Trican Reports First Quarter Results for 2024, Declares Quarterly Dividend

Calgary, Alberta--(Newsfile Corp. - May 13, 2024) - Trican Well Service Ltd. (TSX: TCW) ("Trican" or the "Company") is pleased to announce its first quarter results for 2024. The following news release should be read in conjunction with Management's Discussion and Analysis ("MD&A"), the unaudited interim consolidated financial statements and related notes of Trican for the three months ended March 31, 2024, as well as the Annual Information Form ("AIF") for the year ended December 31, 2023. All of these documents are available on SEDAR+ at www.sedarplus.ca.

FIRST QUARTER HIGHLIGHTS

• Trican's results for the quarter compared to the prior year period were marginally lower based on decreased operating activity resulting from lower natural gas prices.

  • Revenue was $271.9 million for the three months ended March 31, 2024, an 8% decrease compared to $297.0 million for the three months ended March 31, 2023.

  • Adjusted EBITDAS¹ and adjusted EBITDA¹ for the three months ended March 31, 2024 were $74.4 million and $72.8 million, compared to $82.9 million and $81.6 million, respectively, for the three months ended March 31, 2023.

  • Free cash flow¹ and free cash flow per share¹ for the three months ended March 31, 2024 were $49.9 million, $0.24 per share basic and diluted compared to $54.9 million, $0.24 per share basic and diluted for the three months ended March 31, 2023.

  • Profit and profit per share for the three months ended March 31, 2024 were $41.2 million, $0.20 per share basic and $0.19 per share diluted compared to $46.0 million, $0.20 per share basic and diluted for the three months ended March 31, 2023.

• The Company's balance sheet remains strong with positive working capital, including cash, of $174.5 million at March 31, 2024 compared to $153.2 million at December 31, 2023, providing significant financial flexibility. As at March 31, 2024, the Company had a cash balance of $9.3 million (December 31, 2023 - $88.8 million). The decrease in cash is a result of working capital requirements, tax installments of $39.7 million and return on capital initiatives of $25.9 million. As at March 31, 2024, the Company had no loans and borrowings (December 31, 2023 - nil).

• Trican operates the newest, most technologically advanced fleet of fracturing equipment in Canada. We developed our fleet by upgrading existing equipment with CAT Tier 4 Dynamic Gas Blending ("DGB") engine technology and building new fully electric ancillary equipment. The combination of Tier 4 DGB engines and fully electric ancillary equipment can displace up to 90% of the diesel used in a conventional fracturing operation with cleaner burning and less expensive natural gas resulting in lower overall fuel cost and reduced carbon dioxide and particulate matter emissions. Our fracturing fleet upgrades also include industry leading continuous heavy duty pumps (3,000 HHP) and idle reduction technology packages which enable longer pumping times and improved operating efficiencies.

  • During the first quarter of 2024, Trican's fifth Tier 4 DGB fleet (42,000 HHP) and second group of electrical ancillary equipment was deployed into the field bringing Trican's total Tier 4 DGB fleet to 210,000 HHP.

  • Tier 4 upgrades and electric ancillary equipment are key components of Trican's Environmental, Social and Governance ("ESG") strategy. Our ongoing ESG initiatives, including fleet upgrades, are intended to reduce our environmental impact, improve efficiency and reduce our emissions profile thereby improving the sustainability of our operations and supporting our customers in achieving their ESG goals.

RETURN OF CAPITAL

• The Company continues to be active in its Normal Course Issuer Bid ("NCIB") program as a key component of its return of capital strategy:

  • During the three months ended March 31, 2024, Trican purchased and cancelled 4,045,700 common shares at a weighted average price of $4.11 per share, or approximately 2% of the Company's outstanding shares at December 31, 2023. Subsequent to March 31, 2024 the Company purchased an additional 1,597,900 common shares, bringing total purchases under the 2023-2024 NCIB program to 8,536,529 common shares.

