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Calfrac Cuts Dividend, Discloses Equipment Utilization


Calfrac Well Services Ltd. extended its cash conservation measures to its dividend when it announced September 24 it would be cutting per-share payouts a further 75% after a prior 50% reduction in June. The annual dividend has now been reduced from $0.50 per share to $0.625.

In company investor presentations Calfrac says it has idled 44% of its frac horsepower of Canada and 50% in the U.S. The Canadian workforce has shrunk 38% from a year ago and the U.S. 50%.