Calgary, Alberta--(Newsfile Corp. - October 27, 2026) - Trican Well Service Ltd. (TSX: TCW) ("Trican" or the "Company") is pleased to announce its third quarter results for 2026. The following news release should be read in conjunction with Management's Discussion and Analysis ("MD&A"), the unaudited condensed consolidated interim financial statements and related notes for the three and nine months ended September 30, 2026, as well as the Annual Information Form ("AIF") for the year ended December 31, 2025. All of these documents are available on SEDAR+ at www.sedarplus.ca.

THIRD QUARTER HIGHLIGHTS

• Trican's third quarter results were higher compared to the prior year period due to increased operating activity and utilization levels, together with the contribution from the acquisition of Iron Horse Energy Services ("Iron Horse") for the full quarter. Commodity prices remained supportive of customer activity during the quarter, particularly for oil and liquids-focused producers. While pricing pressure and inflationary costs persisted during the quarter, higher activity levels, improved utilization and stronger operating leverage contributed to improved financial results relative to the prior year period.

  • Revenue was $338.3 million for the three months ended September 30, 2026 compared to $300.6 million for the three months ended September 30, 2025.

  • Adjusted EBITDAS¹ and adjusted EBITDA¹ for the three months ended September 30, 2026 were $87.1 million and $87.7 million, compared to $66.9 million and $59.5 million, respectively, for the three months ended September 30, 2025.

  • Free cash flow¹ and free cash flow per share¹ for the three months ended September 30, 2026 were $66.0 million, $0.32 per share basic and diluted compared to $35.4 million, $0.19 per share basic and $0.18 per share diluted for the three months ended September 30, 2025.

  • During the three months ended September 30, 2026, the Company returned an aggregate of $53.0 million to shareholders, consisting of $11.2 million from quarterly dividends and $41.8 million from the Company's Normal Course Issuer Bid ("NCIB") program.

  • Profit and profit per share for the three months ended September 30, 2026 were $48.0 million, and $0.23 per share basic and diluted, respectively, compared to profit and profit per share of $28.9 million and $0.15 per share basic and diluted for the three months ended September 30, 2025.

• The Company's statement of financial position remains solid with positive working capital¹, excluding cash, of $139.7 million at September 30, 2026 compared to $179.2 million at December 31, 2025. Strong cash flow generation from operations was partially offset by a seasonal build in working capital following spring break-up. As at September 30, 2026, the Company had net debt¹ of $50.3 million, consisting of $72.7 million drawn on its revolving credit facility and $22.4 million of cash on hand, while maintaining $127.3 million of remaining accessible liquidity.

RETURN OF CAPITAL

• The Company continues to be active in its NCIB program as a key component of its return of capital strategy:

  • During the three and nine months ended September 30, 2026, Trican purchased and cancelled 6,866,100 common shares and 8,508,300 common shares, respectively, under its NCIB program at a weighted average price of $6.09 per share and $6.25 per share, or approximately 3.3% and 4.0% of the Company's outstanding shares at December 31, 2025. Subsequent to September 30, 2026 and prior to the expiration of the 2025-2026 NCIB program, the Company purchased an additional 81,300 common shares.

  • On September 30, 2026, the Company announced the renewal of its NCIB program, commencing October 5, 2026, to purchase up to 18,057,151 common shares for cancellation before October 4, 2027, subject to the TSX's NCIB rules. Subsequent to September 30, 2026 and as of October 27, 2026, the company purchased 517,900 common shares.

  • Since the initiation of our NCIB programs in 2017, Trican has purchased 188,056,365 common shares, equating to approximately 54% of total shares outstanding at the start of the NCIB programs at a weighted average price of $3.05 per share. All common shares purchased under the NCIB program are returned to treasury for cancellation.

• The Company also continues to execute on its return of capital strategy through its quarterly dividend program:

  • During the three and nine months ended September 30, 2026, the Company paid quarterly cash dividends of $0.055 per share, totaling $11.2 million and $34.3 million, respectively, in aggregate to shareholders.

  • On October 27, 2026, the Company's board of directors approved a quarterly dividend of $0.055 per share. The dividend is scheduled to be paid on December 31, 2026 to shareholders of record as of the close of business on December 15, 2026.

  • The dividends are designated as eligible dividends for Canadian income tax purposes.

FINANCIAL REVIEW

 

 

 

HIGHLIGHTS

Capital expenditures¹

Capital expenditures¹ for the three and nine months ended September 30, 2026 totaled $26.5 million and $65.8 million, respectively ($18.9 million and $47.7 million for the three and nine months ended September 30, 2025). Capital expenditures¹ during the period primarily related to maintenance capital to support the reliability and efficiency of the Company's equipment fleet, as well as growth capital associated with the construction of Canada's first 100% natural gas fueled, continuous, heavy-duty hydraulic fracturing fleet and the purchase of electric ancillary fracturing equipment.

The Company has approved a capital budget for 2026 of $122 million. The budget reflects the Company's continued focus on maintenance capital to ensure reliability and efficiency across its operations, while allocating targeted growth capital to advance modernization initiatives and position the Company for future opportunities.

The Company will fund these expenditures with available cash resources, free cash flow¹ and our revolving credit facility.

Strategic Positioning

As customer completion programs continue to increase in scale and complexity, Trican remains focused on operational execution, technology leadership and disciplined investment in its equipment fleet.

The Company is developing Canada's first 100% natural gas-fueled, continuous, heavy-duty hydraulic fracturing fleet. Initial deployment is expected during the fourth quarter of 2026, with the full fleet expected to be field-ready in 2027. The fleet is expected to enhance Trican's technology leadership and support the efficient execution of larger and increasingly complex customer completion programs, while improving operating efficiency and lowering fuel costs and emissions.