  • On October 2, 2023, the Company announced the renewal of its NCIB program, commencing October 5, 2023, to purchase up to 21,004,897 common shares for cancellation before October 4, 2024, subject to the TSX NCIB rules.

  • Since the initiation of our NCIB programs in 2017, Trican has purchased 151,514,582 common shares, equating to approximately 44% of total shares outstanding at the start of the NCIB programs. All common shares purchased under the NCIB are returned to treasury for cancellation.

• The Company continues to execute on its return of capital framework through the quarterly dividend program:

  • During the three months ended March 31, 2024, the Company paid a cash dividend of $0.045 per share, or approximately $9.3 million in aggregate to shareholders.

  • On May 13, 2024, the Company's board of directors approved a dividend of $0.045 per share reflecting an increase of 12.5% from the prior year quarterly dividend payments of $0.04 per share. The distribution is scheduled to be made on June 28, 2024 to shareholders of record as of the close of business on June 14, 2024.

  • The dividends are designated as eligible dividends for Canadian income tax purposes.

FINANCIAL REVIEW

($ millions, except $ per share amounts. Weighted average shares is stated in thousands)	Three months ended
(Unaudited)	March 31, 2024	March 31, 2023	December 31, 2023
Revenue	271.9	297.0	254.9
Gross profit	64.5	71.7	48.9
Adjusted EBITDAS1	74.4	82.9	58.8
Adjusted EBITDA1	72.8	81.6	56.4
Free cash flow1	49.9	54.9	38.7
Per share - basic and diluted1	0.24	0.24	0.18
Cash flow (used in) / from operations	(37.5)	21.8	81.9
Profit for the period	41.2	46.0	28.8
Per share - basic	0.20	0.20	0.14
Per share - diluted	0.19	0.20	0.13
Dividends paid	9.3	8.9	8.4
Per share	0.045	0.040	0.040
Shares outstanding, end of period	205,362	220,417	209,133
Weighted average shares outstanding - basic	208,037	226,527	210,841
Weighted average shares outstanding - diluted	211,801	231,057	215,176
1 Refer to the Non-GAAP disclosure section of this news release for further details.

 

($ millions, unaudited)	As at March 31, 2024	As at December 31, 2023
Cash and cash equivalents	9.3	88.8
Current assets - other	265.5	208.9
Current portion of lease liabilities	4.7	4.4
Current liabilities - other	95.6	140.0
Lease liabilities - non-current portion	13.3	13.7
Total assets	682.0	710.4

 

	Three months ended
(Unaudited)	March 31, 2024	December 31, 2023	September 30, 2023	June 30, 2023	March 31, 2023
WTI - Average Price (US$/bbl)	$76.91	$78.53	$82.22	$73.67	$75.99
AECO-C - Spot Average Price (C$/mcf)	$2.08	$2.18	$2.48	$2.30	$3.06
WCS - Average Price (C$/bbl)	$80.24	$75.38	$88.83	$80.91	$76.58
Average Exchange Rate (US$/C$)	$0.74	$0.73	$0.75	$0.74	$0.74
Canadian Average Drilling Rig Count	224	185	190	125	227
Source: Bloomberg, Bank of Canada, Nickle's Energy Group, Rig Locator

 

OPERATING HIGHLIGHTS

Capital Expenditures

Capital expenditures for the three months ended March 31, 2024 totaled $15.3 million ($19.5 million for the three months ended March 31, 2023) related primarily to maintenance capital and additional electric ancillary equipment. The Company's capital budget for 2024 remains at approximately $90 million, including $15 million carry forward from the 2023 capital program, to be funded with available cash resources, free cash flow¹ and our operating line.

Financial Position

We continue to focus on maintaining a strong balance sheet with significant positive working capital including cash. Our ability to generate strong free cash flow¹ and financial flexibility will allow us to execute our strategic plans including ongoing investment in our industry leading fleet, continued strong participation in our NCIB program and the payment of a quarterly dividend as a part of our disciplined capital allocation strategy which includes a consistent return of capital to our shareholders.

