Business
Trican Reports First Quarter Results for 2022
Calgary, Alberta--(Newsfile Corp. - May 11, 2022) - Trican Well Service Ltd. (TSX: TCW) (" Tri...
About this update from Trican Well Service Ltd.
[{"type":"text","content":"Trican Reports First Quarter Results for 2022Calgary, Alberta--(Newsfile Corp. - May 11, 2022) - Trican Well Service Ltd. (TSX: TCW) (\"Trican\" or the \"Company\") is pleased to announce its first quarter results for 2022. The following news release should be read in conjunction with Management's Discussion and Analysis (\"MD&A\"), the unaudited interim consolidated financial statements and related notes of Trican for the three months ended March 31, 2022, as well as the Annual Information Form (\"AIF\") for the year ended December 31, 2021. All of these documents are available on SEDAR at www.sedar.com.HIGHLIGHTSRevenue was $218.9 million for the three months ended March 31, 2022, a 48% increase compared to the three months ended March 31, 2021 resulting from higher industry activity and pricing leading to increased revenue per job.Adjusted EBITDA and adjusted EBITDAS for the three months ended March 31, 2022, were $38.9 million and $42.0 million, compared to $27.3 million and $29.1 million, respectively for the three months ended March 31, 2021. The increase was the result of higher industry activity and pricing offset by significant inflationary pressures in all of our major cost categories including fuel, proppant, parts and labour as the industry seeks to ramp up activity.Free cash flow was $30.4 million for the three months ended March 31, 2022 (March 31, 2021 - $22.0 million). Free cash flow was higher primarily as a result of strong activity levels which drove increased adjusted EBITDA and adjusted EBITDAS compared to the prior year comparative period offset by an anticipated increase in maintenance capital requirements for the quarter.Profit from continuing operations for the three months ended March 31, 2022 was $13.3 million compared to $1.7 million for the three months ended March 31, 2021.The Company's balance sheet remains in excellent shape with positive working capital, including cash, of $115.1 million at March 31, 2022 compared to $103.8 million at December 31, 2021 and no long-term debt. The Company continues to differentiate its equipment fleet from what is available in the industry, successfully deploying Canada's first next generation fracturing spread with CAT Tier 4 Dynamic Gas Blending (\"DGB\") engine technology in Q1 2022. The Tier 4 DGB engine displaces up to 85% of the diesel used in a conventio...