​Calfrac Well Services cuts deepen to 70% in Canada, U.S. due to low oil prices

Calfrac Well Services Ltd. says it has now cut 70 per cent of its North American staff as demand for its hydraulic fracturing and other well completion services continues to fall in view of low oil prices.

In late March, the Calgary-based company said it would reduce the number of crews being deployed in its North American operations from 19 to nine, resulting in a 40 per cent downsizing of its workforce in the U.S. and Canada.

It now says it has cut the number of crews to five.

In a March regulatory filing, Calfrac said it had 3,300 employees in its operating regions which include Canada, the U.S., Argentina and Russia as of Dec. 31.

It says its Argentina operations are significantly impacted by a COVID-19 pandemic related lockdown order and its Russian operations are being hit by warmer weather which prevents the use of ice bridges in its main operating area.

Calfrac says it will postpone its first-quarter financial report, normally published before May 15, until no later than June 25.

© 2020 The Canadian Press

Dear user, please be aware that we use cookies to help users navigate our website content and to help us understand how we can improve the user experience. If you have ideas for how we can improve our services, we’d love to hear from you. Click here to email us. By continuing to browse you agree to our use of cookies. Please see our Privacy & Cookie Usage Policy to learn more.