Trican Reports First Quarter Results for 2014

NEWS RELEASE TRANSMITTED BY Marketwired 
FOR: Trican Well Service Ltd. 
TSX SYMBOL:  TCW 
MAY 7, 2014 
Trican Reports First Quarter Results for 2014 
CALGARY, ALBERTA--(Marketwired - May 7, 2014) - Trican Well Service Ltd.
(TSX:TCW) - 
Financial Review 
/T/ 
-----------------------------------  
Three months ended         
($ millions, except per                 March 31,   March 31, December 31, 
 share amounts; unaudited)                   2014        2013         2013 
-------------------------------------------------------------------------- 
Revenue                                    $643.2      $618.4       $552.1 
Operating income (i)                         42.4        86.7         35.5 
Profit / (loss) for the                                                    
 period                                      (8.5)       25.4        (20.8)
Earnings / (loss) per share     (basic)     (0.06)      $0.17       ($0.14) 
(diluted)     (0.06)      $0.17       ($0.14)
Adjusted profit / (loss) (i)                 (6.3)       27.6         (9.9)
Adjusted profit / (loss) per                                               
 share(i)                       (basic)     (0.04)      $0.18       ($0.07) 
(diluted)     (0.04)      $0.18       ($0.07)
Funds provided by                                                          
 operations(i)                               38.0        58.0         30.4 
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Notes:                                                                      
(i) Trican makes reference to operating income, adjusted profit (loss) and  
funds provided by operations. These are measures that are not recognized    
under International Financial Reporting Standards (IFRS). Management        
believes that, in addition to profit (loss), operating income, adjusted     
profit (loss) and funds provided by operations are useful supplemental      
measures. Operating income provides investors with an indication of earnings
before depreciation, foreign exchange, taxes and interest. Adjusted profit  
(loss) provides investors with information on profit (loss) excluding one-  
time non-cash charges and the non-cash effect of stock-based compensation   
expense. Funds provided by operations provide investors with an indication  
of cash available for capital commitments, debt repayments and other        
expenditures. Investors should be cautioned that operating income, adjusted 
profit (loss), and funds provided by (used in) operations should not be     
construed as an alternative to profit (loss) and cash flow from operations  
determined in accordance with IFRS as an indicator of Trican's performance. 
Trican's method of calculating operating income, adjusted profit (loss) and 
funds provided by operations may differ from that of other companies and    
accordingly may not be comparable to measures used by other companies.       
/T/ 
FIRST QUARTER HIGHLIGHTS 
Consolidated revenue for the first quarter of 2014 was $643.2 million, an
increase of 4% compared to the first quarter of 2013. The adjusted consolidated
loss was $6.3 million compared to profit of $27.6 million, and adjusted loss
per share was $0.04 compared to profit of $0.18 for the same period in 2013.  
Canadian revenue increased by 4% but operating margins decreased by 880 basis
points in the first quarter of 2014 compared to the first quarter of 2013.
Canadian equipment utilization levels were high for most of the quarter due to
an extended winter drilling season that kept pressure pumping demand strong to
the end of March. Pressure pumping demand also benefitted from improving
Canadian market fundamentals as Canadian commodity prices and a weakening
Canadian dollar led to increased cash flows for our customers. Despite the
strong demand, Canadian operating margins were below expectations due to a low
pricing environment combined with increased costs. Higher diesel prices,
increased sand hauling requirements and a stronger U.S. dollar have all
contributed to the rising cost structure in Canada. We expect to raise prices
in Canada during the second quarter of 2014 to address the recent declines in
Canadian operating margins. In addition, due to an expected increase in
customer demand, we plan to deploy an additional fracturing crew in Canada in
late 2014. The equipment for this crew is expected to come from our existing
fleet of parked equipment. 
U.S. revenue for the first quarter of 2014 was relatively consistent with the
first quarter of 2013 and was up 22% on a sequential basis. Although operating
income increased on a sequential basis, our U.S. operations incurred an
operating loss of $1.0 million in the first quarter of 2014. U.S. equipment
utilization was negatively impacted by unfavorable weather conditions in
January and February for our operations in the Marcellus, Permian and Oklahoma
regions. The financial performance of our U.S. operations improved
substantially in March as operating conditions improved. We believe the March
results reflect improving fundamentals for the U.S. pressure pumping market and
we expect operating margins to continue to improve sequentially for our U.S.
business throughout 2014. During the second quarter, we expect to deploy a
fourth fracturing crew into the Marcellus region that will be supported by
customer commitments. In addition, due to underperformance in the region, we
have closed our operating base in Woodward, Oklahoma, where one fracturing crew
had been active. We believe these strategic decisions will improve the
financial performance of our U.S. operations in the second half of 2014. 
International revenue for the first quarter of 2014 increased by 12% and
operating margins improved by 340 basis points compared to the first quarter of
2013. As expected, cold weather at the start of the quarter negatively impacted
Russian activity levels; however, Russian activity rebounded strongly near the
end of the first quarter once operating conditions improved. First quarter
revenue and operating margins increased substantially for the North Sea
completion tools business on both a year-over-year and sequential basis. Strong
customer acceptance of the completion tools technology in this region has led
to improved financial performance for this division. International operating
margins in the first quarter of 2014 were negatively impacted by increased
start-up costs incurred in both Saudi Arabia and Colombia. Active cementing
operations were initiated in Colombia during April and we expect to begin
coiled tubing operations in Saudi Arabia in the second quarter of 2014. 
MANAGEMENT'S DISCUSSION AND ANALYSIS 
OVERVIEW 
Headquartered in Calgary, Alberta, Trican has operations in Canada, the U.S.,
Russia, Kazakhstan, Algeria, Australia, Norway, Saudi Arabia and Colombia.
Trican provides a comprehensive array of specialized products, equipment and
services that are used during the exploration and development of oil and gas
reserves. 
