecutive quarter of improving Adjusted EBITDA, representing a $2.5 million improvement year over year.
On August 23rd, 2023, CloudMD announced the signing of a significant contract to provide Remote Patient Monitoring to a major U.S.
Both Gross Margin and Adjusted EBITDA have seen continuous improvement quarter over quarter and our goal for Adjusted EBITDA breakeven in Q4 2023 is within reach.
Q2 2023 Adjusted EBITDA1 of ($0.7) million, compared to Adjusted EBITDA1 of ($1.4) million in Q1 2023 and compared to ($3.2) million in Q2 2022.

Calfrac Reports Record Second-Quarter Adjusted EBITDA of $87.8 Million

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Thursday, August 10, 2023

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The Company’s operations in North America generated Adjusted EBITDA of $75.3 million during the second quarter of 2023 compared to $42.7 million in the same period in 2022.

Key Points:

The Company’s operations in North America generated Adjusted EBITDA of $75.3 million during the second quarter of 2023 compared to $42.7 million in the same period in 2022.
This increase in Adjusted EBITDA was primarily driven by utilization as pricing remained stable and consistent with the comparable period in 2022.
The Company’s operations in North America generated Adjusted EBITDA of $151.8 million during the first six months of 2023 compared to $64.1 million in the same period in 2022.
The Company was able to achieve an Adjusted EBITDA margin of 19 percent versus 13 percent in the comparable period in 2022 through much higher utilization combined with better realized pricing.

Calfrac Reports $83.8 Million Adjusted EBITDA With Best First-Quarter Margin Percentage Since 2012

Retrieved on:

Tuesday, May 9, 2023

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Although adverse weather impacted Calfrac’s operations in North America earlier this year, the Company’s commitment to safe and high quality operations resulted in the generation of its highest first-quarter Adjusted EBITDA margin since 2012.

Key Points:

Although adverse weather impacted Calfrac’s operations in North America earlier this year, the Company’s commitment to safe and high quality operations resulted in the generation of its highest first-quarter Adjusted EBITDA margin since 2012.
31, 2022
Revenue from Calfrac’s North American operations increased significantly to $413.0 million during the first quarter of 2023 from $239.9 million in the comparable quarter of 2022.
The Company’s operations in North America generated Adjusted EBITDA of $76.5 million during the first quarter of 2023 compared to $21.4 million in the same period in 2022.
This increase in Adjusted EBITDA was largely driven by strong net pricing gains and a dedicated focus on cost control which supported significant margin expansion relative to the comparable quarter in 2022.

KCF Technologies helps Calfrac Well Services Ensure Reliable Hydraulic Fracturing

Retrieved on:

Tuesday, February 14, 2023

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STATE COLLEGE, Pa., Feb. 14, 2023 /PRNewswire/ -- Calfrac Well Services (Calfrac), one of the largest hydraulic fracturing companies based on horsepower (~1.3 million horsepower) is using KCF Technologies Machine Health Platform to reduce downtime and increase productivity.

Key Points:

STATE COLLEGE, Pa., Feb. 14, 2023 /PRNewswire/ -- Calfrac Well Services (Calfrac), one of the largest hydraulic fracturing companies based on horsepower (~1.3 million horsepower) is using KCF Technologies Machine Health Platform to reduce downtime and increase productivity.
Calfrac's services include hydraulic fracturing, coiled tubing, cementing, and other well stimulation techniques designed to help increase the production of oil and natural gas.
Operating in western Canada, United States, and Argentina, Calfrac has fully deployed KCF Technologies' Platform across all 10 of its fleets in the US.
The relationship between Calfrac and KCF Technologies started in 2021 with one fleet and quickly accelerated to cover all their US based fleets.

Calfrac Integrates Allison Next Generation Hydraulic Fracturing Transmission into Oil Field Operations

Retrieved on:

Tuesday, July 19, 2022

Allison Transmission is pleased to announce that Calfrac Well Services Ltd., one of the largest hydraulic fracturing companies in the world, has introduced the Allison FracTran into its field operations.

Key Points:

Allison Transmission is pleased to announce that Calfrac Well Services Ltd., one of the largest hydraulic fracturing companies in the world, has introduced the Allison FracTran into its field operations.
Designed from the ground up to meet the unique demands of the fracturing industry, Allisons latest innovation in the Oil Field Series product line maximizes customer productivity with high reliability and powerful performance under pressure.
View the full release here: https://www.businesswire.com/news/home/20220719005128/en/
Allison Transmission's FracTran has been integrated into field operations at Calfrac Well Services Ltd., one of the largest hydraulic fracturing companies in the world.
(Photo: Business Wire)
Since integrating the Allison FracTran into our hydraulic fracturing pump in April, weve been very impressed with its performance in the field, said Jim Weatherby, US Maintenance Manager, Calfrac Well Services Ltd. Weve noticed an improvement in the productivity of the Calfrac pump equipped with the FracTran compared to our other hydraulic fracturing pumps.

Precision Drilling Corporation Acquires High Arctic’s Well Servicing & Rentals Divisions

Retrieved on:

Monday, July 18, 2022

Precision adds to its Canadian well servicing operation a fleet of 80 service rigs (51 marketed and 29 inactive).

Key Points:

Precision adds to its Canadian well servicing operation a fleet of 80 service rigs (51 marketed and 29 inactive).
High Arctics people are well known for their focus on safety and field execution and will complement Precisions High Performance, High Value operating strategy.
Precision is acquiring the Well Servicing and Rentals divisions (excluding working capital) for $38.2 million in cash.
Precision is a leading provider of safe and environmentally responsible High Performance, High Value services to the energy industry, offering customers access to an extensive fleet of Super Series drilling rigs.

EverCommerce to Release Fourth Quarter 2021 Earnings on March 14, 2022

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Tuesday, February 15, 2022

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DENVER, Feb. 15, 2022 (GLOBE NEWSWIRE) -- EverCommerce, Inc. (NASDAQ:EVCM), a leading service commerce platform, will report its fourth quarter and fiscal year 2021 financial results after the U.S. financial markets close on Monday, March 14, 2022.

Key Points:

DENVER, Feb. 15, 2022 (GLOBE NEWSWIRE) -- EverCommerce, Inc. (NASDAQ:EVCM), a leading service commerce platform, will report its fourth quarter and fiscal year 2021 financial results after the U.S. financial markets close on Monday, March 14, 2022.
Management will also host a conference call on Monday, March 14, 2022 at 3:00 p.m. Mountain Time / 5:00 p.m. Eastern Time to discuss the Companys financial results.
To access this call, dial (877) 313-2140 (domestic) or (470) 495-9545 (international) (ID number: 1823928).
A live webcast of this conference call will be available on the Investor Relations page of the Companys website ( https://investors.evercommerce.com/ ).