- Calfrac (CFW) has initiated a multi-year fracturing fleet modernization plan for its North American operations
- The work will commence with converting 50 Tier II pumping units into Tier IV dual-fuel capable dynamic gas blending (DGB) pumping units
- Calfrac provides specialized oilfield services, including hydraulic fracturing, coiled tubing, cementing, and other well-completion services
- Calfrac Well Services Ltd. (CFW) is down 4.30 per cent, trading at C$5.79 per share at 1:20 pm ET
Calfrac (CFW) has initiated a multi-year fracturing fleet modernization plan for its North American operations.
The work will commence with converting 50 Tier II pumping units into Tier IV dual-fuel capable dynamic gas blending (DGB) pumping units. A Tier IV DGB engine displaces diesel in fracturing operations by increasing the use of natural gas. It represents one of the cleanest pressure pumping options currently available in the market.
The fleet modernization plan serves to meet the expanding Environmental, Social and Governance commitments of the company’s customers. The multi-year investments total approximately $90.0 million. It will be offset in part by a reduction in the company’s planned annual maintenance capital expenditures.
This plan supplements the delivery of nine Tier IV DGB pumping units which were committed to in 2022. The company anticipates its deployment by the end of the first quarter of 2023.
Pat Powell, CEO of Calfrac, commented on the news.
“Our newly constituted fleet modernization plan will optimize the conversion of Calfrac’s existing Tier II equipment fleet into new, low-emission Tier IV equipment over a multi-year horizon. It underlies our significant commitment to meeting our client’s ESG goals while improving our environmental footprint and performance in the field.”
Calfrac provides specialized oilfield services, including hydraulic fracturing, coiled tubing, cementing, and other well-completion services. It mainly serves the oil and natural gas industries in Canada, the United States, Russia, and Argentina.
Calfrac Well Services Ltd. (CFW) is down 4.30 per cent, trading at C$5.79 per share at 1:20 pm ET.