Calfrac halves dividend; pumps $12 million into Argentina

Calfrac dividendos de 12.000.000 dólares en Argentina

Calgary Herald

Calfrac Well Services Ltd. is cutting its quarterly dividend in half to deal with a global slump in oilfield services but signalled Wednesday it has found at least one country in which growth is still possible — Argentina.

The move to trim investor payouts had been widely predicted by financial analysts and follows the move in January by Trican Well Service Ltd. to suspend its annual 30-cent-per-share dividend. The Calgary-based rivals own fleets of pressure pumping trucks used to hydraulically fracture unconventional oil and gas wells, mainly in North America, but also in Russia.

Calfrac announced it would pay its shareholders 6.25 cents per share on July 15, down from 12.5 cents in April.

“The decrease in Calfrac’s upcoming dividend reflects the impact that low commodity prices have had on the pricing and demand for North American oilfield services, and will provide additional financial flexibility to pursue growth opportunities in…

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