CALGARY, Dec. 14, 2018 /CNW/ – Ronald P. Mathison, Chairman of Calfrac Well Services Ltd. (“Calfrac” or the “Company”) (TSX–CFW), commented today: “The controversy that has resulted in the cancellation of the energy portion of an investor conference, scheduled for January in the Town of Whistler, carries several important implications. Canadian energy companies and members of the public have reacted strongly to recent communications from politicians like the one from the Mayor of the Town of Whistler. The Whistler Mayor's letters, addressed to energy industry companies, effectively seek to assign specific blame, and sought corporate financial contributions to address the costs of climate change on the community of Whistler.”
The conference organizers have prudently cancelled the energy portion of the investor event, as Calfrac and numerous other energy-related companies were in the process of declining to attend, as a result of the Whistler Mayor's conduct.
“The complex issues around climate change are unlikely to be solved with simplistic proposals or confrontational approaches. It is well-known that Canada only contributes approximately 1.5% of global emissions. The global emissions that are of concern to scientists emanate from all over the world and there are a number of other jurisdictions that produce volumes that dwarf those from Canada.”
“Looking to blame energy producers in Canada, a country with among the very best oilfield and industrial practices and, among developed countries, with by far the highest percentage of energy generated by hydro and other renewable sources, is unjust. That approach also ignores the role of energy consumers, who rely on the benefits of Canadian-produced energy for heating, transportation (including to destinations like Whistler), petrochemical products and a myriad other benefits to our lives. This kind of thinking also disregards the many economic benefits that Canadian energy has brought to our country and to all the people who live here.”
“The Whistler conference controversy is only one element of a broader discussion that is needed, around: encouraging responsible energy development; facilitating needed pipeline approvals; appropriately streamlining new capital project approval rules; and remedying the recent deeply-discounted Canadian oil and gas prices, primarily stemming from transportation bottlenecks. None of these topics is simple, but a more reasoned analysis and better approach is needed than the confrontational tack of the Mayor of a jurisdiction who has looked at these matters far too narrowly, and without consideration of some of the most important information.”
Calfrac's common shares are publicly traded on the Toronto Stock Exchange under the trading symbol “CFW”. Calfrac provides specialized oilfield services to exploration and production companies designed to increase the production of hydrocarbons from wells drilled throughout western Canada, the United States, Russia and Argentina.
This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words “expect”, “anticipate”, “continue”, “estimate”, “may”, “will”, “project”, “should”, “believe”, “plans”, “intends” and similar expressions are intended to identify forward-looking information or statements.
These forward-looking statements and information are based on certain key expectations and assumptions made by Calfrac in light of its experience and perception of historical trends, current conditions and expected future developments as well as other factors it believes are appropriate in the circumstances, including, but not limited to, the following: the economic and political environment in which Calfrac operates; Calfrac's expectations for its customers' capital budgets and geographical areas of focus; the effect unconventional oil and gas projects have had on supply and demand fundamentals for oil and natural gas; Calfrac's existing contracts and the status of current negotiations with key customers and suppliers; the effectiveness of cost reduction measures instituted by Calfrac; and the likelihood that the current tax and regulatory regime will remain substantially unchanged.
Although Calfrac believes that the expectations and assumptions on which such forward looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information as Calfrac cannot give any assurance that they will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with: global economic conditions; the level of exploration, development and production for oil and natural gas in Canada, the United States, Russia and Argentina; the demand for fracturing and other stimulation services during drilling and completion of oil and natural gas wells; volatility in market prices for oil and natural gas and the effect of this volatility on the demand for oilfield services generally; excess oilfield equipment levels; regional competition; the availability of capital on satisfactory terms; restrictions resulting from compliance with debt covenants and risk of acceleration of indebtedness; direct and indirect exposure to volatile credit markets, including credit rating risk; sourcing, pricing and availability of raw materials, component parts, equipment, suppliers, facilities and skilled personnel; currency exchange rate risk; risks associated with foreign operations; operating restrictions and compliance costs associated with legislative and regulatory initiatives relating to hydraulic fracturing and the protection of workers and the environment; changes in legislation and the regulatory environment; dependence on, and concentration of, major customers; liabilities and risks, including environmental liabilities and risks, inherent in oil and natural gas operations; uncertainties in weather and temperature affecting the duration of the service periods and the activities that can be completed; liabilities and risks associated with prior operations; liabilities relating to legal and/or administrative proceedings; failure to maintain Calfrac's safety standards and record; failure to realize anticipated benefits of acquisitions and dispositions; the ability to integrate technological advances and match advances from competitors; intellectual property risks; third party credit risk; and the effect of accounting pronouncements issued periodically.
Readers are cautioned that the foregoing list of risks and uncertainties is not exhaustive. Additional information on these and other risk factors that could affect Calfrac's operations or financial results are included in Calfrac's annual information form and may be accessed through the SEDAR website (www.sedar.com). The forward-looking statements and information contained in this press release are made as of the date hereof and Calfrac does not undertake any obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
SOURCE Calfrac Well Services Ltd.
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