Sign Up for FREE Daily Energy News
CDN NEWS  |   US NEWS  | TIMELY. FOCUSED. REVELANT. FREE
  • Stay Connected
  • linkedin
  • twitter
  • facebook
  • instagram
  • youtube2
BREAKING NEWS:
Copper Tip Energy Services
Hazloc Heaters
WEC - Western Engineered Containment
WEC - Western Engineered Containment
Hazloc Heaters
Copper Tip Energy

Calfrac Well Services reports Q4 profit due to debt settlement gain


CALGARY — Calfrac Well Services Ltd. reported a fourth-quarter profit of $125.9 million, boosted by a gain on the settlement of debt.

The oilfield services company says the profit for the quarter ended Dec. 31 amounted to $2.19 per diluted share.

The result included a $226.3-million gain on the settlement of debt and a $54.2-million deferred income tax expense.

Calfrac posted a net loss of $49.4 million or $17.07 per share diluted in the fourth quarter of 2019 when it had fewer shares outstanding.

Revenue totalled $180.7 million, down from $317.1 million a year earlier.

Calfrac underwent a recapitalization plan late last year that saw holders of its senior unsecured notes swap debt for shares, leaving existing shareholders with a reduced stake in the company.

This report by The Canadian Press was first published March 4, 2021.

Companies in this story: (TSX:CFW)

The Canadian Press



Share This:



More News Articles


New SHOWCASE Directory Companies

 

Muddy Boots
Axis Communciations
Delta Remediation Inc.
The Coverall Shop
Smart-Project Management Inc. / Trusted Pipeline Advisor
Di-Corp
Vista Projects Limited
Payload Technologies Inc.