Calfrac Well Services Ltd. reported a lower loss in its most recent quarter as its revenues climbed amid improved pricing and increased activity.
The oilfield services company says it lost $6.78 million or 18 cents per share in its second quarter, compared with a loss of $35.52 million or 95 cents a share in the same period last year.
Revenue in the three months ended June 30 was $318.51 million, up 83 per cent from $173.77 million in 2021.
Calfrac says the increase was due primarily to improved activity in all of the company’s operating divisions and higher pricing in North America.
CEO Pat Powell says Calfrac was able to demonstrate solid progress on its financial performance in the quarter while continuing to deliver top service to clients.
Meanwhile, the company says it has made progress related to the sale of its Russian subsidiary that it announced in the previous quarter and is seeking to close the transaction as soon as possible.
The company says it has recorded an impairment of $42.8 million to write down the Russian division’s current and long-term assets to their expected recoverable amount.