Business
Calfrac announces update on 2014 capital program
CALGARY , July 3, 2014 /CNW/ - Calfrac Well Services Ltd. ("Calfrac") (TSX-CFW) is ple...
About this update from Calfrac Well Services Ltd.
[{"type":"text","content":"\n\n\nCALGARY, July 3, 2014 /CNW/ - Calfrac Well Services Ltd. (\"Calfrac\") (TSX-CFW) is pleased to provide an update on its 2014 capital program. In\n response to significantly improved customer demand in the United\n States, Canada and Argentina, Calfrac's 2014 capital program was\n increased by $210 million to $360 million, including carryover capital.\n A portion of the increased capital spending is expected to occur in\n 2015. The incremental capital spending will be funded by Calfrac's\n existing credit facilities and cash flow. At June 30, 2014, Calfrac had\n approximately $247 million available under its existing credit\n facilities.\n\n\nThe majority of the capital program increase is related to the\n construction of two fracturing fleets totaling 80,000 horsepower for\n Calfrac's United States operations, a 35,000 horsepower fracturing\n fleet for Canada and a 40,000 horsepower fracturing fleet that will\n operate in the Vaca Muerta shale play in Argentina. In addition, two\n new twin cementing units will be constructed for Calfrac's Argentina\n operations. Delivery of this equipment is expected to begin in early\n 2015. The increase in capital also includes approximately $38 million\n of additional support and maintenance capital to optimize fleet\n utilization in North America and Latin America.\n\n\nCalfrac's common shares are publicly traded on the Toronto Stock\n Exchange under the trading symbol \"CFW\". Calfrac provides specialized\n oilfield services to exploration and production companies designed to\n increase the production of hydrocarbons from wells drilled throughout\n western Canada, the United States, Argentina, Colombia, Mexico and\n Russia.\n\n\nThis press release contains forward-looking statements and\n forward-looking information within the meaning of applicable securities\n laws. The use of any of the words \"expect\", \"anticipate\", \"continue\",\n \"estimate\", \"may\", \"will\", \"project\", \"should\", \"believe\", \"plans\",\n \"intends\" and similar expressions are intended to identify\n forward-looking information or statements. More particularly and\n without limitation, this press release contains forward-looking\n statements and information relating to future capital expenditures,\n demand for Calfrac's services and the sources and availability of\n funding. These forward-looking statem...