Business
Calfrac Provides Operational and Financial Update for Third Quarter of 2022
Calfrac Provides Operational and Financial Update for Third Quarter of 2022 Can...
About this update from Calfrac Well Services Ltd.
[{"type":"text","content":"\n \n \n \n Calfrac Provides Operational and Financial Update for Third Quarter of 2022\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n CALGARY, AB\n \n \n ,\n \n \n Sept. 13, 2022\n \n \n /CNW/ -\n \n Calfrac Well Services Ltd. (\"Calfrac\" or \"the Company\")\n \n (TSX: CFW) is pleased to provide an operational and financial update for the third quarter of 2022 for its continuing operations in\n \n the United States\n \n ,\n \n Canada\n \n , and\n \n Argentina\n \n .\n \n \n \n THIRD QUARTER OPERATIONAL UPDATE FOR CONTINUING OPERATIONS\n \n \n \n Since the end of the second quarter, the Company has experienced improved utilization throughout all service lines in\n \n North America\n \n and\n \n Argentina\n \n . Coupled with net price increases, Calfrac anticipates third-quarter revenue and Adjusted EBITDA to deliver significant year-over-year growth.\n \n \n \n \n UNITED STATES\n \n \n \n \n The Company continues to execute at a high level and provide top-tier service quality to its clients which is expected to drive margin expansion and very strong financial performance in the third quarter. The pricing environment for\n \n the United States\n \n pressure pumping sector effectively captures inflationary input costs and is beginning to produce a return on capital employed that approximates the value of services provided.\n \n \n \n \n CANADA\n \n \n \n \n The Company began the third quarter with improved pricing and anticipates better utilization of its four fracturing fleets and five coiled tubing units during the quarter as compared to the first quarter of the year. Calfrac continues to leverage its dual fuel fracturing fleets and logistical expertise to service its customers' operational needs while, at the same time, meeting their ESG objectives. As pricing catches up to the evolving scope of work requirements, the Company anticipates that its safe and efficient execution will result in profitability growth.\n \n \n \n \n ARGENTINA\n \n \n \n \n The Company expects that significantly i...