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.

TSX:TCW - Post by User

Trican Well Service Ltd

Bullboard Posts

Post by jagsfan2on Feb 20, 2019 7:23pm

215 Views

Post# 29391178

2018 RESULTS ARE OUT

BASICALLY LOST 52C/SHARE.

hERE IS 2017-2018 COMPARO.
"

2018 compared with 2017

Consolidated revenue from continuing operations for 2018 was $900.6 million, a 3% decrease compared to 2017 (2017 include Canyon financial results with effect from June 2, 2017).
2018 adjusted EBITDA¹would have been $111.5 million had $22.0 million of stainless steel fluid ends¹ been expensed through depreciation as was the Company's accounting policy up until December 2017. The change in accounting for stainless fluid ends results in reported adjusted EBITDA¹ of $89.5 million for 2018 (2017 - adjusted EBITDA¹: $183.3 million).
Net loss from continuing operations for the year was $233.6 million (2017 - net income of $20.1 million). 2018 net loss was affected by $76.1 million of losses on Investments in Keane and $134.0 million of impairment charges primarily related to goodwill associated with the Company's Pressure Pumping CGU. Excluding the impact of the goodwill impairment and unrealized loss on the Keane investment, net loss would have been $24 million ($0.07 per share).
In 2018, 88% of Trican's revenue came from customers focused on oil or liquids-richgas¹ plays (2017 - oil and liquids-rich gas¹ plays: 82%).
Annual results for 2018 include a full year of Canyon (2017 - seven months from Canyon). The Company's pressure pumping services market share increased in proportion to the added equipment from the Canyon acquisition. However, a decline in industry activity during the second half of 2018 resulted in only a small improvement in the Company's activity levels. Lower industry activity, combined with the previously noted impairment charges and losses on Investments in Keane resulted in significant declines for the Company's profitability levels in 2018 relative to 2017.

NAV seems to remain around $3/share but operating losses are rather high.
Could be an SP drop tomorrow morning.