/T/ 
COMPARATIVE QUARTERLY INCOME STATEMENTS ($ thousands, unaudited)           
--------------------------------------------------------------------------  
Quarter-           
Over-           
% of            % of  Quarter        % 
Three months ended March                                                   
 31,                        2014 Revenue    2013 Revenue   Change   Change 
--------------------------------------------------------------------------  
Revenue                  643,217  100.0% 618,376  100.0%   24,841     4.0% 
Expenses                                                                   
 Materials and operating 568,277   88.3% 502,026   81.2%   66,251    13.2% 
 General and                                                               
  administrative          32,536    5.1%  29,680    4.8%    2,856     9.6% 
-------------------------------------------------------------------------- 
Operating income(i)       42,404    6.6%  86,670   14.0%  (44,266)  (51.1%)
 Finance costs            10,227    1.6%   8,488    1.4%    1,739    20.5% 
 Depreciation and                                                          
  amortization            52,751    8.2%  47,059    7.6%    5,692    12.1% 
 Foreign exchange gain    (2,292)  (0.4%) (1,726)  (0.3%)    (566)   32.8% 
 Other income             (2,604)  (0.4%) (2,070)  (0.3%)    (534)  (25.8%)
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(Loss)/ profit before                                                      
 income taxes            (15,678)  (2.4%) 34,919    5.6%  (50,597) (144.9%)
Income tax (recovery) /                                                    
 expense                  (6,568)  (1.0%)  9,727    1.6%  (16,295) (167.5%)
Non-controlling interest    (629)  (0.1%)   (171)     0%     (458)  267.8% 
-------------------------------------------------------------------------- 
(Loss) / income for the                                                    
 period                   (8,481)  (1.3%) 25,363    4.1%  (33,844) (133.4%)
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/T/ 
CANADIAN OPERATIONS  
/T/ 
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($ thousands, except                                                        
 revenue per job,                                                           
 unaudited)            March 31,    % of March 31,    % of  Dec.31,     % of
Three months ended,         2014 Revenue      2013 Revenue     2013  Revenue
----------------------------------------------------------------------------
Revenue                  353,342           338,649          286,869         
Expenses                                                                    
 Materials and                                                              
  operating              283,280   80.2%   241,473   71.3%  228,533    79.7%
 General and                                                                
  administrative           7,543    2.1%     7,376    2.2%    5,244     1.8% 
---------        ----------        ---------         
 Total expenses          290,823   82.3%   248,849   73.5%  233,777    81.5%
Operating income(i)       62,519   17.7%    89,800   26.5%   53,092    18.5%
Number of jobs             6,396             6,955            5,154         
Revenue per job           55,200            48,280           55,435         
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Sales Mix 
/T/ 
--------------------------------------------------------------------------
Three months ended,                    March 31,    March 31,     Dec. 31,
(unaudited)                                 2014         2013         2013
--------------------------------------------------------------------------
% of Total Revenue                                                        
Fracturing                                   67%          64%          67%
Cementing                                    19%          20%          18%
Nitrogen                                      6%           7%           6%
Coiled Tubing                                 3%           4%           3%
Acidizing                                     2%           3%           1%
Other                                         2%           1%           1%
Industrial Services                           1%           1%           4%
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Total                                       100%         100%         100%
--------------------------------------------------------------------------
-------------------------------------------------------------------------- 
/T/ 
Operations Review  
Equipment utilization for our Canadian operations was strong throughout most of
the first quarter of 2014. Pressure pumping demand was soft in the first half
of January due to reduced drilling and completions activity at the end of 2013
that carried into early 2014; however, our Canadian equipment was fully
utilized from the second half of January to the end of March. First quarter
Canadian pressure pumping demand benefitted from increased customer cash flows
due to higher Canadian commodity prices combined with a stronger U.S. dollar.
In addition, cold temperatures throughout the quarter led to an extended winter
drilling season that carried to the end of March and into early April.  
The Canadian dollar weakened relative to the U.S. dollar on both a
year-over-year and sequential basis. A weaker Canadian dollar negatively
impacted operating margins as a portion of our product costs are denominated in
U.S. dollars. In addition, sand volumes and fracturing stages per well
continued to increase during the first quarter of 2014. This trend led to
higher sand hauling requirements in Canada and required our Canadian operations
to outsource a higher percentage of hauling services. Our Canadian cost
structure was also impacted by higher first quarter diesel prices relative to
the comparative periods.  
Our pricing levels declined at the end of the fourth quarter of 2013 and these
rates were carried throughout all of the first quarter of 2014. As a result,
first quarter Canadian pricing was down slightly on a sequential basis and
substantially compared to the first quarter of 2013. Lower pricing combined
with higher costs led to first quarter operating margins that were 880 basis
points lower in Canada on a year-over-year basis.  
The Canadian completion tools division continued to show strong growth during
the first quarter of 2014. We are continuing to gain customer acceptance of the
technology and are focused on increasing the Canadian customer base and
improving the profitability of the division.  
Q1 2014 versus Q1 2013 
Canadian revenue for the first quarter of 2014 increased by 4% compared to the
first quarter of 2013. Revenue per job increased by 14% due to an increase in
fracturing job size combined with an increase in fracturing revenue as a
percentage of total revenue. Proppant used per fracturing job, a good indicator
of job size, increased by 40% on a year-over-year basis. These factors were
partially offset by a year-over-year decrease in Canadian pricing.  
The job count decreased by 8% due largely to lower coiled tubing activity
caused by increased competition in Canada for this service line. Lower coiled
tubing activity also had a negative impact on our nitrogen and acidizing job
count as these service lines are closely correlated with coiled tubing.
Cementing and fracturing activity remained strong throughout most of the
quarter and benefitted from robust demand and favorable weather conditions. 
As a percentage of revenue, materials and operating expenses increased to 80.2%
compared to 71.3% in the first quarter of 2013. The most significant cause of
the margin decline was lower year-over-year pricing. Operating margins were
also negatively impacted by higher fuel and sand hauling costs as well as a
weaker Canadian dollar that led to higher U.S. denominated product costs.  
General and administrative expenses increased by $0.2 million due to slightly
higher overhead costs associated with the growing Canadian completion tools
business.  
Q1 2014 versus Q4 2013 
Sequentially, Canadian revenue increased by 23% due largely to an increase in
activity levels. The job count increased by 24% as equipment utilization was up
for all pressure pumping service lines compared to the fourth quarter of 2013.
Pressure pumping demand benefitted from favorable weather conditions and
increased customer cash flows due to higher Canadian commodity prices combined
with a stronger U.S. dollar. Revenue per job was down slightly as lower average
pricing levels were offset by larger fracturing job sizes. 
As a percentage of revenue, materials and operating expenses increased to 80.2%
compared to 79.7% in the fourth quarter of 2013. Lower average pricing combined
with increased product, fuel and hauling costs contributed to the reduction in
operating margins. These factors were largely offset by increased operational
leverage on our fixed costs due to the increase in utilization for our pressure
pumping service lines. 
General and administrative expenses increased by $2.3 million due largely to
higher share-based and profit sharing expenses. 
UNITED STATES OPERATIONS  
/T/ 
------------------------------------------------------------------------- 
($ thousands,                                                             
 except revenue per                                                       
 job, unaudited)   March 31,     % of March 31,    % of Dec. 31,     % of 
Three months ended,     2014  Revenue      2013 Revenue     2013  Revenue 
------------------------------------------------------------------------- 
Revenue              211,040            210,685          173,470          
Expenses                                                                  
 Materials and                                                            
  operating          205,207    97.2%   186,213   88.4%  174,989   100.9% 
 General and                                                              
  administrative       6,868     3.3%     6,483    3.1%    6,776     3.9%  
---------          ---------        ---------          
 Total expenses      212,075   100.5%   192,696   91.5%  181,765   104.8% 
Operating income /                                                        
 (loss)(i)            (1,035)   (0.5%)   17,989    8.5%   (8,295)   (4.8%)
Number of jobs         3,218              2,035            2,262          
Revenue per job       61,776            103,696           68,533          
------------------------------------------------------------------------- 
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--------------------------------------------------------------------------
Three months ended,                    March 31,    March 31,     Dec. 31,
(unaudited)                                 2014         2013         2013
--------------------------------------------------------------------------
% of Total Revenue                                                        
Fracturing                                   90%          92%          88%
Cementing                                     6%           6%           7%
Coiled Tubing                                 4%           2%           5%
--------------------------------------------------------------------------
Total                                       100%         100%         100%
--------------------------------------------------------------------------
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/T/ 
Operations Review 
January and February activity levels in the U.S. were negatively impacted by
cold weather and customer delays, in particular for our operations in the
Marcellus, Permian and Oklahoma regions. As operating conditions improved in
late February, overall equipment utilization increased for our U.S. operations.
