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The chief executive of oilfield services provider Calfrac Well Services has abruptly resigned a day after the company reported a quarterly loss.
Calgary-based Calfrac says Pat Powell has also resigned from the board of directors and the company is looking for a permanent replacement.
In a news release, Calfrac did not provide a reason for Powell’s departure, but thanked him for his contributions and wished him well in the future.
In the company’s quarterly earnings release on Thursday, Powell said he was happy with how his team rebounded in 2024 after a challenging first quarter in North America and expressed confidence that it can navigate the “current headwinds.”
Calfrac posted a net loss of $6.4 million for the last three months of 2024, or seven cents per diluted share, reversing profits of $13.2 million, or 15 cents per diluted share in the same quarter a year prior.
Calfrac, which provides hydraulic fracturing and other services in North America and Argentina, saw its stock rise more than five per cent in late-morning trading Friday on the TSX to $3.69.
This report by The Canadian Press was first published March 14, 2025.
Companies in this story: (TSX:CFW)
Lauren Krugel, The Canadian Press
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