Business
Trican Reports Third Quarter Results for 2022
Calgary, Alberta--(Newsfile Corp. - November 9, 2022) - Trican Well Service Ltd. (TSX: TCW) ("...
About this update from Trican Well Service Ltd.
[{"type":"text","content":"Trican Reports Third Quarter Results for 2022Calgary, Alberta--(Newsfile Corp. - November 9, 2022) - Trican Well Service Ltd. (TSX: TCW) (\"Trican\" or the \"Company\") is pleased to announce its third 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 and nine months ended September 30, 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.HIGHLIGHTSTrican's results for the quarter continued to improve with stronger industry activity and a more constructive pricing environment resulting in improvements in all major financial categories:Revenue was $258.3 million for the three months ended September 30, 2022, a 57% increase compared to the three months ended September 30, 2021.Adjusted EBITDAS and adjusted EBITDA for the three months ended September 30, 2022 were $72.1 million and $70.9 million, compared to $33.2 million and $32.1 million, respectively, for the three months ended September 30, 2021. Free cash flow for the three months ended September 30, 2022 was $64.9 million compared to $29.9 million for the three months ended September 30, 2021. Profit from continuing operations for the three months ended September 30, 2022 was $38.2 million compared to profit from continuing operations of $9.1 million for the three months ended September 30, 2021.The Company's balance sheet remains in excellent shape with positive working capital, including cash, of $124.5 million at September 30, 2022 compared to $103.8 million at December 31, 2021 and no long-term debt providing significant financial flexibility. Trican operates the newest, most technically advanced fleet of fracturing equipment in Canada and successfully deployed Canada's first next generation fracturing fleets in 2022. This was accomplished by significantly upgrading existing equipment and incorporating CAT Tier 4 Dynamic Gas Blending (\"DGB\") engine technology. The Tier 4 DGB engine displaces up to 85% of the diesel used in a conventional pumper with cleaner burning natural gas resulting in lower overall fuel consumption, reduced carbon dioxide and particulate matter emissions. The up...