CALGARY, Alberta, Aug. 6, 2026 (GLOBE NEWSWIRE) -- Calfrac Well Services Ltd. (“Calfrac” or the “Company”) (TSX: CFW), one of the larger hydraulic fracturing service providers operating across North America and Argentina, announced its financial and operating results for the three and six months ended June 30, 2026. The Company said the release should be read together with its management’s discussion and analysis and interim consolidated financial statements and notes for the period ended June 30, 2026. Unless otherwise indicated, all financial amounts and measures are expressed in Canadian dollars.

Second-Quarter 2026 Highlights

During the quarter, Calfrac:

• generated revenue of $426.7 million, up 6% from $402.3 million in the second quarter of 2025, driven by stronger activity and improved utilization in North America;
• generated Adjusted EBITDA of $73.8 million, or 17% of revenue, compared with $77.0 million, or 19% of revenue, in the second quarter of 2025, as improved profitability in North America was offset by normalization of pricing in Argentina;
• reported net income of $31.8 million, or $0.32 per diluted share, compared with $15.3 million, or $0.17 per diluted share, in the second quarter of 2025, reflecting stronger operating performance and lower interest expense;
• incurred capital expenditures of $15.1 million, reflecting continued disciplined capital allocation while maintaining high asset utilization;
• generated free cash flow of $29.5 million and cash flow from operating activities of $40.9 million, supporting debt reduction and continued strengthening of the balance sheet;
• repatriated US$18.1 million of cash from Argentina, reflecting continued improvements to Argentina’s foreign exchange and cash repatriation framework and enhancing financial flexibility;
• achieved its lowest level of net debt in more than 10 years, including the net repayment of $68.5 million of principal during the first six months of 2026, which reduced net debt by 36% from Dec. 31, 2025, to $125.8 million at June 30, 2026;
• completed the Company’s first wireline job in Argentina using its own wireline unit, marking a milestone in the expansion of its integrated service offering and positioning the business to capture additional revenue and improve profitability on future programs; and
• received Toronto Stock Exchange approval to implement a normal course issuer bid allowing repurchases of up to 5.0 million common shares, or approximately 5% of the Company’s outstanding common shares, opening an additional avenue to enhance total shareholder return on a prudent and opportunistic basis.

Subsequent to June 30, 2026, Calfrac’s Board of Directors approved approximately $22.6 million of incremental capital expenditures in 2026 to support strategic growth initiatives, including expansion of coiled tubing capacity in Argentina under a recently awarded three-year committed contract and additional cementing capacity to support expected growth in the Vaca Muerta shale play.

CEO’s Message

Through the first half of 2026, Calfrac said it continued to generate meaningful free cash flow, materially strengthen its balance sheet and enhance financial flexibility. The Company said the results reflect disciplined execution, a focus on streamlining operations, improving cost efficiency, and reallocating personnel and equipment to their highest and best uses across the asset base.

Management said the balance sheet strength is allowing Calfrac to selectively reinvest in its core business while maintaining a disciplined approach to capital allocation. The Company said its diversified geographies and service lines — spanning hydraulic fracturing, coiled tubing, cementing and wireline across the Western Hemisphere — provide a platform to direct capital toward the best-returning opportunities.

With the expansion of its 2026 capital program, Calfrac expects to strengthen and grow its coiled tubing and cementing service lines in Argentina, reflecting what it described as attractive growth opportunities from its long-standing presence in the Vaca Muerta. The Vaca Muerta formation, located in Argentina’s Neuquén Basin, is one of the largest unconventional oil and gas reservoirs in the world and has been a focal point of the country’s efforts to increase hydrocarbon production and exports. In Canada, the Company said it will continue to reinforce its position as a leading pressure pumping provider through the deployment of next-generation natural gas-powered pumping equipment.

The Company said these investments are aligned with its commitment to operational excellence, customer service and prudent financial stewardship. Calfrac added that this balanced approach — strengthening the balance sheet while reinvesting selectively in high-return opportunities — positions the Company to deliver sustainable performance and long-term value for shareholders.

Outlook

North America

Calfrac said activity levels in North America are expected to remain constructive through the second half of 2026. In the United States, customer activity has exceeded expectations since the start of the year, supported by a favorable commodity price environment and continued strength in completion activity. The North American pressure pumping sector has seen varying degrees of fleet consolidation and capacity discipline in recent years, which has influenced utilization and pricing dynamics. In Canada, customer activity remains broadly in line with expectations, although the timing of completion programs has shifted through the year in response to market conditions.

The Company said it remains focused on optimizing the deployment of personnel and equipment across its operating footprint to maximize utilization and returns while maintaining high levels of customer service.

Argentina

Calfrac said Argentina continues to represent one of the most attractive growth opportunities in its portfolio. Activity in the Vaca Muerta shale play remains supported by ongoing investment in upstream development and export infrastructure — including new pipeline and loading terminal capacity aimed at enabling greater crude exports — which the Company said provides a strong foundation for long-term growth.

The Company recently secured a multi-year committed coiled tubing contract with a major Vaca Muerta producer. Calfrac said the contract supports additional investment in high-specification equipment and further strengthens its integrated service offering in the country. The Company also said its cementing business continues to gain market share and expand its customer base.

