The following is a summary of the Trican Well Service Ltd. (TOLWF) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Q3 2024 revenue was reported at $221.6 million with adjusted EBITDA at $50.2 million.

• Revenue and EBITDA for Q3 were not as strong as the previous year, attributed mainly to delays in customer capital programs and challenging natural gas pricing environments.

• Trican generated free cash flow of $32.4 million during the quarter.

• Earnings per share were $0.12 on both a basic and fully diluted basis.

Business Progress:

• Trican focused on the electrification of ancillary frac equipment and ongoing investments to upgrade their active equipment.

• Cementing division shows high utilization and robust performance, particularly prevalent in the Montney and Deep Basin areas.

• Initiatives underway to increase the scale of the Coil Tubing division and exploit new partnerships like with Atos for specialized tool deployment in Western Canadian Basin oil plays.

Opportunities:

• Trican is positioned to benefit from increasing LNG-related activity projected for Western Canada over the next five years. This includes expected positive decisions on Phase 2 of LNG Canada next year.

• Improvement in natural gas prices anticipated to bolster activity levels in 2025, potentially surpassing those of 2024.

Risks:

• Revenue and EBITDA have decreased year-over-year primarily due to delayed customer capital programs, challenging natural gas market conditions, and reduced fracturing operations in regions less dependent on this activity.

• Exposure to market risks from fluctuating natural gas prices impacting client spending in drilling and completions.

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