As a result, March financial results improved substantially compared to January
and February for most of our U.S. operating regions. 
March results were particularly strong in the Marcellus play. Our reputation
for superior service quality and operational execution continued to benefit our
Marcellus operations, despite the flat rig count in the region. Once weather
conditions improved, our three fracturing crews operating in this region were
fully utilized.  
Financial and operational performance improved significantly in both the
Permian and Bakken regions during the first quarter. Despite the challenging
weather conditions at the start of the first quarter, improved operational
execution combined with a rising horizontal rig count led to improved March
financial results for our operations in the Permian region. In addition, a
focused sales effort, strong operational execution, and customer acceptance of
our recycled water technology led to significant sequential financial
improvements for our fracturing crew operating in the Bakken play.  
Improving natural gas prices led to a modest increase in activity levels in the
Haynesville shale and, as a result, a fracturing crew was deployed back into
this region during the first quarter of 2014. Pressure pumping demand remained
steady in the Eagle Ford region with one contracted crew and one crew working
in the spot market.  
Our operations in the Barnett shale and Oklahoma regions performed below
expectations during the first quarter. Despite the recent rise in natural gas
prices, the rig count in the Barnett shale continued to decrease and led to
weak first quarter utilization for our fracturing crew in this region. Despite
relatively strong overall activity levels in the various Oklahoma oil and gas
plays, our two Oklahoma operating regions performed below expectations. Weather
impacted our Oklahoma operations early in the first quarter; however, equipment
utilization did not return to acceptable levels once operating conditions
improved.  
Our first quarter pricing levels were relatively consistent with the fourth
quarter of 2013 for all of our U.S. operating regions.  
Revenue for the U.S. completion tools division decreased sequentially due to
delays with one of our major customers. We continue to be pleased with customer
acceptance of the completion tools technology in the U.S. and expect revenue
and profitability to improve throughout 2014.  
Q1 2014 versus Q1 2013 
First quarter revenue for our U.S. operations was relatively stable in Canadian
dollars but was down approximately 8% in U.S. dollars. The U.S. dollar
strengthened by approximately 9% on a year-over-year basis. The positive impact
of a stronger U.S. dollar on revenue per job was more than offset by a change
in job mix as revenue per job in the first quarter of 2014 decreased by 40%
compared to the first quarter of 2013. A substantial year-over-year increase in
Marcellus, Bakken and Permian activity contributed to the lower revenue per
job. Fracturing jobs in these regions are generally higher volume but lower
revenue per job compared to other U.S. operating regions such as the
Haynesville and Oklahoma. Lower year-over-year pricing also contributed to the
decrease in revenue per job. The job count rose by 58% due largely to increased
Marcellus, Bakken and Permian fracturing activity combined with higher coiled
tubing activity. 
First quarter materials and operating expenses increased to 97.2% of revenue
compared to 88.4% in the first quarter of 2013. Lower pricing was the most
significant cause of the reduction in operating margins. Margins were also
negatively impacted by higher fuel and repairs and maintenance expenses. These
factors were partially offset by decreased product costs. General and
administrative expenses increased by $0.4 million due primarily to higher
insurance costs and one-time professional fees.  
Q1 2014 versus Q4 2013 
Sequentially, U.S. revenue increased by 22% due to an increase in activity
levels combined with a 5% strengthening of the U.S. dollar. The job count
increased by 42% due largely to higher Marcellus, Bakken and Permian activity
levels. Fracturing jobs in these plays are generally smaller, which contributed
to the 10% decline in revenue per job. 
As a percentage of revenue, materials and operating expenses decreased to 97.2%
compared to 100.9% sequentially. Operating margins benefitted from increased
operational leverage on our fixed cost structure, which was offset partially by
higher fuel and repairs and maintenance expenses. General and administrative
expenses were relatively consistent on a sequential basis.  
INTERNATIONAL OPERATIONS 
/T/ 
---------------------------------------------------------------------------
($ thousands, except                                                       
 revenue per job,                                                          
 unaudited)           March 31,    % of March 31,     % of Dec. 31,    % of
Three months ended,        2014 Revenue      2013  Revenue     2013 Revenue
---------------------------------------------------------- ----------------
Revenue                  78,835            70,111            91,805        
Expenses                                                                   
 Materials and                                                             
  operating              73,299   93.0%    68,384    97.5%   80,556   87.7%
 General and                                                               
  administrative          5,256    6.7%     3,848     5.5%    4,434    4.8% 
----------        ----------          --------        
 Total expenses          78,555   99.7%    72,232   103.0%   84,990   92.6%
Operating income/                                                          
 (loss)(i)                  280    0.3%    (2,121)   (3.0%)   6,815    7.4%
Number of jobs              966               914             1,074        
Revenue per job          73,520            73,249            82,872        
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Sales Mix 
/T/ 
--------------------------------------------------------------------------
Three months ended,                    March 31,    March 31,     Dec. 31,
(unaudited)                                 2014         2013         2013
--------------------------------------------------------------------------
% of Total Revenue                                                        
Fracturing                                   85%          84%          84%
Coiled Tubing                                 6%           8%           6%
Cementing                                     5%           5%           5%
Nitrogen                                      2%           2%           2%
Other                                         2%           1%           3%
--------------------------------------------------------------------------
Total                                       100%         100%         100%
--------------------------------------------------------------------------
-------------------------------------------------------------------------- 
/T/ 
Operations Review 
The majority of International revenue is generated from our Russian operations.
Cold weather throughout January and February negatively impacted Russian
activity levels, which was consistent with expectations. Operating conditions
improved in March and Russian financial and operating results were strong at
the end of the quarter.  
The conflict between Russia and the Ukraine did not impact our Russian
operations during the first quarter of 2014 and we are not anticipating any
operational disruptions to our Russian business throughout 2014; however, we
will continue to monitor the situation closely and react appropriately if the
conflict escalates further. The potential financial impact, if any, to Trican
from additional economic sanctions placed on Russia in the future is unknown at
this time. 
First quarter revenue and operating margins increased substantially for the
North Sea completion tools business on both a year-over-year and sequential
basis. We continued to expand our customer base in this region through strong
acceptance of the completion tools technology. 
Start-up costs were incurred in both Saudi Arabia and Colombia during the first
quarter of 2014, which had a negative impact on international operating
margins. We completed our first cementing job in Colombia during April 2014 and
expect activity to increase in this region throughout 2014. Active operations
in Saudi Arabia are expected to commence the second quarter of 2014. We are
currently in discussions with Saudi Aramco to secure additional contracts in
this region.  
Revenue increased for our Australian operations in the first quarter of 2014
compared to the first quarter of 2013 as we improved our market share in the
region. We remain optimistic about the long-term growth opportunities in the
region and are committed to growing our Australian cementing business during
2014. Although financial results improved in Algeria during the first quarter,
this region continued to perform below expectations due to low equipment
utilization levels. 