While fracturing activity is expected to be lower in the third quarter because of customer scheduling considerations, Calfrac said utilization is expected to improve in the fourth quarter as customer completion programs accelerate.

Corporate

Calfrac said it remains focused on generating free cash flow, strengthening its balance sheet and maintaining disciplined capital allocation. Following the net repayment of $68.5 million of debt principal during the first six months of 2026, management said it continues to prioritize debt reduction while selectively investing in high-return opportunities that enhance customer service capabilities and long-term competitiveness.

Non-GAAP Measures

The Company said certain supplementary measures in the release, including Adjusted EBITDA, Adjusted EBITDA percentage, free cash flow and net debt, do not have standardized meanings under International Financial Reporting Standards (IFRS) and are also non-GAAP measures under Canadian generally accepted accounting principles. Calfrac said these measures are presented to provide shareholders and potential investors with additional information about financial results, liquidity and the ability to generate funds to finance operations.

Adjusted EBITDA is defined as net income or loss for the period less interest, taxes, depreciation and amortization, foreign exchange losses or gains, non-cash stock-based compensation, and gains and losses that are extraordinary or non-recurring. The Company said Adjusted EBITDA provides an indication of results from principal business activities before financing, foreign exchange, tax and depreciation and amortization impacts, and is also used by management to evaluate performance and monitor compliance with credit facility covenants.

Adjusted EBITDA percentage is calculated by dividing Adjusted EBITDA by revenue for the corresponding period.

Free cash flow is defined as net cash provided by or used in operating activities less lease obligation principal repayments and capital expenditures, adjusted for proceeds from the disposition of property, plant and equipment. The Company said free cash flow helps management assess the ability to generate cash after funding maintenance and growth capital requirements and meeting key financial obligations.

Net debt is defined as long-term debt less unamortized debt issuance costs and cash and cash equivalents.

Other Non-Standard Financial Terms

Calfrac also defined maintenance capital as expenditures for capital additions, replacements and major refurbishments required to sustain the operating capacity, functionality and useful life of existing assets, equipment and technology within current specifications and capabilities.

Optimization capital refers to capital investments made to enhance the operating capabilities of the existing service fleet, including equipment upgrades, technology enhancements, emissions-reduction initiatives, automation and other modifications that improve performance, reliability, efficiency, safety or customer service capabilities.

Expansion capital refers to expenditures for new assets, equipment and technology that expand the size, capacity or scale of operating fleets and operations, including investments in incremental pumping horsepower, coiled tubing units, wireline units and ancillary operating equipment.

Working capital is calculated as total current assets less total current liabilities. The Company also provides a separate calculation of working capital that excludes cash and cash equivalents and the current portion of long-term debt, which management views as a useful liquidity measure.

Business Risks

Calfrac said its business is subject to certain risks and uncertainties. Before making any investment decision regarding Calfrac, investors should carefully consider the risk factors in the Company’s most recently filed Annual Information Form under the heading “Risk Factors,” available on the SEDAR+ website at www.sedarplus.ca under the Company’s profile. Copies of the Annual Information Form may also be obtained on request without charge from Calfrac at Suite 601, 407 - 8th Avenue S.W., Calgary, Alberta, Canada, T2P 1E5, or at www.calfrac.com.

Additional Information

Calfrac’s common shares trade on the Toronto Stock Exchange under the symbol “CFW.” The Company provides specialized oilfield services to exploration and production companies designed to increase hydrocarbon production from wells, with operations focused throughout North America and Argentina. More information about Calfrac Well Services Ltd., including the most recently filed Annual Information Form, is available at www.calfrac.com or on its SEDAR+ profile at www.sedarplus.ca.

Forward-Looking Statements

To provide shareholders and potential investors with information regarding the Company and its subsidiaries, including management’s assessment of Calfrac’s plans and future operations, the release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. These statements include, among other things, expectations regarding global oil and gas industry trends; pressure pumping supply and demand fundamentals; activity, demand, utilization and outlook in North America and Argentina; operating and financing strategies; capital investment plans; debt, liquidity and financial position; input costs, margins and service pricing; the ability to repatriate cash from Argentina; future financial resources and performance; future costs and potential liabilities; service quality, safety record and competitive position; and accounting policies, practices, standards and judgments.

The Company said these statements are based on assumptions and analyses relating to the economic and political environment, including continued Argentina economic reforms and investment in its oil and gas industry; trade relations between Canada and the U.S.; customer capital budgets, demand for services and geographic focus; anticipated effects of artificial intelligence power requirements and liquefied natural gas export terminal commissioning; industry equipment levels; cost reduction and efficiency measures; existing contracts and negotiations with customers and suppliers; tax and regulatory conditions; merger and acquisition activity among oil and gas producers; environmental, social and governance factors; and the status of military conflicts in Ukraine and the Middle East, including impacts on shipping in the Strait of Hormuz and Bab al-Mandab Strait, U.S. and Venezuelan energy policies, and OPEC+ production decisions.

Calfrac said forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially, including industry, geopolitical, business operations, financial and legal and regulatory risks. The Company said there can be no assurance that the anticipated results or developments will occur, and it assumes no obligation to update forward-looking statements except as required by applicable securities laws.

For further information, please contact:

Tyler Dahlseide, Chief Executive Officer
Scarlett Crockatt, Chief Financial Officer

Telephone: 403-266-6000
www.calfrac.com