Canyon announced a 2Q15 EBITDAS loss of $10 mm, ahead of our estimated loss of $16 mm and a consensus loss of $14 mm. More importantly, Canyon noted that fracturing services pricing in Canada is now down 25% to 30% from 20% in its last release. The Company is combatting this price decline through further cost savings, including moving a portion of its field staff to a variable pay structure.
