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Workers flush out water during a fracking operation at a natural gas well in Pleasant Valley, Pa. The procedure helps release natural gas from the rock layers by cracking the shale and sandstone formations using water and sand under intense pressure, allowing the captured gas to seep out.
Workers flush out water during a fracking operation at a natural gas well in Pleasant Valley, Pa. The procedure helps release natural gas from the rock layers by cracking the shale and sandstone formations using water and sand under intense pressure, allowing the captured gas to seep out.
(Robert Nickelsberg/Robert Nickelsberg/Getty Images)

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Crumbling margins, writedowns plague Poseidon

TIM KILADZE

 — The Globe and Mail

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Last updated

Just two months ago, Poseidon Concepts Corp. was a billion-dollar company.

But that was before its shares plunged 62 per cent in mid-November, and before they lost over half of their remaining value on Thursday.

The latest news: the company, which specializes in ‘frac fluid handling,’ suspended its dividend, formed a special committee to address writing off some accounts receivable and shuffled both its management and board of directors.