OUTLOOK

Our overall outlook for the next few years remains very positive as Canadian market fundamentals remain attractive for fracturing, cementing and coiled tubing.

The Montney reservoir in Northeastern British Columbia and Northwest Alberta remains one of the premier resource plays in North America. We expect that the combination of attractive well economics, increasing demand from LNG export facilities and British Columbia's agreements with First Nations should lead to ongoing and growing activity in the play. Montney development requires large, high-pressure fracturing, technically challenging cementing and coiled tubing services with large volumes of product which will directly benefit Trican.

Additional Canadian export capacity is now a reality with the Trans Mountain Pipeline entering into commercial service, completion of the Coastal GasLink Pipeline and the LNG Canada project anticipated to start exports in late 2024 or early 2025. We are also encouraged by the progress being made for additional LNG export facilities on the west coast of Canada. This new export capacity for both oil and natural gas creates an increasingly positive backdrop for oil and natural gas drilling and completions activity in Western Canada and the associated oilfield services required as we move through 2024 and beyond. We expect overall annual oilfield activity in Canada to remain relatively stable allowing us to continue generating sector leading returns for our shareholders.

Q1 activity proved to be quite resilient in spite of a continued low natural gas price environment, and a period of extremely cold weather delaying the start of operations in January. We expect that Q2 2024 will be stronger than originally anticipated as some work scheduled for the first quarter was deferred into the second quarter. Additionally, certain customers are looking to accelerate portions of their previously scheduled H2 2024 work into the second quarter to mitigate potential summer water constraints given the continuing drought conditions in Western Canada. Trican continues to work closely with these customers on various solutions including alternative water storage options and utilization of produced water via chemical treatment solutions. As we move through the summer, Trican will continue to monitor potential access issues related to forest fire activity which could delay activity in our operating areas. We will work closely with our customers to minimize business interruptions.

Trican continues to build on the investments made in our equipment fleet over the last three years to ensure that we are on the forefront of pressure pumping technology and design in Canada. Demand for our Canadian market-leading low emissions Tier 4 DGB fracturing fleets continues to be robust and is expected to remain strong through the remainder of 2024. Our fifth fleet of Tier 4 DGB high pressure fracturing equipment containing continuous duty pumps was deployed in the field in early 2024 bringing Trican's total Tier 4 fleet to an industry leading 210,000 HHP.

We continue to invest and enhance our equipment offering by moving forward with the electrification of certain ancillary equipment required for on-site fracturing operations including the data van, blending, sand handling and other equipment used for fracturing. We believe these ongoing technological advancements will augment our differentiation strategy and add value for our customers by increasing reliability further reducing emissions and reducing fuel costs. Our ability to generate strong free cash flow¹ and our financial flexibility allows for continued investment in our fleet and electrification program. We will continue to serve our customers with state-of-the-art equipment and generate industry-leading returns in an environmentally and socially responsible manner.

Trican remains focused on returning capital to our shareholders both through our quarterly dividend program and through our ongoing NCIB program. Trican increased its quarterly dividend per share by 12.5% effective for Q1 2024. We have made significant progress on our NCIB program to date and will look to fully utilize this program prior to its renewal. We believe our ability to deliver a multi-layered return of capital strategy while maintaining a strong balance sheet will lead to long-term value creation for our shareholders.