Q1 2014 versus Q1 2013 
First quarter International revenue increased by 12% compared to the first
quarter of 2013. Year-over-year international revenue benefited from a
substantial increase in North Sea completion tools sales. In addition, the job
count increased by 6% as strong March activity led to an increase in Russian
pressure pumping jobs. A rise in cementing work in Australia also contributed
to the increase in the job count. Revenue per job was up slightly as larger
fracturing job size in Russia was offset by a devaluation of the ruble relative
to the Canadian dollar.  
Materials and operating expenses decreased to 93.0% of revenue compared to
97.5% in the first quarter of 2013. An increase in activity for our Russian,
Australian, Algerian and North Sea operations led to improved operational
leverage on our fixed cost structure. This was offset partially by increased
start-up costs during the first quarter of 2014 in Saudi Arabia and Colombia
compared to the first quarter of 2013. General and administrative expenses
increased by $1.4 million due to higher share based employee expenses and a bad
debt provision in Russia of $0.9 million recorded in the first quarter of 2014. 
Q1 2014 versus Q4 2013 
Sequentially, International revenue decreased by 14%. The job count decreased
by 10% due to seasonal factors in Russia that led to lower activity for all
Russian service lines. Low Russian activity was offset by a sequential rise in
North Sea completion tools activity. Revenue per job decreased by 11% due to a
decline in the value of the ruble relative to the Canadian dollar, which led to
lower revenue per job in Russia. A change in job type mix also led to lower
revenue per job in Russia for the fracturing and cementing service lines.  
As a percentage of revenue, materials and operating expenses increased to 93.0%
compared to 87.7% in the fourth quarter of 2013. Operating margins were
negatively impacted by a sequential increase in start-up costs in Saudi Arabia
and Colombia and lower activity levels in Russia. General and administrative
costs increased by $0.8 million due primarily to a bad debt provision recorded
in Russia during the first quarter of 2014.  
CORPORATE  
/T/ 
---------------------------------------------------------------------------
($ thousands, except                                                       
 revenue per job,                                                          
 unaudited)            March 31,    % of March 31,    % of Dec. 31,    % of
Three months ended,         2014 Revenue      2013 Revenue     2013 Revenue
---------------------------------------------------------------------------
Expenses                                                                   
 Materials and                                                             
  operating                6,491    1.0%     6,663    1.1%    6,635    1.2%
 General and                                                               
  administrative          12,869    2.0%    12,987    2.1%    9,477    1.7% 
----------        ----------        ---------        
 Total expenses           19,360    3.0%    19,650    3.2%   16,112    2.9%
Operating loss(i)        (19,360)          (19,650)         (16,112)       
---------------------------------------------------------------------------
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/T/ 
Q1 2014 versus Q1 2013 
Corporate costs for the first quarter of 2014 decreased by $0.3 million due
largely to lower profit sharing and share based expenses, offset partially by
expenses incurred relating to an insolvent vendor issue. 
Q1 2014 versus Q4 2013 
Corporate costs increased sequentially by $3.2 million due largely to expenses
incurred relating to an insolvent vendor issue, higher share based expenses and
a slight increase in profit sharing expenses.  
OTHER EXPENSES AND INCOME 
Finance costs increased by $1.7 million on a year-over-year basis due to an
increase in average debt balances. Foreign exchange gains of $2.3 million were
recognized in the first quarter of 2014 compared to $1.7 million in the first
quarter of 2013. The gain is due largely to the net impact of fluctuations in
the U.S. dollar and Russian ruble relative to the Canadian dollar. Other income
was $2.6 million compared to $2.1 million in the same period in 2013. Other
income is largely comprised of net gains on disposal of property and equipment
and interest income earned on cash balances. 
Depreciation expense for the first quarter of 2014 increased by $5.7 million
compared to the first quarter of 2013 due to an increase in depreciable
property and equipment balances.  
LIQUIDITY AND CAPITAL RESOURCES 
Operating Activities 
Funds provided by operations was $38.0 million in the first quarter of 2014
compared to $58.0 million in the first quarter of 2013. Lower profits
contributed to the decline in operating cash flows, which was partially offset
by less taxes paid.  
Working capital at March 31, 2014 increased by $112 million compared to
December 31, 2013 due to a sequential increase in Canadian activity, and to a
lesser extent, an increase in U.S. activity.  
Investing Activities 
Property and equipment purchases were $16.7 million in the first quarter of
2014 compared to $31.0 million in the first quarter of 2013. Capital spending
has decreased in response to reduced operating cash flows from our Canadian and
U.S. operations as well as adequate equipment capacity in all of our operating
regions.  
There were no significant changes made to our 2014 capital budget during the
first quarter of 2014. Remaining expenditures on approved capital budgets are
expected to be approximately $65 million to $75 million. 
Financing Activities 
As at May 7, 2014, Trican had 149,030,739 common shares and 10,351,798 employee
stock options outstanding. 
Trican currently pays a semi-annual dividend of $0.15 per share. During the
first quarter of 2014, $22.3 million in dividend payments were made and we
expect an additional $22.3 million to be paid in July 2014. 
During the quarter ended March 31, 2014, Trican withdrew $103.6 million on its
revolving credit and bank facilities to fund operating, investing and financing
activities. As at March 31, 2014, Trican has available unused committed bank
credit facilities in the amount of $199.0 million plus cash and trade and other
receivables of $95.4 million and $606.7 million respectively, for a total of
$901.1 million available to fund the cash outflows relating to its financial
obligations. We believe we have sufficient funding through the use of these
sources to meet foreseeable borrowing requirements. 
During the first quarter of 2014, Trican received approval from the Toronto
Stock Exchange to purchase its own common shares, for cancellation, in
accordance with a Normal Course Issuer Bid ("NCIB") that expires on
March 12, 2015. There were no common shares purchased through the NCIB during
the first quarter of 2014.  
OUTLOOK 
Canadian Operations 
Canadian pressure pumping demand is expected to remain strong during the second
half of 2014. Increased customer cash-flows in the first quarter are expected
to carry into the second half of the year, assuming that commodity prices and
exchange rates remain relatively consistent with current levels.  
Utilization of our Canadian equipment is expected to benefit from a Horn River
project during the third quarter of 2014, which will be similar to the project
completed during the third quarter of 2013. We also expect to complete a small
project in the Liard basin during the third quarter of 2014. This will be the
first fracturing project completed by Trican in the Liard basin and reflects
potential customer interest in this region in light of Canadian LNG export
opportunities. We also expect activity in the Duvernay play to continue to
increase and contribute to higher year-over-year pressure pumping demand in
Canada.  
With strong Canadian activity levels anticipated for the second half of 2014,
we expect to implement a pricing increase in the second quarter that is
expected to be phased in during the second half of 2014. Rising costs combined
with lower pricing have led to Canadian financial results that are below our
return on capital targets and we believe that a price increase is required and
justified given the current operating environment in Canada. Due to an expected
increase in customer demand, we plan to deploy an additional fracturing crew in
Canada in late 2014. The equipment for this crew is expected to come from our
existing fleet of parked equipment. 
