Calfrac Well Services Ltd., a Calgary-based specialist in hydraulic fracturing that works in Canada, as well as Argentina, Russia and the United States, said a revival in drilling last year and commodity prices provide momentum, but there is uncertainty on the horizon.

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“A prolonged period of underinvestment in the upstream sector, in combination with a rebound in demand as Covid-19 related restrictions have been reduced, has resulted in a significant increase in crude oil and natural gas prices,” management noted.  

“This stronger commodity price environment provides the foundation for higher demand for Calfrac’s services moving forward. The company’s positive momentum from the third quarter continued into the fourth quarter of 2021 but paused toward year-end due to normal...