Street Smart Investor
Thu, Apr. 28, 8:47 AM
Thu, Mar. 3, 3:38 PM
- Calfrac Well Services (OTCPK:CFWFF) says it has cut another 500 jobs from its North American workforce, and now has 2,300 fewer workers in North America than at the start of 2015.
- Calfrac CEO Fernando Aguilar says oil price weakness has led to unprecedented cuts in capital spending from the E&P companies it serves.
- Separately, Repsol's (OTCQX:REPYF, OTCQX:REPYY) Canada subsidiary - formerly Talisman Energy - says it is reducing its work force in the country’s oil patch by 10%-15%, which would put ~345 people out of work based on the company’s headcount at the end of last year.
- The Canadian Association of Oilwell Drilling Contractors estimates that 100K industry jobs have been lost since the downturn began.
Wed, Feb. 24, 9:00 AM
Jul. 3, 2014, 11:49 AM
- Calfrac Well Services (CFWFF +5.5%) jumps after announcing it would more than double its capital spending to C$360M from C$150M, citing growing demand in the U.S.
- Most of the increase is earmarked for construction of two fracturing fleets totaling 80K for Calfrac's U.S. operations, a 35K horsepower fracturing fleet for Canada, and a 40K horsepower fracturing fleet that will operate in the Vaca Muerta shale play in Argentina.
Apr. 16, 2014, 2:47 PM
- Precision Drilling (PDS +5.3%) is upgraded to Overweight from Underweight at Morgan Stanley, which believes the oilfield services company may double its Canadian land-drilling business over several years, benefiting from its exposure to the liquefied natural gas market which should see meaningful secular growth.
- The firm says Canadian service providers Calfrac Well Services (CFWFF) and Trican Well Services (TOLWF) also could see growth for pressure pumpers.
Sep. 6, 2013, 9:28 AM
- Calfrac Well Services (CFWFF.PK) agrees to acquire all operating assets of Mission Well Services for ~$147M.
- The move allows the Canadian company to gain a foothold in the Eagle Ford shale region and assess opportunities in other basins in Texas.
- Calfrac will gain 157.5K conventional pumping horsepower, high-rate blenders, three deep capacity coiled tubing units and other equipment.
Dec. 29, 2011, 11:37 AM
The oil and gas boom in North Dakota and other states is providing the springboard for Canadian services companies like Precision Drilling (PDS) to expand into the U.S. It's also drawing oil producers like Baytex (BTE) and Enerplus (ERF) who find land in the Bakken shale cheaper than their hunting grounds back home.| Dec. 29, 2011, 11:37 AM | 1 Comment