U.S. Shale Is Doomed No Matter What They Do: “More bankruptcies are all but certain as oil and gas borrowers must repay or refinance **several hundred billion dollars** of debt over the next six months”
Fracking firms Calfrac, Trican report double-digit Q2 revenue declines by The Canadian Press, August 1, 2019, Thompson Citizen
CALGARY — Two of Canada’s biggest oil and gas well-fracking companies are posting double-digit percentage revenue declines as energy exploration spending slowed in the quarter ended June 30.
Calfrac Well Services Ltd., which has operations in Canada, the U.S., Russia and Argentina, reported revenue of $430 million, a 21 per cent fall from $545 million in the same period of 2018.
Trican Well Service Ltd., which is focused on the Canadian market, reported revenue of $110 million, a 36 per cent decline compared with $172 million in second quarter 2018.
The Calgary-based companies step in after a well is drilled to prepare it for production, performing operations including hydraulic fracturing, where liquids, sand and chemicals are injected under pressure to break up tight underground formations and free trapped oil and gas.
Calfrac reported a net loss of $42 million, up from a loss of $15 million a year earlier, as its job count and pricing levels declined in both Canada and the United States.
Trican’s net loss improved to $29 million from $35 million as it continued to sell equipment and cut costs, including implementing an unspecified number of job cuts during the second quarter. …
Refer also to:
Gasfrac files for creditor protection
GasFrac agrees to replace board of directors, Troubled Calgary frac company makes deal with Nanes Balkany Partners I LP; Nominates itself for Edison Award to improve Marketability
Jobs Jobs Jobs & Frac Prosperity for All? Buyer to close Sanjel’s Calgary headquarters due to ‘miserable’ demand for its services
How fast the greedy frac’ers fall: Privately held Sanjel broken up and sold to rivals, will only recover fraction of what it owes lenders
Frac’ing creates job jobs jobs? Frac Quake Shaker Repsol laying off 30 per cent of Canadian staff
Another greedy frac’er falls, hard, with nearly $1.2 Billion worth of debt: Lightream Resources, was Petrobakken (heavily frac’d the Lochend, NW of Calgary) latest to seek creditor protection. Where’s the protection for the many Lochend families harmed by frac’ing?
How fast the greedy frac’ers fall, Part Two? Trican sells global well completion tools business for $53.5M to pay debt
Data above from an industry study in Alberta
Photos above: Trican frac’ing for Encana above the Base of Groundwater Protection near Ernst’s already frac’d and contaminated water well during the water regulator’s (Alberta Environment) community-wide contaminated drinking water “investigation.”