April 28, 2016 / 10:23 AM / in a year

BRIEF-Calfrac Posts Q1 loss c$0.47/shr

April 28 (Reuters) - Calfrac Well Services Ltd

* Calfrac announces first quarter results

* Q1 loss per share c$0.47

* Q1 revenue c$216.1 million versus I/B/E/S view c$240.2 million

* Q1 earnings per share view c$ -0.39 -- Thomson Reuters I/B/E/S

* Calfrac Well Services Ltd says in early March 2016 , Calfrac restructured its Canadian, United States and corporate segments

* Pricing in Canada and United States declined on average by 30 percent in Q1 of 2016

* Calfrac says in total, approximately 500 employees were affected by cost initiative which decreased company’s global headcount to approximately 2,600

* Calfrac says Canadian, U.S., corporate headcount have declined about 60 percent, 70 percent and 35 percent, respectively, since beginning of 2015

* Company anticipates higher activity with new customers in Southern Argentina during remainder of 2016

* In Canada, while visibility remains limited past end of Q2, co does not expect activity to increase as sharply as in prior years

* Calfrac Well Services Ltd says activity for remainder of year in Western Siberia is expected to be relatively consistent with 2015

* Says activity for remainder of year in Western Siberia is expected to be relatively consistent with 2015

* United states land-based drilling rig count continues to decrease and currently stands at approximately 400 rigs

* Idled approximately 60 percent of fracturing equipment and temporarily suspended its cementing and coiled tubing operations in U.S.

* Co has exited Arkansas and temporarily suspended operations in texas

* In light of current environment, company further reduced its 2016 capital budget by approximately $5.0 million to $10.0 million

* 2016 carryover capital expenditures are expected to decrease from $35.0 million to $30.0 million Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +1 646 223 8780)

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