As expected, second quarter activity in Canada will be impacted by spring
break-up conditions. Second quarter operating margins are expected to be
negatively impacted by lower year-over-year pricing and higher costs compared
to the second quarter of 2013; however, we expect second quarter utilization to
increase year-over-year due to a strong activity in early April combined with
incremental multi-well projects planned for May and June.  
U.S. Operations 
Although the U.S. pressure pumping market remains over-supplied with equipment
and very competitive, market fundamentals are continuing to improve. While
these improvements are expected to benefit our U.S. operations, our focus
continues to be on optimizing equipment location, adding crews to select
regions from our parked fleet, improving utilization in certain regions, and
reducing costs, where possible.  
The Marcellus play continues to be our most profitable U.S. region, and we
expect solid financial results in this area for the remainder of 2014. We
expect to add a fourth fracturing crew into the Marcellus play during the
latter half of the second quarter of 2014, which will be supported by new
customer commitments. We will continue to explore additional expansion
prospects in Marcellus throughout 2014. 
Fracturing demand in the Permian region increased throughout the first quarter
and we expect this trend to continue throughout 2014. We are currently
operating three fracturing crews in this region and, although utilization has
recently increased, continued utilization improvement and cost reduction is the
focus for our Permian operations. We have recently obtained pricing
improvements in the Permian region and we will look for additional
opportunities to increase pricing as the year progresses. 
Although natural gas prices have recently strengthened, the rig count in both
the Barnett and Haynesville regions are expected to remain low for the
remainder of 2014. Activity levels are up slightly in Haynesville and, as a
result, we deployed one crew back into this play late in the quarter for the
remainder of 2014. We expect utilization of our Longview fracturing crew to be
stable for the remainder of 2014, and we are committed to maintaining our
presence in this region.  
Overall activity levels in the various Oklahoma oil and gas plays have remained
steady. Despite stable pressure pumping demand, equipment utilization and
financial results have not met expectations for our two operating bases in
Oklahoma over the past several quarters. As a result, we have closed our
operating base in Woodward, Oklahoma during the second quarter of 2014. We are
currently looking at opportunities to deploy the Woodward fracturing crew into
the Permian region. Customer commitments in Woodward will be covered by our
base in Shawnee, Oklahoma, which is expected to improve the utilization for
this location.  
Equipment utilization has improved substantially in the Bakken region over the
last several months. Our focus is to maintain these utilization levels going
forward by continuing to offer innovative technology and strong service quality
in this region. We will also look to add an additional crew into this region if
utilization remains high.  
Eagle Ford activity and demand is expected to remain stable for the remainder
of 2014.  
International Operations 
Consistent with our previous guidance, 2014 Russian revenue is expected to
increase by 5% compared to 2013 with a slight improvement in operating margins.
We continue to see an increase in horizontal drilling and completions activity
in Russia. We expect 30% of our 2014 Russian pressure pumping revenue to be
generated from horizontal wells compared to 20% in 2013. 
Customer acceptance of our completion tools technology in the North Sea has
been strong and we expect the completion tools business to grow during 2014 as
we increase our customer base in the region.  
Although the Australian market continues to develop slowly, we will continue to
focus on expanding market share through sales and marketing initiatives. We
believe in the long-term potential of this market and are committed to growing
our presence in the region.  
Algeria continues to be a challenging market. We are currently exploring
opportunities to obtain more profitable contracts in the region or redeploy the
Algerian assets into a more profitable area. We expect to have more clarity on
our future in Algeria once existing customer contract commitments have been
completed.  
We began active operations in Colombia during April 2014 and will look to
expand our customer base in this region throughout 2014. We expect active
operations in Saudi Arabia to commence in the second quarter of 2014. 
NON-IFRS DISCLOSURE 
Adjusted net income, operating income and funds provided by operations do not
have any standardized meaning as prescribed by IFRS and, therefore, are
considered non-IFRS measures.  
Adjusted net income and funds provided by operations have been reconciled to
net income and operating income has been reconciled to gross profit, being the
most directly comparable measures calculated in accordance with IFRS. The
reconciling items have been presented net of tax.  
/T/ 
--------------------------------------------------------------------------
(thousands; unaudited)                        Three months ended          
-------------------------------------------------------------------------- 
March 31,    March 31,    Dec. 31,  
2014         2013        2013 
--------------------------------------------------------------------------
Adjusted net income (loss)               ($6,330)     $27,551     ($9,873)
Deduct:                                                                   
 Fluid end depreciation adjustment                                        
 (net of $2.4 million tax                                                 
  recovery)(i)                                 -            -       7,513 
 Intangible amortization adjustment                                       
 (net of $0.5 million tax                                                 
  recovery)(ii)                                -            -       1,595 
 Non-cash share-based compensation                                        
  expense                                  2,151        2,188       2,209 
-------------------------------------------------------------------------- 
Profit (loss) for the period (IFRS                                        
 financial measure)                      ($8,481)     $25,363    ($20,830)
--------------------------------------------------------------------------
--------------------------------------------------------------------------
(i) Depreciation and amortization expense for the fourth quarter of 2013    
included a $14.3 million charge for accelerated depreciation on fluid ends  
in Canada. $9.5 million of this adjustment ($7.2 million net of tax) relates
to periods prior to October 1, 2013 and has been excluded from adjusted net 
income for the fourth quarter of 2013.                                       
(ii) Depreciation and amortization expense for the fourth quarter included  
$3.1 million in amortization on the intangible assets relating to the       
purchase of i-TEC. The purchase price accounting was not finalized until the
fourth quarter of 2013; therefore, a catch-up entry was required to ensure  
that adequate amortization had been recorded as of December 31, 2013. $2.1  
million of this adjustment ($1.6 million net of tax) relates to periods     
prior to October 1, 2013 and has been excluded from adjusted net income for 
the fourth quarter of 2013.                                                  
--------------------------------------------------------------------------
(thousands; unaudited)                       Three months ended           
-------------------------------------------------------------------------- 
March 31,    March 31,     Dec. 31,  
2014         2013         2013 
--------------------------------------------------------------------------
Funds provided by operations            $37,999      $58,127      $30,380 
Charges to income not involving                                           
 cash                                                                     
 Depreciation and amortization          (52,751)     (47,059)     (70,085)
 Amortization of debt issuance                                            
  costs                                    (216)        (216)        (216)
 Stock-based compensation                (2,151)      (2,188)      (2,209)
 Loss on disposal of property and                                         
  equipment                                  90          460           15 
 Net finance costs                       (9,816)      (7,532)      (8,122)
 Unrealized foreign exchange (gain)                                       
  / loss                                  2,773        3,296           (1)
 Income tax recovery / (expense)          6,568       (9,727)      16,431 
 Interest paid                            5,659        2,791       12,956 
 Income tax paid                          3,365       27,411           21 
-------------------------------------------------------------------------- 
Profit (loss) for the period (IFRS                                        
 financial measure)                     ($8,481)     $25,363     ($20,830)
