Trican Well Service Sees Flat Revenue, Declining Profitability Amid Seasonal Conditions

Trican Well Service reported flat second-quarter revenue of C$214.6 million compared to the same period last year, while profitability declined amid seasonal breakup conditions and record rainfall in central Alberta.

The company's adjusted EBITDA was C$22.6 million or 11% of revenue, down from C$44.9 million or 21% a year earlier due to lower activity and equipment utilization as well as ongoing pricing pressure.

Chief Financial Officer Scott Matson attributed the decline in profitability to seasonal breakup conditions and record rainfall in central Alberta, which affected operations in June.

President and CEO Brad Fedora noted that the second quarter is not representative of the rest of the year, pointing out that the company expects a strong third and fourth quarters with customers signaling higher activity as long as oil prices remain supportive.