Calfrac Reports First Quarter 2024 Results
Utilization in North America was impacted by typical spring break-up conditions to begin the quarter, but has subsequently built significant momentum which the Company expects to carry through the third quarter and into the fourth quarter.
- Utilization in North America was impacted by typical spring break-up conditions to begin the quarter, but has subsequently built significant momentum which the Company expects to carry through the third quarter and into the fourth quarter.
- With its revised capital program, Calfrac expects to operate up to five next-generation fleets in North America by the end of the year.
- THREE MONTHS ENDED MARCH 31, 2024 COMPARED TO THREE MONTHS ENDED MARCH 31, 2023
Revenue from Calfrac’s North American operations decreased to $249.0 million during the first quarter of 2024 from $413.0 million in the comparable quarter of 2023. - As a result, Calfrac idled two fracturing fleets in February and operated an average of 10 crews in North America during the first quarter in 2024 compared to 15 fleets in the comparable quarter of 2023.