COMPARATIVE QUARTERLY INCOME STATEMENTS

($ thousands, except total job count, revenue per job and crews; unaudited)
Three months ended		March 31, 2024	Percentage of revenue	March 31, 2023	Percentage of revenue	December 31, 2023	Percentage of revenue
Revenue		271,925	100%	297,035	100%	254,916	100%
Cost of sales
Cost of sales		189,028	70%	205,380	69%	188,317	74%
Cost of sales - depreciation and
amortization		18,422	7%	19,930	7%	17,730	7%
Gross profit		64,475	24%	71,725	24%	48,869	19%
Administrative expenses		10,157	4%	10,230	3%	10,281	4%
Administrative expenses - depreciation		967	-%	910	-%	875	-%
Other income		(1,522)	(1%)	(1,081)	-%	(953)	-%
Results from operating activities		54,873	20%	61,666	21%	38,666	15%
Finance costs		771	-%	945	-%	644	-%
Foreign exchange loss / (gain)		82	-%	62	-%	(117)	-%
Profit before income tax		54,020	20%	60,659	20%	38,139	15%
Current income tax expense		10,767	4%	14,614	5%	8,305	3%
Deferred income tax expense		2,078	1%	11	-%	1,073	-%
Profit for the period		41,175	15%	46,034	15%	28,761	11%
Adjusted EBITDAS1		74,380	27%	82,878	28%	58,819	23%
Adjusted EBITDA1		72,801	27%	81,631	27%	56,398	22%
Total job count		2,025		2,089		1,849
Revenue per job		134,284		142,190		137,867
Total proppant pumped (tonnes)		386,000		440,000		332,000
Hydraulic pumping capacity (HHP)		525,000		529,000		524,000
Hydraulic fracturing - active crews		7.0		7.0		7.0
Hydraulic fracturing - parked crews		5.0		5.0		5.0
1 Refer to the Non-GAAP disclosure section of this news release for further details.

 

Sales Mix - % of Total Revenue

Three months ended (unaudited)	March 31, 2024	March 31, 2023	December 31, 2023
Fracturing	72%	76%	73%
Cementing	20%	17%	20%
Coiled Tubing	8%	7%	7%
Total	100%	100%	100%

 

NON-GAAP MEASURES

Certain terms in this News Release, including adjusted EBITDA, adjusted EBITDAS, adjusted EBITDA percentage, adjusted EBITDAS percentage, free cash flow and bank EBITDA, do not have any standardized meaning as prescribed by IFRS and therefore, are considered non-GAAP measures and may not be comparable to similar measures presented by other issuers.

Adjusted EBITDA and Adjusted EBITDAS

Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) is a non-GAAP financial measure and has been reconciled to profit / (loss) for the applicable financial periods, being the most directly comparable measure calculated in accordance with IFRS Accounting Standards. Management utilizes adjusted EBITDA to translate historical variability in the Company's principal business activities into future financial expectations. By isolating incremental items from net income, including income / expense items related to how the Company chooses to manage financing elements of the business, taxation strategy and non-cash charges, management can better predict future financial results from our principal business activities.

Adjusted EBITDAS (earnings before interest, taxes, depreciation, amortization and share-based compensation) is a non-GAAP financial measure and has been reconciled to profit / (loss) for the applicable financial periods, being the most directly comparable measure calculated in accordance with IFRS Accounting Standards. Management utilizes adjusted EBITDAS as a useful measure of operating performance, cash flow to complement profit / (loss) and to provide meaningful comparisons of operating results.

The items included in this calculation of adjusted EBITDA have been specifically identified as they are non-cash in nature, subject to significant volatility between periods, and / or not relevant to our principal business activities. Items adjusted in the non-GAAP calculation of adjusted EBITDA, are as follows:

• Non-cash expenditures, including depreciation, amortization, impairment of non-financial assets, and equity-settled share-based compensation;

• Consideration as to how the Company chose to generate financial income and incur financial expenses, including foreign exchange expenses and finance costs;

• Taxation in various jurisdictions; and

• Other income / expense which generally results from the disposition of equipment, as these transactions generally do not reflect quarterly operational field activity.

The item adjusted in the non-GAAP calculation of adjusted EBITDAS from adjusted EBITDA, is as follows:

• Cash-settled share-based compensation.

