Trican Well Service Ltd T.TCW

Alternate Symbol(s): TOLWF

Energy Oil & Gas Equipment & Services

Trican Well Service Ltd. is a Canada-based oilfield services company. The Company supplies oil and natural gas well servicing equipment and solutions to its customers through the drilling, completion and production cycles. Its services include hydraulic fracturing, cementing, acidizing, coiled tubing and technical solutions. Its cementing solutions combine equipment, quality cement blends and ongoing research and development. Cementing solutions include pre-flushes and spacers, surface cementing, intermediate cementing, liner cementing, cement plugs and others. The coiled tubing includes milling, coiled tubing fracturing, E-Coil and others. It provides equipment, engineering support, reservoir expertise and laboratory services through the delivery of hydraulic fracturing, cementing, coiled tubing, nitrogen services and chemical sales for the oil and gas industry in Western Canada. Its milling services include fracturing plugs, fracturing ports, stage tool/debris sub and others.

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Trican Well Service Ltd > Trican Q2 results-HIGHLIGHTS

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Post by klamaAAAon Jul 28, 2021 12:01pm

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Post# 33616917

Trican Q2 results-HIGHLIGHTS

HIGHLIGHTS

Consolidated revenue from continuing operations was $93.7 million in Q2 2021, a 230% increase compared to Q2 2020.
Adjusted EBITDA for the three months ended June 30, 2021, was $14.2 million, compared to negative $5.3 million for the three months ended June 30, 2020. Adjusted EBITDA for the three months ended June 30, 2021 was positively affected by higher activity levels and a lower cost structure, as well as the recognition of $6.1 million from the Canadian Emergency Subsidy ("CES") programs (Q2 2020 - $6.5 million).
Net loss from continuing operations for Q2 2021 was $8.4 million (Q2 2020 - net loss from continuing operations of $27.5 million). The year-over-year improvement in Q2 2021 compared to Q2 2020 was driven by the recovery in activity levels as the COVID-19 pandemic shows signs of subsiding and commodity prices recovered to sustainable levels combined with a significantly improved cost structure.
Financial position and liquidity:
Working capital of $100.4 million (December 31, 2020 - $67.5 million)
Cash and cash equivalents of $58.9 million (December 31, 2020 - $22.6 million)
At June 30, 2021 the Company had no bank debt outstanding (December 31, 2020 - nil)
The Company's strong balance sheet and liquidity provides significant financial flexibility to improve its competitive position and invest in profitable growth to deliver shareholder value
At June 30, 2021, the outstanding share balance was 255,742,962 (December 31, 2020 - 255,735,611), which includes the repurchase and cancellation of 1,006,200 shares for the six months ended June 30, 2021 at a weighted average price per share of $1.71.
On June 28, 2021 the Company repurchased 43,500 common shares at a weighted average price per share of $2.60 pursuant to the Company's Normal Course Issuer Bid ("NCIB"). Subsequent to June 30, 2021, the shares were returned to treasury and cancelled.
Following a successful trial in Q1 2021, the Company announced that it would be introducing the first fracturing fleet in Canada with CAT Tier 4 Dynamic Gas Blending ("DGB") engines that displaces up to 85% of the diesel used in a conventional pumper with clean burning natural gas, reducing carbon dioxide and particulate matter emissions, demonstrating Trican's ESG commitment and supporting our key customers in meeting their ESG goals.