CAL­FRAC BRACES FOR AN­OTHER TOUGH YEAR IN THE OIL­PATCH

National Post (Latest Edition) - - FINANCIAL POST -

Cal­frac Well Ser­vices Ltd. has shed more than 1,700 jobs from its Cana­dian and U.S. work­force since the end of 2014, un­der­scor­ing how painful the crude price col­lapse has been for oil­field ser­vices firms. The Cal­gary-based com­pany said Wed­nes­day it has re­duced its head count by 40 per cent in Canada and 60 per cent in the United States as it faces the worst oil­patch down­turn in three decades. A Cal­frac spokesper­son said the com­pany had 1,740 work­ers in its Cana­dian divi­sion and 1,750 in its U. S. divi­sion at the end of 2014, mean­ing the to­tal staff cuts amounted to 1,746 since then. Mean­while, Cal­frac said it is sus­pend­ing its quar­terly div­i­dend im­me­di­ately un­til fur­ther no­tice. Last June, the div­i­dend was cut in half to 6.25 cents a share, and then Septem­ber it was slashed again to 1.6 cents. Also Wed­nes­day, it posted a net loss for the fourth quar­ter of $141.5 mil­lion, ver­sus a profit of $26.5 mil­lion dur­ing the same pe­riod a year ear­lier. Rev­enue fell 62 per cent to $ 286.2 mil­lion for the last three months of the year.

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