($ thousands; unaudited)		Three months ended
		March 31, 2024	March 31, 2023	December 31, 2023
Profit for the period (IFRS financial measure)		41,175	46,034	28,761
Adjustments:
Cost of sales - depreciation and amortization		18,422	19,930	17,730
Administrative expenses - depreciation		967	910	875
Current income tax expense		10,767	14,614	8,305
Deferred income tax expense		2,078	11	1,073
Finance costs and amortization of debt issuance costs		771	945	644
Foreign exchange loss / (gain)		82	62	(117)
Other income		(1,522)	(1,081)	(953)
Administrative expenses - equity-settled share-based compensation		61	206	80
Adjusted EBITDA		72,801	81,631	56,398
Administrative expenses - cash-settled share-based compensation		1,579	1,247	2,421
Adjusted EBITDAS		74,380	82,878	58,819
Certain financial measures in this news release - namely adjusted EBITDA, adjusted EBITDAS, adjusted EBITDA percentage, adjusted EBITDAS percentage and free cash flow are not prescribed by IFRS and are considered non-GAAP measures. These measures may not be comparable to similar measures presented by other issuers and should not be viewed as a substitute for measures reported under IFRS. These financial measures are reconciled to IFRS measures in the Non-GAAP disclosure section of this news release. Other non-standard measures are described in the Non-Standard Measures section of this news release. Stainless steel fluid ends were historically expensed as depreciation prior to December 2017. Not all hydraulic fracturing companies apply the accounting policy for stainless steel fluid ends consistently.

 

Adjusted EBITDA % and Adjusted EBITDAS %

Adjusted EBITDA percentage and adjusted EBITDAS percentage are non-GAAP financial ratios that are determined by dividing adjusted EBITDA and adjusted EBITDAS, respectively, by revenue. The components of the calculations are presented below:

($ thousands; unaudited)	Three months ended
	March 31, 2024	March 31, 2023	December 31, 2023
Adjusted EBITDA	72,801	81,631	56,398
Revenue	271,925	297,035	254,916
Adjusted EBITDA %	27%	27%	22%
($ thousands, unaudited)	Three months ended
	March 31, 2024	March 31, 2023	December 31, 2023
Adjusted EBITDAS	74,380	82,878	58,819
Revenue	271,925	297,035	254,916
Adjusted EBITDAS %	27%	28%	23%

 

Free Cash Flow and Free Cash Flow per Share

Free cash flow and free cash flow per share are non-GAAP financial measures which Management believes to be key measures of capital management as they demonstrate the Company's ability to generate monies available to fund future growth through capital investments and return capital to our shareholders.

Free cash flow has been reconciled to cash flow from operations for the applicable financial periods, being the most directly comparable measure calculated in accordance with IFRS. Management adjusts for other (income) / loss, realized (gain) / loss, current income tax, income taxes paid, maintenance capital expenditures included within purchase of property and equipment from the statement of cash flows, net changes in other liabilities and change in non-cash operating working capital.

Management reconciles free cash flow from adjusted EBITDA for the applicable financial periods by adjusting for interest paid, current income tax expense, and maintenance capital expenditures included within purchase of property and equipment from the statement of cash flows as they are considered non-discretionary.

In 2023, the Company moved into a cash taxable position due to improved operating results and utilization of its available non-capital loss pools. The Company previously elected to defer its 2023 current income tax installments which was remitted in combination with the 2024 current income tax installments in the period. The Company elected to present current income tax expense as a reduction of free cash flow in the respective period to clearly adjust for the effects of timing and show the impact of such non-discretionary items.

Free cash flow per share is calculated by dividing free cash flow by the Company's basic or diluted weighted average common shares outstanding.

Free cash flow and free cash flow per share are not standardized measures and therefore may not be comparable with the calculation of similar measures by other entities.

