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Trican Well Service Ltd. (TOLWF) is a leading company headquartered in Calgary, Alberta, supplying oil and natural gas well servicing equipment and solutions to customers through drilling, completion, and production cycles. With a team of technical experts, Trican offers state-of-the-art equipment, engineering support, reservoir expertise, and laboratory services for the oil and gas industry in Western Canada. As the largest pressure pumping service company in Canada, Trican focuses on hydraulic fracturing, cementing, coiled tubing, nitrogen services, and chemical sales. The company's recent financial performance showcases a strong balance sheet with positive working capital, free cash flow, and profit. Trican continues to invest in fleet upgrades, including Tier 4 Dynamic Gas Blending engine technology and fully electric ancillary equipment, to reduce environmental impact and support ESG goals. With a commitment to return capital to shareholders, Trican operates a Normal Course Issuer Bid program and pays quarterly dividends, reflecting its financial strength and growth strategies.
Trican reported lower Q3 2024 results due to decreased operating activity from lower natural gas prices. Revenue decreased 12% to $221.6 million compared to $252.5 million in Q3 2023. Adjusted EBITDA was $50.2 million versus $65.7 million year-over-year. Profit declined to $24.5 million ($0.12 per share) from $36.4 million ($0.17 per share). The company maintained a strong balance sheet with $136.5 million in working capital and continued its capital return strategy through share buybacks and a 12.5% dividend increase to $0.045 per share.
Trican Well Service (TSX: TCW) has successfully completed its 2023-2024 Normal Course Issuer Bid (NCIB) program, purchasing the maximum allowable 21,004,897 Common Shares for $94.7 million at a weighted average price of $4.50 per share. Since 2017, Trican has repurchased 164.2 million Common Shares, representing about 47% of its outstanding shares at that time.
The company has also announced the renewal of its NCIB program for 2024-2025, approved by the Toronto Stock Exchange (TSX). The new NCIB allows Trican to purchase up to 19,010,793 Common Shares, representing 10% of the company's public float. The program will run from October 5, 2024, to October 4, 2025. Trican is subject to a daily purchase limit of 157,951 Common Shares, with the option for one block purchase per week exceeding this limit.
Trican Well Service (TSX: TCW) has announced its upcoming Third Quarter 2024 results release and conference call. The company will release its Q3 2024 results on Tuesday, October 29, 2024 after market close. A conference call to discuss these results is scheduled for Wednesday, October 30, 2024 at 10:00 a.m. MT (12:00 p.m. ET).
Investors can access the webcast of the conference call via the provided URL or through the Investors section of Trican's website. To participate in the Q&A session, interested parties should call the conference call operator at 1-844-763-8274 (North America) or 1-647-484-8814 (outside North America) 10 minutes before the call's start time. The conference call will be archived on Trican's website for future reference.
Trican Well Service announced its Q2 2024 results with significant financial improvements. Revenue increased by 26% to $211.8 million compared to Q2 2023. Adjusted EBITDAS and adjusted EBITDA rose to $45.2 million and $40.7 million, respectively. Free cash flow was $20.9 million, and profit reached $16.2 million. The company maintains a strong balance sheet with $148.4 million in positive working capital but saw a reduction in cash balance to $36.0 million due to various expenditures including capital and return of capital initiatives. Trican also entered a partnership to build a new sand transloading facility in British Columbia, enhancing regional service capabilities. The company repurchased and canceled significant shares under its NCIB program and increased its quarterly dividend by 12.5% to $0.045 per share. Trican remains optimistic about future market conditions, driven by new Canadian export capacities and continued demand for its advanced fracturing fleets.
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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