April 6 (Reuters) - Trican Well Service Ltd TCW.TO :
* TRICAN WELL SERVICE LTD. PROVIDES A BUSINESS UPDATE IN RESPONSE TO CURRENT MARKET UNCERTAINTY
* TRICAN WELL SERVICE LTD - REDUCING 2020 FY OUTLOOK
* TRICAN WELL SERVICE LTD - HAVE REDUCED CAPITAL AND OPERATING EXPENDITURES
* TRICAN WELL SERVICE LTD - COVID-19, COMBINED WITH OPEC CRUDE OIL PRODUCTION INCREASES, WILL HAVE SIGNIFICANT EFFECT ON BUSINESS RESULTS
* TRICAN WELL SERVICE LTD - CO'S STRATEGY REMAINS UNCHANGED DESPITE DOWNTURN
* TRICAN WELL SERVICE LTD - WILL ADJUST AVAILABLE OPERATING CAPACITY, TARGETING POSITIVE OPERATING CASH FLOW, REGARDLESS OF LEVEL OF DEMAND FOR SERVICES
* TRICAN WELL SERVICE LTD - IMPLEMENTED REDUCTION OF STAFFED EQUIPMENT LEVELS BY ABOUT 50%.
* TRICAN - IMPLEMENTED REDUCTION OF PERSONNEL COSTS INCLUDING OVERHEAD BY ABOUT 50% (CONSISTING OF SALARY REDUCTIONS, LAYOFFS, JOB SHARING)
* TRICAN - IMPLEMENTED 20% REDUCTION TO EXECUTIVE, BOARD OF DIRECTORS' CASH COMPENSATION
* TRICAN - IMPLEMENTED REDUCTION IN DISCRETIONARY COSTS IN ALL CATEGORIES
* TRICAN - REDUCED HYDRAULIC FRACTURING CREW COUNT BY HALF TO FOUR ACTIVE CREWS
* TRICAN - GIVEN ALREADY DEPRESSED PRICING LEVELS FOR CO'S SERVICES, TRICAN WILL BE UNABLE TO GRANT FURTHER PRICE REDUCTIONS
* TRICAN - EXPECT TO PARK ADDITIONAL EQUIPMENT FLEETS RATHER THAN OPERATE AT NEGATIVE OPERATING CASH FLOW LEVELS
* TRICAN - Q1 2020 LARGELY ALIGNED WITH CO'S EXPECTATIONS, ALTHOUGH MARKET EVENTS DID CAUSE SOME JOB CANCELLATIONS IN LATE MARCH
* TRICAN - SEES Q1 REVENUE FROM CONTINUING OPERATIONS $190 MILLION - $194 MILLION BEFORE POTENTIAL ADJUSTMENTS FROM CHANGES TO ALLOWANCE FOR DOUBTFUL ACCOUNTS ESTIMATES
* TRICAN - IMPAIRMENT CHARGE DURING Q1 IS LIKELY; AMOUNT NOT EXPECTED TO AFFECT VALUE OF TANGIBLE ASSETS
* TRICAN - 2020 CAPEX EXPECTED TO REPRESENT LESS THAN 4% OF ANNUAL REVENUE
* TRICAN - NOT CURRENTLY REPURCHASING SHARES AVAILABLE UNDER NCIB PROGRAM
* TRICAN - RECENT MARKET EVENTS MAY LIMIT ABILITY TO MONETIZE SURPLUS AND/OR OBSOLETE ASSETS Source: https:// Further company coverage: TCW.TO