($ thousands, unaudited)	Three months ended
	March 31, 2024	March 31, 2023	December 31, 2023
Cash flow (used in) / from operations (IFRS financial measure)	(37,532)	21,779	81,909
Adjustments:
Other income	(1,069)	(748)	(892)
Realized foreign exchange loss / (gain)	306	(52)	(366)
Current income tax expense	(10,767)	(14,614)	(8,305)
Maintenance capital expenditures	(11,460)	(11,174)	(8,841)
Net changes in other liabilities	(921)	1,932	(117)
Change in non-cash operating working capital	71,622	57,799	(24,658)
Income taxes paid	39,672	-	-
Free cash flow	49,851	54,922	38,730

 

($ thousands, unaudited)	Three months ended
	March 31, 2024	March 31, 2023	December 31, 2023
Adjusted EBITDA	72,801	81,631	56,398
Interest paid	(723)	(921)	(522)
Current income tax expense	(10,767)	(14,614)	(8,305)
Maintenance capital expenditures	(11,460)	(11,174)	(8,841)
Free cash flow	49,851	54,922	38,730

 

($ thousands, unaudited)	Three months ended
	March 31, 2024	March 31, 2023	December 31, 2023
Purchase of property and equipment	15,260	19,489	18,296
Growth capital expenditures	3,800	8,315	9,455
Maintenance capital expenditures	11,460	11,174	8,841

 

($ thousands, except $ per share amounts. Weighted average shares is stated in thousands; unaudited)	Three months ended
	March 31, 2024	March 31, 2023	December 31, 2023
Free cash flow	49,851	54,922	38,730
Weighted average shares outstanding - basic	208,037	226,527	210,841
Free cash flow per share - basic	0.24	0.24	0.18
($ thousands, except $ per share amounts. Weighted average shares is stated in thousands; unaudited)	Three months ended
	March 31, 2024	March 31, 2023	December 31, 2023
Free cash flow	49,851	54,922	38,730
Weighted average shares outstanding - diluted	211,801	231,057	215,176
Free cash flow per share - diluted	0.24	0.24	0.18

 

OTHER NON-STANDARD FINANCIAL TERMS

In addition to the above non-GAAP financial measures and ratios, this News Release makes reference to the following non-standard financial terms. These terms may differ and may not be comparable to similar terms used by other companies.

Revenue Per Job

Calculation is determined based on total revenue divided by total job count. This calculation is significantly impacted by factors such as the relative revenue contribution by service line, changes in pricing and the magnitude of customer supplied consumables and inputs.

Maintenance and Growth Capital

Term that refers to capital additions as maintenance or growth capital. Maintenance capital are expenditures in respect of capital additions, replacements or improvements required to maintain ongoing business operations. Growth capital refers to expenditures primarily for new items and/or equipment that will expand our revenue and/or reduce our expenditures through operating efficiencies. The determination of what constitutes maintenance capital expenditures versus growth capital involves judgement by management.

FORWARD-LOOKING STATEMENTS

Certain statements contained in this document constitute forward-looking information and statements (collectively "forward-looking statements"). These statements relate to future events or our future performance. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "achieve", "estimate", "expect", "intend", "plan", "planned", and other similar terms and phrases. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. We believe the expectations reflected in these forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this document should not be unduly relied upon. These statements speak only as of the date of this document.

In particular, this document contains forward-looking statements pertaining to, but not limited to, the following:

• our business plans and prospects;

• statements under the Outlook section of this News Release;

• that we have sufficient liquidity to support operations, meet our commitments, invest in new opportunities, improve our competitive position and drive profitable growth;

• the impact of escalated geopolitical tensions, including the conflicts in the Middle East and the Russian invasion of Ukraine, OPEC+ policy changes, and the associated effect on worldwide demand for oil and gas;

• anticipated industry activity levels, rig counts and outlook as well as expectations regarding our customers' work and capital programs and the associated impact on the Company's equipment utilization levels and demand for our services in 2024;

• the impact of inflation and existence of inflationary pressures;

• expectations as to the type of pressure pumping equipment required and which operating regions the equipment is appropriate to operate in;

• expectations regarding supply and demand fundamentals and commodity pricing levels;

• expectations that we are adequately staffed for current industry activity levels, that we will be able to retain and attract staff;

• expectations regarding the trends and factors affecting the pricing environment for the Company's services;

