CALGARY, Alberta, May 15, 2025 (GLOBE NEWSWIRE) -- Calfrac Well Services Ltd. ("Calfrac" or "the Company") (TSX: CFW) announces its financial and operating results for the three months ended March 31, 2025. The following press release should be read in conjunction with the management's discussion and analysis and interim consolidated financial statements and notes thereto as at March 31, 2025. Readers should also refer to the "Forward-looking statements" legal advisory and the section regarding "Non-GAAP Me ...

Financial Performance & Growth - DTI's Q1 2025 revenue reached $42.9 million, reflecting broad scope and scale[13] - Q1 2025 revenue increased by 16% quarter-over-quarter, despite a 6% global rig count decline[13] - The company anticipates Adjusted Free Cash Flow between $14 million and $19 million for FY 2025[95] - DTI expects to double revenue contribution from the Eastern Hemisphere in FY 2025[96] Geographic Footprint - Western Hemisphere accounted for 89% of Q1 2025 revenue, while the Eastern Hemisphere contributed 11%[13] - Tool rental in the Eastern Hemisphere saw a significant increase of 968% quarter-over-quarter[86] - Over 60% of all drilling rigs in North America utilize DTI tools and equipment[85] Strategic Initiatives - DTI expanded its ABL Credit Facility from $60 million to $80 million and added a $25 million term loan maturing in March 2029[42] - The company has grown its portfolio from 2 to 16 patented products, supported by approximately 150 active patents[42] - DTI authorized a $10 million share repurchase program[45] M&A and Synergies - DTI is on track to achieve 100% of the $4.5 million in previously announced SDPI synergies by August 2025[59] - The company identified additional synergies in excess of the targeted amount from acquisitions[59]

Core Insights - Drilling Tools International Corp. (DTI) reported a total consolidated revenue of $42.9 million for Q1 2025, with a 7.6% sequential growth and a 16% year-over-year increase [2][3] - The company has authorized a $10 million share repurchase program to enhance shareholder value, reflecting confidence in its long-term strategy and financial health [8][9] Financial Performance - Tool Rental revenue was approximately $34.5 million, while Product Sales revenue totaled $8.3 million [2] - Total Operating Expenses were $39.6 million, resulting in an Operating Income of $3.3 million and a Net Loss of approximately $1.7 million for the quarter [2][15] - Adjusted EBITDA for the quarter was $10.8 million, with an Adjusted Free Cash Flow of $5.7 million [2][29] Guidance and Market Outlook - The company has adjusted its annual guidance for 2025, projecting Revenue between $145 million and $165 million, Adjusted EBITDA between $32 million and $42 million, and Adjusted Free Cash Flow between $14 million and $19 million [6][31] - DTI anticipates potential market volatility due to factors such as tariffs, recession fears, and OPEC+'s production decisions, prompting a $6 million expense reduction program [4][6] Strategic Initiatives - The share repurchase program is part of DTI's disciplined capital allocation strategy, which also includes investments in maintenance, organic growth, and strategic acquisitions [8][9] - The company aims to optimize its capital structure and demonstrate a commitment to returning excess capital to shareholders through this program [9][10]

Core Viewpoint - High Arctic Energy Services Inc. reported a solid start to 2025 despite challenges in well completion rates in Canada due to market uncertainty and customer consolidation events [2][3]. Financial Performance - Revenue from continuing operations for Q1 2025 was $2,335 thousand, a decrease of 22% compared to $2,988 thousand in Q1 2024 [7][9]. - Adjusted EBITDA from continuing operations was $504 thousand in Q1 2025, significantly up from $92 thousand in Q1 2024, representing 22% of revenue [7][9]. - The oilfield services operating margin percentage improved to 53.1% in Q1 2025 from 49.4% in Q1 2024, despite a decrease in revenue [7][9]. - General and administrative expenses were reduced by 59% compared to Q1 2024, contributing to a decrease in operating loss from $1,070 thousand in Q1 2024 to $128 thousand in Q1 2025 [7][14]. Operational Highlights - The company maintained operational excellence with recordable incident-free work and a focus on safety [7]. - The integration of Delta Rental Services is delivering financial performance in line with expectations, with anticipated upside as gas well completion rates increase [3][20]. - The equity investment in Team Snubbing remained stable at $7.4 million as of March 31, 2025, with positive net income contributions from its financial results [7][9]. Liquidity and Capital Resources - As of March 31, 2025, working capital was $3,199 thousand, an increase from $2,692 thousand as of December 31, 2024, primarily due to positive EBITDA and the settlement of contingent consideration in common shares [18][19]. - Cash flow from continuing operations was $31 thousand in Q1 2025, down from $271 thousand in Q1 2024, while funds flow from operating activities increased to $495 thousand from $197 thousand [12][13]. Strategic Objectives and Outlook - The company aims to grow core businesses through selective investments, manage operating costs, and execute accretive acquisitions to drive shareholder value [7][20]. - The outlook for 2025 is influenced by the performance of the investment in Team Snubbing, with total assets related to this investment at $9.8 million [25][26]. - Positive developments in Canadian infrastructure, such as the completion of the Trans Mountain pipeline expansion and expectations for LNG exports, are expected to support long-term fundamentals for the upstream energy service business [23][24].