--------------------------------------------------------------------------
-------------------------------------------------------------------------- 
--------------------------------------------------------------------------
(thousands; unaudited)                       Three months ended           
-------------------------------------------------------------------------- 
March 31,    March 31,     Dec. 31,  
2014         2013         2013 
--------------------------------------------------------------------------
Operating income                        $42,404      $86,670      $35,500 
Add:                                                                      
 Administrative expenses                 33,989       30,282       26,064 
Deduct:                                                                   
 Depreciation expense                   (52,751)     (47,059)     (70,085) 
-------------------------------------------------------------------------- 
Gross profit (IFRS financial                                              
 measure)                               $23,642      $69,893      ($8,521)
--------------------------------------------------------------------------
-------------------------------------------------------------------------- 
/T/ 
FORWARD-LOOKING STATEMENTS 
This document contains certain forward-looking information and financial
outlook based on Trican's current expectations, estimates, projections and
assumptions that were made by the Company in light of information available at
the time the statement was made. Forward-looking information and financial
outlook that address expectations or projections about the future, and other
statements and information about the Company's strategy for growth,
expected and future expenditures, costs, operating and financial results,
future financing and capital activities are forward-looking statements. Some
forward-looking information and financial outlook are identified by the use of
terms and phrases such as "anticipate," "achieve",
"achievable," "believe," "estimate,"
"expect," "intention", "plan",
"planned", and other similar terms and phrases. This forward-looking
information and financial outlook speak only as of the date of this document
and we do not undertake to publicly update this forward-looking information and
financial outlook except in accordance with applicable securities laws. This
forward-looking information and financial outlook includes, among others: 
/T/ 
--  The expectation to raise prices in Canada during the second quarter of 
2014 to help address the recent declines in Canadian operating margins; 
--  The expectation that Canadian pricing increases will be phased in during 
the second half of 2014; 
--  The belief that strong March results reflect improving fundamentals for 
the U.S. pressure pumping market; 
--  The expectation that operating margins will improve sequentially for our 
U.S. business throughout 2014; 
--  The expectation that, during the latter half of the second quarter of 
2014, we will deploy a fourth fracturing crew into the Marcellus play 
that will be supported by customer commitments; 
--  The belief that the closure of the Woodward base will improve the 
financial performance of our U.S. operations in the second half of 2014;
--  The intention to begin coiled tubing operations in Saudi Arabia in the 
second quarter of 2014; 
--  The expectation that revenue and profitability will improve throughout 
2014 for our U.S. completion tools division; 
--  The expectation that the conflict between Russia and the Ukraine will 
not disrupt our Russian operations throughout 2014; 
--  Our plan to monitor the Russian/Ukraine conflict closely and react 
appropriately if the conflict escalates further; 
--  The expectation that activity in Colombia will increase; 
--  The expectation that Canadian pressure pumping demand will remain strong 
during the second half of 2014; 
--  The expectation that increased Canadian customer cash-flows in the first 
quarter will carry into the second half of the year, assuming that 
commodity prices and exchange rates remain relatively consistent with 
current levels; 
--  The expectation that utilization of our Canadian equipment will benefit 
from a Horn River project during the third quarter of 2014, which will 
be similar to the project completed during the third quarter of 2013; 
--  The expectation that we will complete a small project in the Liard basin 
during the third quarter of 2014 and that this reflects potential 
customer interest in this region; 
--  The expectation that activity in the Duvernay play will continue to 
increase and contribute to higher year-over-year pressure pumping demand 
in Canada; 
--  The belief that a Canadian price increase is required and justified 
given the current operating environment in Canada; 
--  The plan to deploy an additional fracturing crew in Canada from our 
parked equipment in late 2014;  
--  The expectation that second quarter Canadian operating margins will be 
negatively impacted by lower year-over-year pricing and higher costs 
compared to the second quarter of 2013; 
--  The expectation that second quarter utilization will increase year-over-    year in Canada due to a strong activity in early April combined with 
incremental multi-well projects planned for May and June; 
--  The belief that U.S. market fundamentals are continuing to improve, 
which will benefit our U.S. operations; 
--  The intention to focus on optimizing equipment location, adding crews to 
select regions from our parked fleet, improving utilization in certain 
regions, and reducing costs, where possible, for our U.S. operations; 
--  The expectation that the Marcellus region will continue to be our most 
profitable U.S. region for the remainder of 2014; 
--  The intention to explore additional expansion prospects in the Marcellus 
region throughout 2014; 
--  The expectation that fracturing demand in the Permian region will 
continue to increase throughout 2014; 
--  The intention to focus on improving utilization for our Permian 
operations. 
--  The intention to look for opportunities to increase pricing for our 
Permian fracturing crews; 
--  The expectation that the rig count in both the Barnett and Haynesville 
regions will remain low for the remainder of 2014; 
--  The expectation that utilization of our Longview fracturing crew will be 
stable for the remainder of 2014; 
--  The intention to maintain our presence in the Haynesville region; 
--  The expectation that customer commitments in Woodward will be covered by 
our base in Shawnee, Oklahoma, and that the utilization for this 
location will improve; 
--  The plan to add an additional crew into the Bakken play if utilization 
remains high in the region; 
--  The expectation that Eagle Ford activity and demand will remain stable 
for the remainder of 2014; 
--  The expectation that 2014 Russian revenue will increase by 5% compared 
to 2013 with a slight improvement in operating margins; 
--  The expectation that 30% of our 2014 Russian pressure pumping revenue 
will be generated from horizontal wells compared to 20% in 2013; 
--  The expectation that the North Sea completion tools business will grow 
during 2014 as we increase in our customer base in the region; 
--  The intention to expand our Australian market share through sales and 
marketing initiatives. 
--  The belief that the long-term potential of the Australian market is 
strong and that we are committed to growing our presence in the region; 
--  The plan to explore opportunities to obtain more profitable contracts in 
Algeria or redeploy the Algerian assets into a more profitable area; 
--  The expectation that we will have more clarity on our future in Algeria 
once existing customer contract have been completed; 
--  The expectation that remaining expenditures on approved capital budgets 
will be approximately $65 million to $75 million; 
--  The expectation that $22.3 million in dividends will be paid in July 
2014; 
--  The belief that we have sufficient funding to meet foreseeable borrowing 
requirements.  
/T/ 
Forward-looking information and financial outlook is based on current
expectations, estimates, projections and assumptions, which we believe are
reasonable but which may prove to be incorrect. Trican's actual results
may differ materially from those expressed or implied and therefore such
forward-looking information and financial outlook should not be unduly relied
upon. In addition to other factors and assumptions which may be identified in
this document, assumptions have been made regarding, among other things:
industry activity; the general stability of the economic and political
environment; effect of market conditions on demand for the Company's
products and services; the ability to obtain qualified staff, equipment and
services in a timely and cost efficient manner; the ability to operate its
business in a safe, efficient and effective manner; the performance and
characteristics of various business segments; the effect of current plans; the
timing and costs of capital expenditures; future oil and natural gas prices;
currency, exchange and interest rates; the regulatory framework regarding
royalties, taxes and environmental matters in the jurisdictions in which the
Company operates; and the ability of the Company to successfully market its
products and services. 
