Calfrac Well Services Ltd. reported a first-quarter loss of $21.5 million compared with a loss of $22.4 million in the same quarter last year, as its revenue rose 38 per cent.
The oilfield services company says the loss amounted to 56 cents per share for the quarter ended March 31 compared with a loss of 60 cents per diluted share a year earlier.
Revenue in the quarter totalled $294.5 million, up from $214 million in the same quarter last year.
The company says it has committed to a plan to sell its Russian division, resulting in the associated assets and liabilities being presented as held for sale in its financial statements.
Calfrac says its loss from continuing operations amounted to $18 million or 47 cents per diluted share compared with a loss of $23 million or 62 cents per diluted share in the first quarter of 2021.
Lindsay Link, Calfrac’s president and chief operating officer, says with a positive commodity price outlook for the oil and gas industry, the company expects this momentum to continue throughout the remainder of 2022, which should result in a significant improvement in year-over-year operational and financial performance.