Calfrac reports $7.8-million Q1 profit, revenue up 12 per cent from year ago

Heavy rainfall is seen in Calgary on Tuesday, June 14, 2022. (THE CANADIAN PRESS/Jeff McIntosh)

CALGARY — Calfrac Well Services Ltd. reported a first-quarter profit of $7.8 million compared with a loss of $2.9 million a year earlier as its revenue rose 12 per cent.

The oilfield services company says the increase in revenue came from higher prices and activity in Argentina, offset in part by lower prices in North America.

Calfrac reported its profit amounted to nine cents per diluted share for the quarter ended March 31 compared with a loss of three cents per diluted share in the same quarter last year.

Revenue totalled $370.1 million, up from $330.1 million in the first quarter of 2024.

The increase came as the company’s Argentine operations earned $142.2 million in revenue during the first quarter of 2025 compared with $81.1 million in the same quarter in 2024.

Calfrac’s North American operations took in $227.9 million in revenue for the quarter, down from $249.0 million a year earlier.

This report by The Canadian Press was first published May 15, 2025.