Calfrac’s Russian Assets on Chopping Block, but ‘Significant Momentum’ Seen in Field Operations

Calfrac Well Services Ltd. put its Russian oil and gas field branch up for sale Tuesday after suspending operations in March after the country invaded Ukraine.

The Calgary firm disclosed a book value of $58.8 million and liabilities of $13.9 million for its Russian assets but did not predict a sale price. Calfrac’s Russian operations are in Western Siberia, where last year it had 520 personnel and was operating 77 hp. Russia accounted for 11% of Calfrac revenues in 4Q2021.

Rising demand for the firm’s specialty hydraulic fracturing completions of shale wells in Canada, the United States and Argentina more than offset its withdrawal from Russia in the first three months of this year, according to Calfrac. The company doubled operating earnings year/year to $21 million during...