Calfrac’s 1Q16 EBITDAS was a loss of $11 mm, but after adjusting for $4 mm in restructuring costs it could be viewed as a loss of $7 mm, compared to our forecasted loss of $14 mm. Calfrac has reduced its 2016e capex to $40 mm from $50 mm. Our forecast suggests the first equity cure provision for the Company’s funded debt to EBITDAS covenant will need to be utilized in 2Q16e, but it could occur in 3Q16e. The Company has temporarily suspended its Eagle Ford operations, which refocuses Calfrac’s o ....
29 Apr 2016
1Q16 Update
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1Q16 Update
Calfrac Well Services Ltd. (CFW:TSE) | 0 0 1.1% | Mkt Cap: 964.6m
- Published:
29 Apr 2016 -
Author:
Ian B. Gillies -
Pages:
7
Calfrac’s 1Q16 EBITDAS was a loss of $11 mm, but after adjusting for $4 mm in restructuring costs it could be viewed as a loss of $7 mm, compared to our forecasted loss of $14 mm. Calfrac has reduced its 2016e capex to $40 mm from $50 mm. Our forecast suggests the first equity cure provision for the Company’s funded debt to EBITDAS covenant will need to be utilized in 2Q16e, but it could occur in 3Q16e. The Company has temporarily suspended its Eagle Ford operations, which refocuses Calfrac’s o ....