• expectations regarding the Company's financial results, working capital levels, liquidity and profits;

• expectations regarding Trican's capital spending plans and sources of capital;

• expectations regarding the equipment upgrades and the environmental and performance impacts thereof;

• expectations regarding Trican's utilization of its NCIB program;

• expectations regarding Trican's ability to pay dividends;

• expectations that adjusted EBITDA will help predict future earnings;

• expectations regarding customer performance and financial flexibility;

• expectations regarding the impact of inflation;

• anticipated compliance with debt and other covenants under our revolving credit facilities;

• expectations that the Company can maintain its market leading position in the fracturing and cementing service lines and strengthen auxiliary services;

• expectations that the Company will deepen the integration of ESG into its business and be supported by its customers in doing so;

• expectations regarding the nature and focus of our share-based compensation programs;

• expectations regarding Trican's policy of adjusting its capital budget on a quarterly basis;

• expectations regarding provincial income tax rates and ongoing tax evaluations; and

• expectations surrounding weather and seasonal slowdowns.

Our actual results could differ materially from those anticipated in these forward-looking statements as a result of the risk factors set forth herein and in the "Risk Factors" section of our AIF for the year ended December 31, 2023, available on SEDAR+ (www.sedarplus.ca).

Readers are cautioned that the foregoing lists of factors are not exhaustive. Forward-looking statements are based on a number of factors and assumptions, which have been used to develop such statements and information, but which may prove to be incorrect. Although management of Trican believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because Trican can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified in this document, assumptions have been made regarding, among other things: crude oil and natural gas prices; the impact of increasing competition; the general stability of the economic and political environment; the timely receipt of any required regulatory approvals; industry activity levels; Trican's policies with respect to acquisitions; the ability of Trican to obtain qualified staff, equipment and services in a timely and cost efficient manner; the ability to operate our business in a safe, efficient and effective manner; the ability of Trican to obtain capital resources and adequate sources of liquidity; the performance and characteristics of various business segments; the regulatory framework; the timing and effect of pipeline, storage and facility construction and expansion; and future commodity, currency, exchange and interest rates.

The forward-looking statements contained in this document are expressly qualified by this cautionary statement. We do not undertake any obligation to publicly update or revise any forward-looking statements except as required by applicable law.

Additional information regarding Trican including Trican's most recent AIF, is available under Trican's profile on SEDAR+ (www.sedarplus.ca).

CONFERENCE CALL AND WEBCAST DETAILS

The Company will host a conference call on Tuesday, May 14, 2024 at 10:00 a.m. MT (12:00 p.m. ET) to discuss its results for the First Quarter 2024.

To listen to the webcast of the conference call, please enter the following URL in your web browser: http://www.gowebcasting.com/13185.

You can also visit the "Investors" section of our website at www.tricanwellservice.com/investors and click on "Reports".

To participate in the Q&A session, please call the conference call operator at 1-800-319-4610 (North America) or 1-403-351-0324 (outside North America) 10 minutes prior to the call's start time and ask for the "Trican Well Service Ltd. First Quarter 2024 Earnings Results Conference Call."

The conference call will be archived on Trican's website at www.tricanwellservice.com/investors.

ABOUT TRICAN

Headquartered in Calgary, Alberta, Trican supplies oil and natural gas well servicing equipment and solutions to our customers through the drilling, completion and production cycles. Our team of technical experts provide state-of-the-art equipment, engineering support, reservoir expertise and laboratory services through the delivery of hydraulic fracturing, cementing, coiled tubing, nitrogen services and chemical sales for the oil and gas industry in Western Canada. Trican is the largest pressure pumping service company in Canada.

Requests for further information should be directed to:

Bradley P.D. Fedora
President and Chief Executive Officer

Scott E. Matson
Chief Financial Officer

Phone: (403) 266-0202
2900, 645 - 7th Avenue S.W.
Calgary, Alberta T2P 4G8

Please visit our website at www.tricanwellservice.com.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/209036