Financial Performance - Halliburton's Q1 2025 revenue was $5417 million[85] - International revenue accounted for 59% of the total revenue in Q1 2025[29] - North America revenue accounted for 41% of the total revenue in Q1 2025[29] - The company's capital expenditure (CAPEX) is targeted at 5-6% of revenue[56,60] - The company's average annual free cash flow was approximately $1900 million from 2021 to 2024[59] - The company announced at least 50% of annual free cash flow will be returned to shareholders[105] - The company's dividend was $017 per share in Q1 2025[106] - The company repurchased approximately $250 million of securities in Q1 2025[109] Strategic Priorities - The company aims to deliver profitable international growth[7,27] - The company aims to maximize value in North America[7,41]

1 Fourth Quarter 2024 Update NYSE Stock Symbol: HAL Common Dividend: $0.17 in the fourth quarter 2024 Shares Outstanding: 868 million as of 2/5/2025 Investor Relations Contacts David Coleman, Sr. Director Lyn Labahn, Director (281) 871-2688 investors@halliburton.com © 2025 Halliburton. All rights reserved. Safe Harbor 4 Strategic Priorities 8 Financial Results The statements in this presentation that are not historical statements are forward-looking statements within the meaning of the federal securities la ...

Financial Data and Key Metrics Changes - Revenue for Q1 2025 was $150.5 million, an increase of approximately 6% compared to Q4 2024, and within the guidance range of $146 million to $152 million [6] - Adjusted EBITDA for the quarter was $16.5 million, reflecting a 17% increase quarter over quarter, with adjusted EBITDA margins at approximately 26% [6][7] - Cash and cash equivalents as of March 31, 2025, were $17.3 million, with total liquidity of $53.8 million [11][12] Business Line Data and Key Metrics Changes - Cementing revenue increased by approximately 4% to $57.2 million, with jobs completed rising by approximately 11% [12][13] - Wireline revenue grew by approximately 7% to $29.6 million, with 7,713 wireline stages completed, an increase of approximately 15% [13] - Coiled tubing revenue increased by approximately 16% to $29.9 million, driven by a 36% increase in coiled tubing days [14] Market Data and Key Metrics Changes - The U.S. rig count remained flat in Q1 2025, yet the company achieved revenue growth across all service lines [7] - Pricing across service lines was mostly stable, except for wireline operations in the Northeast, which experienced lower stage pricing due to previous bidding processes [8][9] Company Strategy and Development Direction - The company is focused on market share gains and cost reductions, with a strong emphasis on technology development and maintaining service quality [6][19] - The recent appointment of Joey Hall to the Board of Directors is aimed at enhancing industry expertise within the company [20] Management's Comments on Operating Environment and Future Outlook - Management expressed uncertainty regarding the impact of declining oil prices and increased costs due to tariffs on future activity levels [16][18] - The company anticipates Q2 revenue to decline compared to Q1, projecting between $138 million and $148 million [19] - Management remains optimistic about the long-term outlook for natural gas and its potential positive impact on earnings [17] Other Important Information - The company refinanced its ABL revolving credit facility, increasing liquidity and financial flexibility [10][11] - The average blended revenue per cementing job decreased by approximately 6%, while the average blended revenue per wireline stage decreased by approximately 7% [12][13] Q&A Session Summary Question: Pricing pressures and impacted business lines - Management indicated that pricing pressure is primarily seen in the cementing division, particularly in West Texas, due to tariff impacts and commodity price evaluations [24][25] Question: Oil price guidance and its implications - Management stated it is too early to provide specific guidance on oil prices, emphasizing the importance of market evaluations by customers [31][32] Question: Ability to pass on tariff costs to customers - Management confirmed plans to pass on tariff costs to customers, as the service sector cannot absorb these increases [33][34] Question: Outlook for natural gas markets - Management expressed excitement about the natural gas market, particularly in Haynesville, but confirmed no plans to relocate equipment at this time [36][37] Question: International tool sales and opportunities - Management reported positive performance in international tool sales and highlighted ongoing development of completion tools to meet stringent international requirements [38][39]

