Calfrac Well Services Ltd said on Wednesday it is evaluating options for its operations in Russia, in contrast with many other western companies pulling out of Russia after its invasion of Ukraine.
Calgary-based Calfrac, which provides oil field services like hydraulic fracturing, also has operations in Canada, the United States and Argentina.
Energy research firm Stifel FirstEnergy said it had previously estimated Calfrac’s Russian business would contribute 11% of revenues in 2022.
Calfrac said in a fourth-quarter earnings release it expects to have more information on Russian operations when it reports first quarter results in early May.
Dozens of companies including oil majors BP Plc and Shell have exited Russia in recent weeks, incurring billions of dollars in writedowns, although a number of oil field services firms remain.
“It is worth highlighting that while multiple supermajor E&Ps (explorers and producers) have pulled out from Russia, North American oil field service giants SLB (Schlumberger), HAL (Halliburton) and BKR (Baker Hughes) have yet to announce exits from the region,” Stifel analyst Cole Pereira said in a note to clients.
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