CEO of Calgary oilfield services provider Calfrac suddenly resignson March 14, 2025 at 4:05 pm

CALGARY — The chief executive of oilfield services provider Calfrac Well Services has abruptly resigned a day after the company reported a quarterly loss. Read More

CALGARY — The chief executive of oilfield services provider Calfrac Well Services has abruptly resigned a day after the company reported a quarterly loss. Calgary-based Calfrac says Pat Powell has also resigned from the board of directors and the company is looking for a permanent replacement. In a news release, Calfrac did not provide a

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CALGARY — The chief executive of oilfield services provider Calfrac Well Services has abruptly resigned a day after the company reported a quarterly loss.

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Calgary-based Calfrac says Pat Powell has also resigned from the board of directors and the company is looking for a permanent replacement.

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In a news release, Calfrac did not provide a reason for Powell’s departure, but thanked him for his contributions and wished him well in the future.

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In the company’s quarterly earnings release on Thursday, Powell said he was happy with how his team rebounded in 2024 after a challenging first quarter in North America and expressed confidence that it can navigate the “current headwinds.”

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Calfrac posted a net loss of $6.4 million for the last three months of 2024, or seven cents per diluted share, reversing profits of $13.2 million, or 15 cents per diluted share in the same quarter a year prior.

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Calfrac, which provides hydraulic fracturing and other services in North America and Argentina, saw its stock rise more than five per cent in late-morning trading Friday on the TSX to $3.69.