Financial Data and Key Metrics Changes - Revenue for Q1 2025 was $150.5 million, an increase of approximately 6% compared to Q4 2024, and within the guidance range of $146 million to $152 million [5] - Adjusted EBITDA for the quarter was $16.5 million, reflecting a 17% increase quarter over quarter, with incremental adjusted EBITDA margins of approximately 26% [5][6] - Cash and cash equivalents as of March 31, 2025, were $17.3 million, with total liquidity of $53.8 million [11] Business Line Data and Key Metrics Changes - Cementing revenue increased by approximately 4% to $57.2 million, with jobs completed rising by approximately 11% [12][13] - Wireline revenue grew by approximately 7% to $29.6 million, with 7,713 wireline stages completed, an increase of approximately 15% [13] - Coiled tubing revenue increased by approximately 16% to $29.9 million, with utilization significantly higher compared to Q4 [8][14] Market Data and Key Metrics Changes - The U.S. rig count remained flat in Q1, yet the company achieved revenue growth across all service lines [6] - Pricing across service lines was mostly stable, except for wireline operations in the Northeast, which experienced lower stage pricing due to bidding impacts [7] Company Strategy and Development Direction - The company is focused on market share gains and cost reductions, with a strong emphasis on technology development and maintaining service quality [5][19] - The recent appointment of Joey Hall to the Board of Directors is aimed at enhancing industry expertise within the company [20] Management's Comments on Operating Environment and Future Outlook - Management noted uncertainty in the energy industry due to declining oil prices and increased costs from tariffs, impacting customer plans and activity levels [16][18] - The company anticipates Q2 revenue to decline compared to Q1, projecting between $138 million and $148 million [19] - Management remains optimistic about the long-term outlook for natural gas and its potential positive impact on earnings [17] Other Important Information - The company completed a refinancing of its ABL revolving credit facility, increasing liquidity and financial flexibility [9][10] - General and administrative expenses for Q1 were $13.3 million, with a full-year CapEx budget unchanged at $15 million to $25 million [14][15] Q&A Session Summary Question: Pricing pressures and impacted business lines - Management indicated that pricing pressure is primarily seen in the cementing division, largely due to tariffs and commodity price fluctuations [22][23] Question: Oil price guidance - Management stated it is too early to provide specific guidance on oil prices, emphasizing the importance of market conditions and customer evaluations [27][28] Question: Ability to pass on tariff costs - Management confirmed plans to pass tariff costs onto customers, as the service sector cannot absorb these increases [30][31] Question: Natural gas market outlook - Management expressed excitement about the natural gas market and confirmed no plans to relocate equipment at this time [33][34] Question: International tool sales - Management reported positive performance in international tool sales and highlighted ongoing development of completion tools [36]