Forward-looking information and financial outlook is subject to a number of
risks and uncertainties, which could cause actual results to differ materially
from those anticipated. These risks and uncertainties include: fluctuating
prices for crude oil and natural gas; changes in drilling activity; general
global economic, political and business conditions; weather conditions;
regulatory changes; the successful exploitation and integration of technology;
customer acceptance of technology; success in obtaining issued patents; the
potential development of competing technologies by market competitors; and
availability of products, qualified personnel, manufacturing capacity and raw
materials. The foregoing important factors are not exhaustive. In addition,
actual results could differ materially from those anticipated in
forward-looking information and financial outlook provided herein as a result
of the risk factors set forth under the section entitled "Risks
Factors" in our Annual Information Form dated March 21, 2014. Readers are
also referred to the risk factors and assumptions described in other documents
filed by the Company from time to time with securities regulatory authorities.  
Additional information regarding Trican including Trican's most recent
annual information form is available under Trican's profile on SEDAR
(www.sedar.com). 
/T/ 
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION                      
March 31,  December 31, 
(Stated in thousands; unaudited)                        2014          2013 
-------------------------------------------------------------------------- 
-------------------------------------------------------------------------- 
ASSETS                                                                     
Current assets                                                             
 Cash and cash equivalents                           $95,406       $63,869 
 Trade and other receivables                         606,697       459,210 
 Current tax assets                                    5,354         5,186 
 Inventory                                           236,916       232,898 
 Prepaid expenses                                     29,919        34,407 
--------------------------------------------------------------------------  
974,292       795,570 
Property and equipment                             1,351,912     1,374,212 
Intangible assets                                     42,370        44,285 
Deferred tax assets                                  142,340       122,745 
Other assets                                          15,187        17,360 
Goodwill                                              59,475        59,475 
--------------------------------------------------------------------------  
$2,585,576    $2,413,647 
-------------------------------------------------------------------------- 
--------------------------------------------------------------------------  
LIABILITIES AND SHAREHOLDERS' EQUITY                                       
Current liabilities                                                        
 Bank loans                                          $11,104            $- 
 Trade and other payables                            354,611       301,920 
 Deferred consideration                                    -           650 
 Current tax liabilities                                  91            14 
 Current portion of loans and borrowings              82,913        79,770 
--------------------------------------------------------------------------  
448,719       382,354  
Loans and borrowings                                 698,300       593,786 
Deferred tax liabilities                              91,443        87,005  
Shareholders' equity                                                       
 Share capital                                       560,032       559,723 
 Contributed surplus                                  65,164        63,074 
 Accumulated other comprehensive gain/(loss)           2,301        (1,020)
 Retained earnings                                   716,691       725,172 
-------------------------------------------------------------------------- 
Total equity attributable to equity holders of                             
 the Company                                       1,344,188     1,346,949 
Non-controlling interest                               2,926         3,553 
--------------------------------------------------------------------------  
$2,585,576    $2,413,647 
-------------------------------------------------------------------------- 
--------------------------------------------------------------------------  
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME                   
(Stated in thousands, except per share                                    
 amounts; unaudited)                                   2014          2013 
Three months ended March 31,                                              
-------------------------------------------------------------------------  
Revenue                                            $643,217      $618,376 
Cost of sales                                       619,575       548,483 
------------------------------------------------------------------------- 
Gross profit                                         23,642        69,893 
Administrative expenses                              33,989        30,282 
Other income                                         (2,193)       (1,114)
------------------------------------------------------------------------- 
Results from operating activities                    (8,154)       40,725 
Finance income                                         (411)         (956)
Finance costs                                        10,227         8,488 
Foreign exchange gain                                (2,292)       (1,726)
------------------------------------------------------------------------- 
(Loss) / profit before income tax                   (15,678)       34,919 
Income tax (recovery) / expense                      (6,568)        9,727 
------------------------------------------------------------------------- 
(Loss) / profit for the period                      ($9,110)      $25,192 
-------------------------------------------------------------------------  
Other comprehensive (loss) / income                                        
Unrealized (loss) / gain on hedging                                      
  instruments                                        (1,534)          100 
 Foreign currency translation differences             4,857         7,029 
------------------------------------------------------------------------- 
Total comprehensive (loss) / income for the                               
 period                                             ($5,787)      $32,321 
-------------------------------------------------------------------------  
(Loss) / profit attributable to:                                          
Owners of the Company                                (8,481)       25,363 
Non-controlling interest                               (629)         (171)
------------------------------------------------------------------------- 
(Loss) / profit for the period                      ($9,110)      $25,192 
-------------------------------------------------------------------------  
Total comprehensive (loss) / income                                       
 attributable to:                                                         
 Owners of the Company                               (5,158)       32,331 
 Non-controlling interest                              (629)          (10)
------------------------------------------------------------------------- 
Total comprehensive (loss) / income for the                               
 period                                             ($5,787)      $32,321 
-------------------------------------------------------------------------  
(Loss) / earnings per share                                               
------------------------------------------------------------------------- 
 Basic                                               ($0.06)        $0.17 
 Diluted                                             ($0.06)        $0.17 
------------------------------------------------------------------------- 
Weighted average shares outstanding - basic         148,927       148,593 
Weighted average shares outstanding - diluted       148,927       148,892 
-------------------------------------------------------------------------  
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS                              
(Stated in thousands; unaudited)                                           
Three months ended March 31,                           2014           2013 
-------------------------------------------------------------------------- 
Cash Provided By / (Used In):                                              
Operations                                                                 
 (Loss) / profit for the period                     ($9,110)       $25,192 
 Charges to income not involving cash:                                     
  Depreciation and amortization                      52,751         47,059 
  Amortization of debt issuance costs                   216            216 
  Stock-based compensation                            2,151          2,188 
  Loss on disposal of property and equipment            (90)          (460)
  Net finance costs                                   9,816          7,532 
  Unrealized foreign exchange gain                   (2,773)        (3,296)
  Income tax (recovery) / expense                    (6,568)         9,727 
--------------------------------------------------------------------------  
46,393         88,158 
 Change in inventories                               (6,063)       (13,203)
 Change in trade and other receivables             (145,540)      (101,438)
 Change in prepayments                                5,086          2,839 
 Change in trade and other payables                  74,650         73,020 
-------------------------------------------------------------------------- 
Cash (used in) / provided by operating                                     
 activities                                         (25,474)        49,376  
Interest paid                                       (5,659)        (2,791)
 Income taxes paid                                   (3,365)       (27,411)
--------------------------------------------------------------------------  
(34,498)        19,174  
Investing                                                                  
 Interest received                                    1,615              - 
 Purchase of property and equipment                 (16,716)       (30,986)
 Proceeds from the sale of property and                                    
  equipment                                             590            929 
 Purchase of other assets                                 -         (4,000)
 Payment of deferred consideration                     (650)             - 
 Business acquisitions                                    -        (31,009)
--------------------------------------------------------------------------  
(15,161)       (65,066) 
Financing                                                                  
 Net proceeds from issuance of share capital            248              - 
 Funds received from bank loans                      11,104              - 
 Funds drawn on revolving credit facility            92,449         26,354 
 Dividend paid                                      (22,338)       (21,968)
--------------------------------------------------------------------------  
81,463          4,386  
Effect of exchange rate changes on cash                (267)          (420)
--------------------------------------------------------------------------  
Increase / (decrease) in cash and cash                                     
 equivalents                                         31,537        (41,926)
Cash and cash equivalents, beginning of                                    
 period                                              63,869        113,506 
-------------------------------------------------------------------------- 
Cash and cash equivalents, end of period            $95,406        $71,580 
--------------------------------------------------------------------------  
/T/ 
LOANS AND BORROWINGS 
Long term debt 
/T/ 
March 31,    December 31,  
2014            2013 
-------------------------------------------------------------------------- 
Notes payable                                     $472,865        $456,935 
Finance lease obligations                           23,613          25,904 
Revolving credit facilities                        321,047         212,625 
Hedge receivable                                   (13,134)         (9,970)
-------------------------------------------------------------------------- 
Total                                              804,391         685,494 
Current portion of finance lease                                           
 obligations (1)                                    12,074          11,938 
Russian demand revolving credit facility            11,104               - 
Current portion of loans and borrowings             82,913          79,770 
-------------------------------------------------------------------------- 
Non-current                                       $698,300        $593,786 
-------------------------------------------------------------------------- 
-------------------------------------------------------------------------- 
(1) Current portion of finance lease obligations is included in trade and   
other payables.                                                              
/T/ 
Trican has a $500.0 million four-year extendible revolving credit facility
("Revolving Credit Facility") with a syndicate of banks. The
Revolving Credit Facility is unsecured and bears interest at the applicable
Canadian prime rate, U.S. prime rate, Banker's Acceptance rate, or at
LIBOR, plus 50 to 325 basis points, dependent on certain financial ratios of
the Company. On October 17, 2013 the Revolving facility was extended until
2017. The Revolving Credit Facility requires Trican to comply with certain
financial and non-financial covenants that are typical for this type of
arrangement. Trican was in compliance with these covenants at March 31, 2014
(2013 - in compliance). 
