April 28 (Reuters) - Calfrac Well Services Ltd CFW.TO
* Calfrac announces first quarter results
* Q1 loss per share c$0.47
* Q1 revenue c$216.1 million versus I/B/E/S view c$240.2
million
* Q1 earnings per share view c$ -0.39 -- Thomson Reuters
I/B/E/S
* Calfrac Well Services Ltd says in early March 2016 ,
Calfrac restructured its Canadian, United States and corporate
segments
* Pricing in Canada and United States declined on average by
30 percent in Q1 of 2016
* Calfrac says in total, approximately 500 employees were
affected by cost initiative which decreased company's global
headcount to approximately 2,600
* Calfrac says Canadian, U.S., corporate headcount have
declined about 60 percent, 70 percent and 35 percent,
respectively, since beginning of 2015
* Company anticipates higher activity with new customers in
Southern Argentina during remainder of 2016
* In Canada, while visibility remains limited past end of
Q2, co does not expect activity to increase as sharply as in
prior years
* Calfrac Well Services Ltd says activity for remainder of
year in Western Siberia is expected to be relatively consistent
with 2015
* Says activity for remainder of year in Western Siberia is
expected to be relatively consistent with 2015
* United states land-based drilling rig count continues to
decrease and currently stands at approximately 400 rigs
* Idled approximately 60 percent of fracturing equipment and
temporarily suspended its cementing and coiled tubing operations
in U.S.
* Co has exited Arkansas and temporarily suspended
operations in texas
* In light of current environment, company further reduced
its 2016 capital budget by approximately $5.0 million to $10.0
million
* 2016 carryover capital expenditures are expected to
decrease from $35.0 million to $30.0 million
Source text for Eikon: ID:nCNWpC39Ta
Further company coverage: CFW.TO
(Bengaluru Newsroom: +1 646 223 8780)