Business
Calfrac Reports First Quarter 2025 Results with Record Financial Performance in Argentina
CALGARY, Alberta, May 15, 2025 (GLOBE NEWSWIRE) -- Cal frac Well Services Ltd. (“Cal...
About this update from Calfrac Well Services Ltd.
[{"type":"text","content":"Calfrac Reports First Quarter 2025 Results with Record Financial Performance in Argentina\n\n\n\n CALGARY, Alberta, May 15, 2025 (GLOBE NEWSWIRE) --\n \n Cal\n \n\n frac Well Services Ltd. (“Calfrac” or “the Company”) (TSX: CFW)\n \n announces its financial and operating results for the three months ended March 31, 2025. The following press release should be read in conjunction with the management’s discussion and analysis and interim consolidated financial statements and notes thereto as at March 31, 2025. Readers should also refer to the “Forward-looking statements” legal advisory and the section regarding “Non-GAAP Measures” at the end of this press release. All financial amounts and measures are expressed in Canadian dollars unless otherwise indicated. Additional information about Calfrac is available on the SEDAR+ website at www.sedarplus.ca, including the Company’s Annual Information Form for the year ended December 31, 2024.\n \n\n\n CFO’S MESSAGE\n \n\n\n Calfrac achieved revenue of $370.1 million during the first quarter in 2025, a 3 percent decline from the fourth quarter in 2024, primarily due to a normal seasonal slowdown in activity in the Rockies region of North America. As experienced over the last couple of years, activity in the Rockies region continues to be very challenging during the first quarter due to limited customer activity, resulting from the higher costs of operating in extreme cold weather. However, the Company’s Argentina operations delivered a sequential increase in revenue of 56 percent as it operated two unconventional fracturing spreads in the Vaca Muerta shale play for a portion of the first quarter.\n \n\n Calfrac’s Chief Financial Officer, Mike Olinek commented: “I am very pleased with the strong operating and financial performance demonstrated by Calfrac’s team in Argentina during the first quarter and look forward to building on this positive momentum throughout the remainder of the year. I am also confident that the Company’s North American DGB fracturing fleets will remain in high demand and allow us to successfully navigate any potential slowdown in North America and deliver on our strategic priorities.”\n \n\n\n SELECT FINANCIAL HIGHLIGHTS – CONTINUING ...