Q2 2024 Calfrac Well Services Ltd Earnings Call Transcript
Key Points
- Calfrac Well Services Ltd (CFWFF) reported a sequential revenue increase of 29% from the first quarter, driven by higher activity in North America.
- The company achieved record levels of proppant pumped during fracking operations for two consecutive months.
- Calfrac's coiled tubing group set a record for the most plugs milled out in a 12-hour period.
- The company is expanding its operations in Argentina, leveraging North American best practices and seeing high demand for its services.
- Calfrac is modernizing its fleet with Tier IV DGB pumps, aiming to operate five dual fuel fleets in North America by early next year.
- Revenue from continuing operations decreased by 9% compared to the same period in 2023, primarily due to lower activity and pricing in the United States.
- Adjusted EBITDA declined by 26% from the same period last year, attributed to lower utilization and pricing levels in the United States.
- Net income from continuing operations decreased to $24.6 million from $50.5 million in the comparable quarter of 2023.
- The company's Tier IV fleet modernization program is progressing slower than initially anticipated.
- Calfrac's capital expenditures increased significantly, with $66.8 million spent in the second quarter, impacting cash flow.
Good day, everyone, and thank you for standing by. Welcome to Calfrac Well Services Second Quarter 2024 Earnings Release and Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.
Now I will hand the call over to the Chief Financial Officer, Michael Olinek. Please proceed.
Thank you, Carmen. Good morning, and welcome to our discussion of Calfrac's Second Quarter 2024 Results. Joining me on the call today is Pat Powell, Calfrac's CEO. This morning's conference call will be conducted as follows: Pat will provide some opening commentary, after which I will summarize the financial performance and position of the company, after which Pat will then provide an outlook for Calfrac's business and some closing remarks.
Following the completion of these remarks, we will open the conference call to questions. In a news release issued earlier today, Calfrac reported its second quarter 2024 results. Please note that all financial figures are
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