Calfrac Appoints New CEO Amid Sector Rebound
The oilfield services sector is showing signs of improvement after a challenging period. Calfrac Well Services, a Calgary-based company, has appointed a new CEO, Tyler Dahlseide, who says the company is 'getting back to basics.'
Dahlseide, who joined Calfrac as vice-president of optimization and strategy in September, replaced Pat Powell, who left the company in March 2025. Since taking over, Dahlseide has seen shares of Calfrac rise by 36% this year, reaching $5.66 on the Toronto Stock Exchange.
The sector has faced challenges due to lower oil prices and reduced drilling activities. However, with a new CEO at the helm, investors are optimistic about the future. Tim Monachello, an industry analyst with ATB Capital Markets, said: 'Across the sector, we've seen really strong performance to start the year.'
Dahlseide attributes the stability in markets to the company's efforts to improve its balance sheet and reduce debt. He also mentioned that the Vaca Muerta shale play in Argentina is in its early innings of development, providing a promising outlook for the sector.