Calfrac Well Services cuts capital spending plan, reports $50M Q3 loss
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CALGARY -- Calfrac Well Services Ltd. cut its capital budget as it reported a $50-million loss in its latest quarter.
The company says its capital budget for this year has been reduced to $40 million from $55 million.
Calfrac's loss for the quarter amounted to 34 cents per diluted share compared with a loss of $29.4 million or 20 cents per diluted share in the same quarter last year.
Revenue for the three-month period ended Sept. 30 totalled $127.8 million, down from $399.2 million a year earlier.
Calfrac received court approval last month for a recapitalization plan that will see holders of the company's senior unsecured notes swap the debt for shares.
It says an appeal launched by Wilks Brothers LLC, which opposed the recapitalization plan and offered an alternative takeover offer, is expected to have a hearing at the Alberta Court of Appeal on Nov. 25.
This report by The Canadian Press was first published Nov. 12, 2020.