Canada's Calfrac Q4 revenue falls on lower Argentina activity

Calfrac Well Services

19/03/2026 10:07

((This story was generated using AI and automation, please see
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    Overview
  
    * Canada oilfield services firm's Q4 revenue fell 23% yr/yr on lower Argentina activity
    * Q4 adjusted EBITDA rose 27% yr/yr, driven by improved North America operations
    * Company swung to Q4 net income from a loss a year earlier

    
    Outlook
  
    * Calfrac expects a modest increase in pressure pumping activity in Canada during 2026
    * Company sees a moderate increase in oil-directed activity in North America in 2026
    * Calfrac's Board approved a 2026 capital budget of about C$75 mln, plus C$10 mln unspent from 2025

    
    Result Drivers
  
    * ARGENTINA SLOWDOWN - Co said Q4 revenue in Argentina fell due to lower industry activity from customer budget exhaustion in Vaca Muerta shale play
    * NORTH AMERICA COST CUTS - Improved Q4 adjusted EBITDA in North America driven by more operating days per fleet and reductions in support personnel
    * ARGENTINA MARGIN BOOST - Q4 adjusted EBITDA margin in Argentina rose due to retroactive pumping hour adjustments and higher coiled tubing margins

    
Company press release:  ID:nGNX2zn4KN 
    
    Key Details
  
                               
                               
 Metric    Beat/Mis  Actual    Consensu
           s                   s
                               Estimate
                               
                               
 Q4        Miss      C$292.18  C$304.10
 Revenue             mln       mln (2
                               Analysts
                               )
 Q4 Net              C$14.52    
 Income              mln       
 Q4                  C$43.94    
 Adjusted            mln       
 EBITDA                        
 Q4 Capex            C$16.74    
                     mln       
    
    Analyst Coverage
  
    * The current average analyst rating on the shares is "hold" and the breakdown of recommendations is no "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"
    * The average consensus recommendation for the oil related services and equipment peer group is "buy."
    * Wall Street's median 12-month price target for Calfrac Well Services Ltd is C$5.25, about 1.5% above its March 18 closing price of C$5.17
    * The stock recently traded at 18 times the next 12-month earnings vs. a P/E of 11 three months ago

    
For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact .

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)