This investment builds on Trican's broader fleet modernization strategy, which includes five active Tier 4 Dynamic Gas Blending ("Tier 4 DGB") fleets representing approximately 210,000 HHP, four sets of electric ancillary fracturing equipment and the deployment of industry-leading continuous-duty pumps and idle-reduction technology. The combination of Tier 4 DGB engines and electric ancillary equipment can displace up to 90% of the diesel used in a conventional fracturing operation with natural gas, reducing fuel costs and emissions.

Trican continues to invest in its logistics capabilities to support higher-intensity completion activity and evolving customer procurement strategies. This includes three natural gas-powered tractors expected to enter service during the fourth quarter of 2026. These investments complement the Company's broader fleet modernization initiatives and support its focus on operational efficiency and lower-emission technologies.

In addition to these fleet modernization initiatives, Trican expanded its fracturing and completion service capabilities through the acquisition of Iron Horse. The acquisition increased operating scale and strengthened Trican's expertise in coil-integrated fracturing operations in Alberta and Saskatchewan. These assets augment Trican's service offering across the WCSB and expand the Company's ability to provide integrated solutions to customers throughout the drilling, completion and production lifecycles.

Beyond field operations, Trican is undertaking a broader technology modernization initiative, beginning with the modernization of its core financial systems and the implementation of an integrated enterprise resource planning ("ERP") platform. The initiative is designed to improve operational efficiency, scalability and decision-making capabilities across the organization. It is also expected to support future technology enhancements, including advanced data analytics and decision-support capabilities. The investment for 2026 is anticipated to be approximately $10 million and will be recognized as general and administrative ("G&A") expense in accordance with IFRS.

Financial position

We remain committed to maintaining a strong statement of financial position with significant positive working capital¹, including cash, while investing in high-return opportunities and returning capital to shareholders. Our strong liquidity position, ability to generate free cash flow¹ and access to credit facilities provide the financial flexibility to execute our strategic plans, including ongoing investment in our fleet and strategic growth initiatives. As part of our capital allocation strategy, we remain focused on continued execution of our NCIB program and payment of quarterly dividend, while maintaining financial flexibility, generating disciplined returns on invested capital and creating long-term shareholder value.

OUTLOOK

Market Conditions

Customer activity levels were generally strong through the third quarter of 2026 and are expected to remain supported over the near term by the attractive economics of Canada's leading resource plays, particularly the Montney and Duvernay, and growing demand for Canadian natural gas. While competitive market conditions across Trican's service lines may create near-term variability in activity, equipment utilization and pricing, underlying industry fundamentals remain constructive.

Expanding LNG export capacity, improved market access for Canadian energy production and continued investment in the WCSB are expected to support measured growth in drilling and completion activity through 2027 and beyond.

Industry Fundamentals

The commencement and ramp-up of Canadian LNG exports represents an important structural change for the Canadian natural gas industry. Incremental LNG demand provides Western Canadian producers with improved access to global markets and greater visibility for multi-year development programs. Additional LNG export projects currently under construction or advancing toward development, including Cedar LNG and Woodfibre LNG, are expected to further strengthen long-term demand fundamentals for Canadian natural gas and support future drilling and completion activity.

The Montney and Duvernay continue to attract a significant portion of industry capital given their large resource bases, attractive well economics and liquids-rich production. These resource plays are also characterized by increasingly complex and service-intensive completion programs. Longer lateral lengths, higher proppant loading and more intensive completion designs continue to increase the scale of individual well completions, supporting demand for Trican's pressure pumping, coiled tubing and cementing services.

Improving market access is also supporting the outlook for Canadian oil production. The additional export capacity provided by the Trans Mountain Expansion has reduced near-term takeaway constraints and improved access to non-U.S. markets. Continued optimization and brownfield investment in the oil sands, together with development of low-cost heavy-oil resource plays, are expected to support further Canadian oil production growth. Growth in heavy-oil and bitumen production also increases demand for condensate used as diluent for pipeline transportation, providing an additional demand driver for liquids-rich development in the Montney and Duvernay.

Canadian producers generally have stronger balance sheets and greater capital discipline than in prior commodity cycles. The ability to fund development programs from internally generated cash flow provides greater resilience through periods of commodity-price volatility and supports sustained investment in drilling and completion activity. While recent industry sentiment indicates a measured shift toward growth spending, customer capital allocation is expected to remain balanced among production growth, balance-sheet strength and shareholder returns.

Industry consolidation has also resulted in development activity becoming increasingly concentrated among larger, well-capitalized producers with significant multi-year drilling inventories. For Trican, this reinforces the importance of maintaining a differentiated service offering through technology leadership, operating scale, integrated completion capabilities and disciplined fleet modernization.

Additionally, the level of oilfield service activity is increasingly influenced by the scale and intensity of completions rather than well count alone. Longer horizontal wells and more intensive completion designs require increased service requirements per well, even as improvements in drilling and completion efficiency moderate growth in the number of wells drilled. Accordingly, total lateral metres completed, stage counts, proppant intensity and pumping hours are increasingly relevant indicators of underlying completion activity.

Overall, Trican believes the long-term fundamentals supporting Canadian energy development remain constructive. Expanding LNG export capacity, improved oil market access, growing demand for condensate, financially strong producers and increasing completion intensity provide a supportive backdrop for drilling and completion activity across the WCSB and opportunities for disciplined growth and strategic investment.

COMPARATIVE QUARTERLY INCOME STATEMENTS

 

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COMPARATIVE YEAR-TO-DATE INCOME STATEMENTS

 

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