Notes payable 
The Notes payable require the Company to comply with certain financial and
non-financial covenants that are typical for this type of arrangement. At March
31, 2014, the Company was in compliance with these covenants (2013 - in
compliance).  
EARNINGS PER SHARE 
/T/ 
Three months ended March 31,                                               
Basic earnings per share                              2014             2013
---------------------------------------------------------------------------
(Loss) / Income available to common                                        
 shareholders                                      ($8,481)         $25,363
Weighted average number of common shares       148,927,411      148,593,420
Basic (loss) / earnings per share                   ($0.06)           $0.17
--------------------------------------------------------------------------- 
Three months ended March 31,                                               
Diluted earnings per share                            2014             2013
---------------------------------------------------------------------------
(Loss) / Income available to common                                        
 shareholders                                      ($8,481)         $25,363
Weighted average number of common shares       148,927,411      148,593,420
Diluted effect of stock options                          -          298,170
---------------------------------------------------------------------------
Diluted weighted average number of common                                  
 shares                                        148,927,411      148,891,590
Diluted (loss) / earnings per share                 ($0.06)           $0.17
--------------------------------------------------------------------------- 
/T/ 
At March 31, 2014, 10.5 million (2013 - 6.6 million) options were excluded from
the diluted weighted average number of ordinary shares calculation as their
effect would have been anti-dilutive. 
INCOME TAXES  
/T/ 
(Stated in thousands)                                                      
Three months ended March 31,                          2014            2013 
-------------------------------------------------------------------------- 
Current income tax expense                          $3,188         $12,422 
Deferred income tax recovery                        (9,756)         (2,695)
--------------------------------------------------------------------------  
($6,568)         $9,727 
-------------------------------------------------------------------------- 
--------------------------------------------------------------------------  
/T/ 
The net income tax provision differs from that expected by applying the
combined federal and provincial income tax rate of 25.26% (2013 - 25.17%) to
income before income taxes for the following reasons: 
/T/ 
(Stated in thousands)                                                      
Three months ended March 31,                          2014            2013 
-------------------------------------------------------------------------- 
Expected combined federal and provincial                                   
 income tax                                        ($3,960)         $8,789 
Statutory and other rate differences                (3,221)         (1,217)
Non-deductible expenses                              1,595           1,524 
Stock based compensation                               543             551 
Translation of foreign subsidiaries                   (730)            (39)
Adjustments related to prior years                    (842)              - 
Other                                                   47             119 
--------------------------------------------------------------------------  
($6,568)         $9,727 
-------------------------------------------------------------------------- 
--------------------------------------------------------------------------  
/T/ 
OPERATING SEGMENTS 
/T/ 
United                                    
Canadian     States International                      
Operations Operations    Operations Corporate     Total 
-------------------------------------------------------------------------- 
Three months ended                                                         
March 31, 2014                                                             
Revenue              $353,342   $211,040       $78,835        $-  $643,217 
Gross profit /                                                             
 (loss)                52,322    (19,754)       (1,440)   (7,486)   23,642 
Finance income              -          -             -      (411)     (411)
Finance costs               -          -             -    10,227    10,227 
Tax expense /                                                              
 (recovery)             7,444    (13,094)         (918)        -    (6,568)
Depreciation and                                                           
 amortization          18,961     25,880         6,914       996    52,751 
Assets              1,038,701  1,155,341       345,861    45,673 2,585,576 
Goodwill               45,248          -        14,227         -    59,475 
Property and                                                               
 equipment            499,545    728,905       110,891    12,571 1,351,912 
Capital                                                                    
 expenditures           4,550      2,236         8,009     1,921    16,716 
--------------------------------------------------------------------------  
Three months ended                                                         
March 31, 2013                                                             
Revenue              $338,649   $209,616       $70,111        $-  $618,376 
Gross profit /                                                             
 (loss)                81,341        931        (5,239)   (7,140)   69,893 
Finance income              -          -             -      (956)     (956)
Finance costs               -          -             -     8,488     8,488 
Tax expense /                                                              
 (recovery)            13,994     (3,247)       (1,020)        -     9,727 
Depreciation and                                                           
 amortization          16,683      22,90         6,993       476    47,059 
Assets              1,010,906  1,131,254       330,878    60,619 2,533,657 
Goodwill               63,279          -        21,163         -    84,442 
Property and                                                               
 equipment            554,351    769,147       110,326    15,195 1,449,019 
Capital                                                                    
 expenditures          13,314     15,563         2,109         -    30,986  
/T/ 
The Corporate division does not represent an operating segment and is included
for informational purposes only. Corporate division expenses consist of salary
expenses, stock-based compensation and office costs related to corporate
employees, as well as public company costs.  
-30-
FOR FURTHER INFORMATION PLEASE CONTACT: 
Trican Well Service Ltd.
Dale Dusterhoft
Chief Executive Officer
(403) 266-0202
(403) 237-7716
ddusterhoft@trican.ca
or
Trican Well Service Ltd.
Michael Baldwin
Sr. Vice President, Finance & CFO
(403) 266-0202
(403) 237-7716
mbaldwin@trican.ca
or
Trican Well Service Ltd.
Gary Summach
Director of Reporting and Investor Relations
(403) 266-0202
(403) 237-7716
gsummach@trican.ca
or
Trican Well Service Ltd.
2900, 645 - 7th Avenue S.W.
Calgary, Alberta T2P 4G8
www.trican.ca 
INDUSTRY:  Energy and Utilities - Equipment, Energy and Utilities - Oil and Gas 
SUBJECT:  ERN 
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-0- May/07/2014 20:44 GMT
 
 
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