Company Overview - Nine's Q1 2025 IR Presentation highlights a diversified service line with Completion Tools accounting for 24%, Cementing for 36%, Coiled Tubing and Wireline each contributing 20% to revenue[8] - The company's financials show revenue of $554 million in 2023 and $602 million in 2024, with Q1 2025 revenue reaching $150 million[10,73] - Adjusted EBITDA was $53 million in 2023, $66 million in 2024, and $17 million in Q1 2025[10,73] Strategy and Technology - Nine focuses on an asset-light business model, reducing capital expenditure needs by approximately 60%, from an average of ~$53 million between 2017-2019 to ~$21 million between 2021-2024[13,20] - The company emphasizes technology-based services, with approximately 60% of its business driven by completion tools and cementing[11] - Nine's US Wireline & Completion Tools market share of stage completions ranged from 14% to 21% between 2018 and 2024[23] - The company's US Cementing Market Share has fluctuated between 14% and 19% from 2018 to YE 2024[25] Financial Highlights and Capitalization - Q1 2025 revenue increased by approximately 6% quarter-over-quarter, and Adjusted EBITDA increased by approximately 17% quarter-over-quarter[71] - As of March 31, 2025, Nine had $173 million in cash, $47 million outstanding on its ABL Credit Facility, and $300 million in 2028 Senior Secured Notes, resulting in net debt of $3297 million[75] - A new revolving credit facility with White Oak Commercial Finance provides ~$219 million of incremental covenant-compliant availability and extends the maturity to November 2027, assuming senior secured notes outstanding[77]

Financial Data and Key Metrics Changes - In Q1 2025, the company reported revenue of $600 million, a 32% increase from $455 million in Q4 2024, while adjusted EBITDA rose 83% to $130 million from $71 million in the previous quarter [7][31][20] - The adjusted EBITDA margin improved to 22% compared to 16% in Q4 2024 [31] - Free cash flow was a net use of cash of approximately $14 million, a decline of about $68 million from the previous quarter, primarily due to investments in working capital [32] Business Line Data and Key Metrics Changes - The Stimulation Services segment generated revenues of $525 million in Q1, up from $384 million in Q4, with adjusted EBITDA increasing to $105 million from $54 million [33] - The Proppant Production segment saw revenues rise to $67 million from $47 million, driven by a 53% increase in sales volumes, although EBITDA margins decreased to 27% from 31% due to ramp-up costs [34] - The Manufacturing segment's revenues increased by 6% sequentially to $66 million, with adjusted EBITDA improving to approximately $4 million [35] Market Data and Key Metrics Changes - The company noted a significant improvement in active fleet count, particularly in the Eagle Ford and Permian regions, with six fleets returning to service early in Q1 [23] - The natural gas market showed resilience, with expectations for increased activity in the second half of 2025, particularly in the Haynesville region [19][28] Company Strategy and Development Direction - The company is focused on proactive customer engagement and maintaining long-term relationships with key operators, emphasizing the importance of efficient and scalable offerings [13] - A strategic transaction with Flotek was completed, enhancing the company's capabilities in gas quality assurance and asset integrity, which is expected to drive future growth [12][28] - The company is implementing strategic adjustments to its capital allocation plan to maximize cash flow generation while ensuring high-quality service [20] Management's Comments on Operating Environment and Future Outlook - Management highlighted economic uncertainties due to tariffs and OPEC's increased oil production, which have impacted commodity prices and spending outlooks [16][18] - There is an expectation of a decline in activity levels in Q2 relative to Q1, but operators are maintaining flexibility to resume operations when market conditions improve [19][20] - The company remains optimistic about the natural gas market and its position in the Haynesville, anticipating potential upside in the latter half of the year [19][21] Other Important Information - The company has identified potential CapEx reductions of $70 million to $100 million to align with evolving market conditions [30] - Total liquidity at the end of Q1 was approximately $76 million, with $66 million available under the ABL credit facility [36] Q&A Session Summary Question: Can you provide more specific guidance on the second quarter outlook? - Management acknowledged a pullback in Q2 but noted uncertainty regarding the extent, emphasizing customer-specific evaluations [41][42] Question: What is the capacity of the electric frac assets deployed? - Most electric fleets are on long-term contracts and remain fully utilized, with seven fleets in total [44][46] Question: Can you comment on the performance of specific fleets and what has changed recently? - Management noted record-breaking pump times across the fleet, attributing success to operations and asset management programs [53][54] Question: How do you expect Q4 seasonality to impact performance this year? - Management anticipates a muted seasonal slowdown in Q4 compared to previous years, with strong gas market fundamentals [58][60] Question: What are the pricing dynamics in the Haynesville versus West Texas? - The company sees significant opportunities in the Haynesville, with a focus on balancing volumes and pricing, while navigating challenges in West Texas [68][70]