Tue, Jun. 21, 3:57 PM
- Trican Well Service (OTCPK:TOLWF) jumps nearly 10% in Toronto after announcing a deal to improve its balance sheet, and after RBC upgrades the shares to Outperform and raised its price target to $5 from $2.
- RBC's new bullish outlook follows Trican’s announcement that it had closed a $69M bought deal and would use the proceeds to pay down debt.
- "With its balance sheet reboot now complete, financial risk has been greatly reduced and we expect the stock to move towards peers,” RBC says, adding that Trican had lowered its debts by $513M since the end of 2014.
Wed, Jun. 1, 5:43 PM
- National Oilwell Varco (NYSE:NOV) agrees to acquire Trican Well Service's (OTCPK:TOLWF) completion tools business for C$53.5M in cash and stock.
- Trican says the sale, which includes its tools operations in Canada and the U.S. as well as in Russia and Norway, will strengthen its balance sheet and allow it to focus on its Canadian hydraulic fracturing business.
- NOV says the deal will expand the breadth of its completion and production related product offerings.
Wed, May 4, 11:52 PM
Wed, Feb. 24, 10:31 PM
Tue, Jan. 26, 5:32 PM
- Trican Well Services (OTCPK:TOLWF) agrees to sell its U.S. pressure pumping business unit to completion services company Keane Group in a deal that more than triples the privately-held company's fracking capacity to ~950K horsepower from 300K.
- Keane will pay $200M in cash and give Trican a 10% stake in Keane's shares in the deal valued at US$247M.
- Trican says it will retain its completion solutions, geological services and industrial services businesses and continue to offer the products and services in the U.S.
Tue, Jan. 12, 10:18 PM
- Trican Well Service (OTCPK:TOLWF) says it is in negotiations to sell its U.S. pressure pumping business to privately-held Keane Group.
- Trican has been hit hard by the worldwide drilling slump; in November, the company said it had parked its last two fracturing crews in Texas, leaving it with only six of its 16 U.S. pressure pumping units still operating.
Sep. 25, 2015, 4:54 PM
- Up 18% in early trading after reaching a deal with lenders for relief of debt covenants it was about to breach, shares of Trican Well Services (OTCPK:TOLWF) reversed and finished the day with a 28% loss.
- Trican CEO Dale Dusterhoft speculates the market's negative reaction was because shareholders want to see covenant relief all the way through 2016.
- The deal with lenders removes Trican’s covenants for the rest of the year but cuts its available credit facility to $410M from $575M, its interest rates have been reset at higher levels, and it pledged to leave distributions suspended until at least Q2 2017.
Sep. 25, 2015, 10:43 AM
- Trican Well Services (OTCPK:TOLWF +18.8%) says it reached an agreement in principle with its bank lenders and senior note holders that will relax some of the conditions the company must meet.
- However, Trican’s revolving credit facility from its bank lenders will be reduced to a maximum of $410M from $575M.
- Trican also says it expects Q3 financial results will come in “substantially” better than in H1.
May 13, 2015, 5:23 PM
- Trican Well Service (OTCPK:TOLWF) fell 14.4% on the Toronto Stock Exchange today in its biggest single-day decline since 2008, after suspending its dividend, reducing its headcount by 2,000, seeking relaxed terms on debt agreements with lenders, and casting “significant doubt” on its ability “to continue as a going concern.”
- Canadian industry activity is expected to be down substantially during Q2 from the prior-year period, and April-May activity will be down considerably with increases from June onward, CEO Dale Dustrerhoft said in today's earnings conference call.
- "The biggest difference between Trican and some of its peers in the U.S. is that from a geographic and customer positioning perspective the company didn’t fare as well as some of its competitors, as the regions where the company has traditionally operated and customers for which it serviced witnessed a greater pullback in development,” says CIBC analyst Jon Morrison.
- Earlier: Trican Well Service to suspend dividend payments, cut 2,000 jobs
May 13, 2015, 10:51 AM
- Trican Well Services (OTCPK:TOLWF -8.2%) plunges in early trading after announcing it is suspending its dividend due to a weak economic outlook and the need to preserve liquidity.
- Trican also says it has cut 2,000 employees from its North American workforce, is seeking relaxed terms on debt agreements, and is in talks to sell its Russian and Kazakhstan pressure pumping business.
- The update is part of Trican's Q1 earnings report, which shows a wider loss and a 26% Y/Y drop in revenue; the company says it is aiming to cut $115M/year from its fixed costs by cutting its workforce and salaries but the Q1 savings were more than offset by severance expenses.
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.
Aug. 13, 2012, 5:31 PM
Oil and gas companies are racing to find a substitute for India’s guar bean, which produces a gel in fracking fluid that delivers proppant to hold open cracks in shale rock when it is fracked. Guar prices have eased a bit, but any substitute is still a big prize for oil services companies as they try to stabilize costs. HAL, BHI, NBR, ASH and TOLWF.PK are among firms with high hopes for their faux guar.| Aug. 13, 2012, 5:31 PM | 2 Comments