Calfrac Well Services planning $55-million capital spending program for 2021

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CALGARY – Calfrac Well Services Ltd. says it is planning a $55-million capital spending program for 2021.

The oilfield services company says the plan consists primarily of maintenance capital expenditures.

Calfrac president and chief operating officer Lindsay Link says the company continues to see improved market conditions in all operating areas, and will monitor opportunities to improve utilization and returns on its active fleet before considering further additions to its footprint.

The company fought off a hostile takeover attempt earlier this year by Texas-based rival Wilks Brothers LLC.

Wilks Brothers had opposed Calfrac’s recapitalization plan to have the holders of senior unsecured notes swap debt for shares, leaving existing shareholders with a reduced stake in the company.

The Alberta Court of Appeal dismissed an appeal by Wilks Brothers of the final order approving the plan last month.

This report by The Canadian Press was first published Dec. 7, 2020.

Companies in this story: (TSX:CFW)

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