Calfrac Announces Continuation of Multi-Year Fracturing Fleet Modernization Plan

CALGARY, Alberta, Dec. 22, 2023 (GLOBE NEWSWIRE) -- Calfrac Well Services Ltd. ("Calfrac" or the "Company") (TSX: CFW) announces its 2024 capital program for continuing operations of approximately $210.0 million, subject to market conditions, as compared to approximately $165.0 million of planned capital expenditures in 2023. The year-over-year increase in the Company’s capital program is primarily due to an acceleration of its fracturing fleet modernization plan in North America as well as approximately $40.0 million to support its Argentinian operations, and to a lesser extent, the implementation of companywide field-based technologies. The North American capital expenditures will continue to progress Calfrac’s transition to Tier IV dual-fuel capable dynamic gas blending (“DGB”) fracturing equipment as well as improve the quality of its auxiliary support equipment, most notably its sand handling capabilities. With the completion of the 2024 capital program, the Company anticipates having approximately seven Tier IV DGB fracturing fleets deployed in North America by the end of the third quarter in 2024. The planned 2024 capital expenditures in Argentina are expected to be fully funded by cash on-hand and locally generated free cash flow.

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