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Trican Well Service Ltd
Trican Well Service Ltd. engages in the provision of products, equipment, services, and technology used in drilling, completion, stimulation, and reworking of oil and gas wells primarily through its continuing pressure pumping operations in Canada. The company is headquartered in Calgary, Alberta and currently employs 1,032 full-time employees. The firm provides an array of specialized products, equipment, services and technology for use in the drilling, completion, stimulation, and reworking of oil and gas wells primarily through its continuing pressure pumping operations in Canada. The firm also provides coiled tubing, acidizing and production enhancement, cementing, well intervention tools, fracturing and reservoir solutions. Trican's tools include Mills & Bits, multi-lateral well-Navigator, bottom hole assembly (BHA) components, conventional coiled tubing unit, crane, coiled tubing injector, and blowout preventer (BOP). Trican offers a range of solutions, including coiled tubing fracturing and acidizing, in-house engineering, well cleanouts, milling, high pressure jetting, e-coil (smart coil), nitrogen gas lifting, and production enhancement.
Trican Well Service Ltd. engages in the provision of products, equipment, services, and technology used in drilling, completion, stimulation, and reworking of oil and gas wells primarily through its continuing pressure pumping operations in Canada. The company is headquartered in Calgary, Alberta and currently employs 1,032 full-time employees. The firm provides an array of specialized products, equipment, services and technology for use in the drilling, completion, stimulation, and reworking of oil and gas wells primarily through its continuing pressure pumping operations in Canada. The firm also provides coiled tubing, acidizing and production enhancement, cementing, well intervention tools, fracturing and reservoir solutions. Trican's tools include Mills & Bits, multi-lateral well-Navigator, bottom hole assembly (BHA) components, conventional coiled tubing unit, crane, coiled tubing injector, and blowout preventer (BOP). Trican offers a range of solutions, including coiled tubing fracturing and acidizing, in-house engineering, well cleanouts, milling, high pressure jetting, e-coil (smart coil), nitrogen gas lifting, and production enhancement.
Revenue Growth: Q3 revenue was $300.6 million, up from $221.6 million in Q3 last year, despite some project delays and commodity price pressure.
Profitability: Trican delivered positive earnings of $28.9 million ($0.15 per share) and free cash flow of $35.4 million, though margins tightened slightly.
Acquisition Impact: Iron Horse contributed one month of results; Q4 for Iron Horse is expected to be softer due to oil price-driven project delays, but seen as a temporary dip.
Q4 Outlook: Management expects Q4 to be better than Q3 and possibly the best quarter of the year, with work pushed from September into the final quarter.
2026 Optimism: Management is bullish for 2026, expecting higher gas prices and a constructive gas market to drive increased activity.
Capital Return: Completed NCIB buyback program repurchasing 13.2 million shares; renewed for up to 18.4 million more. Dividend of $0.055 per share declared.
Cost & Tariffs: Input cost inflation has slowed and some tariffs were removed or refunded, easing pressure on margins.
Technology & AI: Ongoing investments in technology and data systems, including a focus on 100% natural gas frac fleets and long-term ERP upgrades to enable AI enhancements.
