Welcome to our dedicated page for Trican Well Svc news (Ticker: TOLWF), a resource for investors and traders seeking the latest updates and insights on Trican Well Svc stock.
Trican Well Service Ltd. (TRICAN WELL SVC CO LTD, symbol TOLWF) is closely followed in energy markets because it supplies oil and natural gas well servicing equipment and solutions across the drilling, completion and production cycles in Western Canada. The company highlights hydraulic fracturing, cementing, coiled tubing, nitrogen services and chemical sales, supported by engineering support, reservoir expertise and laboratory services, as core parts of its business.
News about Trican often centers on operational performance, capital allocation and strategic developments. Recent releases have covered quarterly financial results, conference call announcements, capital budgets, the expansion and extension of a revolving credit facility, and the renewal of a normal course issuer bid program. Trican also reports on its quarterly dividend program as part of its stated return of capital strategy.
A key news theme for Trican has been its acquisition of Iron Horse Energy Services, described as a premium provider of fracturing and coiled tubing services in the Western Canadian Sedimentary Basin. Updates have included the initial acquisition announcement, regulatory clearance under the Competition Act, and the closing of the transaction. These items provide insight into how Trican is expanding its fracturing footprint and coiled tubing integrated fracturing expertise in plays such as Cardium, Charlie Lake, Mannville Stack, Viking, Montney and Shaunavon.
Investors and industry participants tracking TOLWF-related news can use this page to follow Trican’s disclosures on fleet upgrades, including Tier 4 Dynamic Gas Blending engine technology and electric ancillary equipment, technology modernization initiatives, and commentary on market conditions in Western Canada. Regular visits to this news feed help users monitor how Trican’s operational plans, acquisitions and capital programs evolve over time.
Trican Well Service (TSX: TCW) has announced a partnership with Source Energy Services to construct a new transload facility in Taylor, British Columbia. The facility will be unit train capable with approximately 55,000 tonnes of storage and over 12,000 tonnes of daily throughput capacity, making it one of the largest in northeast British Columbia. Construction will begin in late July 2024, with the first phase operational in late Q3 2024 and full completion expected in early 2025. The facility will be rail serviced by Canadian National Railways, aiming to provide improved sand access and better service to clients in the region.
Trican Well Service (TSX: TCW) announced that it will release its Second Quarter 2024 financial results on Tuesday, July 30, 2024, after market close. The company will host a conference call on Wednesday, July 31, 2024, at 10:00 a.m. MT (12:00 p.m. ET) to discuss the results. Interested parties can listen to the webcast via the provided URL or visit the Investors section on Trican's website. For Q&A participation, individuals should call 1-844-763-8274 (North America) or 1-647-484-8814 (outside North America) 10 minutes before the call's start time and request to join the Trican Well Service Second Quarter 2024 Earnings Results Conference Call. The call will also be archived on the company's website.
Trican Well Service (TSX: TCW) held its 2024 annual meeting on May 14, 2024, in Calgary, Alberta. Six nominees were elected as directors. The elected directors are Thomas M. Alford, Trudy M. Curran, Bradley P.D. Fedora, Michael J. McNulty, Stuart G. O'Connor, and Deborah S. Stein. Voting percentages ranged from 72.21% to 99.35% in favor. KPMG LLP was appointed as the auditor, with 85.47% of votes in favor. Additionally, shareholders approved Trican's executive compensation approach, with 93.46% voting in favor.
Trican Well Service announced its first quarter results for 2024, reporting an 8% decrease in revenue to $271.9 million compared to the same period in 2023.
Adjusted EBITDA also fell to $72.8 million from $81.6 million. Free cash flow per share remained stable at $0.24.
The company reported a profit of $41.2 million, slightly down from $46.0 million in Q1 2023.
Trican maintains a strong balance sheet with positive working capital of $174.5 million and no loans or borrowings. A quarterly dividend of $0.045 per share was declared, reflecting a 12.5% increase from the previous year.
The company continues to invest in its fleet, deploying its fifth Tier 4 DGB fleet and progressing with its electrification program to reduce emissions.
Operational efficiencies and a focus on ESG initiatives remain key priorities as the company navigates a challenging market environment.
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