Calfrac Well Services reports Q3 loss, revenue more than doubles from year ago

Source: Calfrac Well Services

Calfrac Well Services Ltd. reported a loss in its latest quarter as its revenue more than doubled compared with a year ago.

The oilfield services company says it lost $1.5 million or four cents per diluted share for the quarter ended Sept. 30, compared with a loss of $50 million or $17.20 per diluted share in the same quarter last year.

Revenue totalled $295.8 million, up from $127.8 million a year ago.

Calfrac says the increase in revenue was mainly due to its fracturing job count more than doubling compared with a year ago, resulting primarily from higher activity in all operating divisions.

President and chief operating officer Lindsay Link said the results for the third quarter topped expectations due to strong year-over-year growth in equipment utilization in all its operating divisions.

Calfrac underwent a recapitalization plan late last year that saw holders of its senior unsecured notes swap debt for shares, leaving existing shareholders with a reduced stake in the company.

© 2021 The Canadian Press

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