Ngā mihi o te rā, nau mai haere mai ki Calfrac Well Services Ltd. Tukunga Whiwhinga mō te Hauwhā Tuatahi 2022 me te Hui Waea. Kei te hopukina te hui o te rā nei.
I tēnei wā, e hiahia ana ahau ki te tuku i te hui ki te Tumu Whakahaere Pūtea, ki a Mike Olinek. Tēnā, haere tonu, e te rangatira.
Ngā mihi nui ki a koutou. Mōrena, nau mai ki tā tātou kōrero mō ngā hua o te hauwhā tuatahi o te tau 2022 a Calfrac Well Services. Kei te taha mai ahau i tēnei waea i tēnei rā ko te Tumu Whakarae o Calfrac, a George Armoyan, me te Perehitini me te Tumu Whakahaere Mahi o Calfrac, a Lindsay Link.
Ka pēnei te haere o te hui waea o te ata nei: Ka whakapuaki a George i ētahi kōrero whakatuwhera, kātahi ka whakarāpopototia e au ngā pūtea me ngā mahi a te kamupene. Kātahi ka whakaratohia e George te tirohanga pakihi a Calfrac me ētahi kōrero whakamutunga.
I roto i tētahi panuitanga pāpāho i tukuna i mua ake nei, i whakaputahia e Calfrac āna hua o te hauwhā tuatahi o te tau 2022 kāore anō kia arotakehia. Kia mōhio mai ko ngā tatauranga pūtea katoa kei roto i ngā tāra Kānata mēnā kāore i te kīia tētahi atu mea.
Ko ētahi o ā mātou kōrero i tēnei rā ka pā ki ngā mehua kore-IFRS pērā i te EBITDA Whakatikatika me te Moni Whiwhi Whakahaere. Mō ētahi atu whakaaturanga mō ēnei mehua pūtea, tirohia tā mātou panuitanga pāpāho. Ka uru atu hoki ki ā mātou kōrero i tēnei rā ngā kōrero mō ngā hua me ngā tūmanakohanga a Calfrac mō ngā tau kei te heke mai. Ka whakamahara atu mātou ki a koe kei raro ēnei kōrero mō ngā tau kei te heke mai i te maha o ngā mōrearea me ngā āwangawanga e mōhiotia ana, e kore e mōhiotia ana, ka rerekē pea ā mātou hua i ā mātou tumanakohanga.
Tirohia te panuitanga pāpāho o tēnei ata me ngā tuhinga SEDAR a Calfrac, tae atu ki tā mātou Pūrongo ā-Tau 2021, mō ētahi atu kōrero e pā ana ki ngā kōrero matapae me ēnei āhuatanga mōrearea.
Hei whakamutunga, e ai ki tā mātou panuitanga pāpāho, i runga anō i ngā kaupapa i Ukraine, kua mutu ngā mahi a te kamupene i Rūhia, kua whakapau kaha ki te hoko i ēnei rawa, ā, kua tohua ngā mahi i Rūhia hei hoko.
Ngā mihi nui ki a koe, e Mike, mōrena, me te mihi nui ki a koutou katoa mō te whakauru mai ki tā mātou hui waea i tēnei rā. E mōhio ana pea koutou, koinei taku waea tuatahi, nō reira kia ata noho. Nō reira, i mua i te whakarato a Mike i ngā kaupapa matua mō te hauwhā tuatahi, e hiahia ana ahau ki te whakapuaki i ētahi kōrero whakatuwhera.
He wā whakamere tēnei mō Calfrac i te mea kei te kaha haere te mākete o Amerika Te Raki, ā, kei te tīmata mātou ki te kōrero ki ā mātou kiritaki. He rite tonu ngā āhuatanga o te mākete i te tau 2017-18 i tērā i te tau 2021. E hihiko ana mātou ki ngā whai wāhitanga me ngā hua e tumanakohia ana e mātou ka puta mai i tēnei pakihi mā ō mātou kaipupuri hea i te tau 2022 me tua atu.
I whakaputa te kamupene i te kaha pai i te hauwhā tuatahi, ā, kei te ara tika tonu ki te tipu haere tonu i te toenga o te tau 2022. I wikitoria tā mātou tīma i ngā wero o te whakahaere i te mekameka tuku hei whakaoti i te hauwhā i roto i te huarahi tino kaha. Kua whai hua a Calfrac i ngā whakapainga utu o tēnei tau, ā, kua whanake he māramatanga ki ō mātou kiritaki me tuku e mātou ngā utu pikinga kia tata ki te wā tūturu.
Me whakapiki ake hoki te utu ki tētahi taumata e tika ai te hokinga mai o ā mātou haumitanga. He mea nui tēnei ki a mātou, ā, me whai utu mātou. I te titiro whakamua ki te toenga o te tau 2022 me te tau 2023, e whakapono ana mātou ka whai anō mātou ki te whakatutuki i ngā hokinga mai pūtea pumau.
Ka whakanui au, ina piki ake te hiahia o te ao mō te hinu me te hau, ka taea e tātou te whai hua mā te whai huatanga o ngā mahi.
Ngā mihi nui ki a koe, e George. Kua piki ake te moni whiwhi whakakotahi a Calfrac mō te hauwhā tuatahi mai i ngā mahi tonu mā te 38% i ia tau ki te $294.5 miriona. Ko te pikinga o te moni whiwhi nā te pikinga 39% o te moni whiwhi wehewehe i ia wāhanga nā te pikinga o ngā utu whakauru kua tukuna ki ngā kiritaki puta noa i ngā wāhanga whakahaere katoa, me te whakapainga utu i Amerika Te Raki.
Ko te EBITDA kua whakatikatikaina mai i ngā mahi tonu i pūrongohia mō te hauwhā ko te $20.8 miriona, ki te whakaritea ki te $10.8 miriona i te tau kua hipa. Ko te moni whiwhi whakahaere mai i ngā mahi tonu i piki ake i te 83% ki te $21.0 miriona mai i te moni whiwhi whakahaere o te $11.5 miriona i te hauwhā rite o te tau 2021.
Ko te take matua o ēnei pikinga ko te pikinga ake o te whakamahinga me te utu i te US, tae atu ki te pikinga ake o te whakamahinga taputapu puta noa i ngā ratonga katoa i Argentina.
Ko te mate kupenga mai i ngā mahi tonu mō te hauwhā ko te $18 miriona, ki te whakaritea ki te mate kupenga mai i ngā mahi tonu o te $23 miriona i te hauwhā kotahi o te tau 2021.
Mō ngā marama e toru i mutu i te 31 o Poutū-te-rangi, 2022, ko te whakapaunga whakahekenga uara mai i ngā mahi tonu i rite ki te wā kotahi i te tau 2021. Ko te hekenga iti o te whakapaunga whakahekenga uara i te hauwhā tuatahi i ahu mai i te ranunga me te wā o ngā whakapaunga whakapaipai e pā ana ki ngā wāhanga matua.
I piki ake te whakapaunga huamoni i te hauwhā tuatahi o te tau 2022 mā te $0.7 miriona mai i te tau i mua atu nā te pikinga ake o ngā nama i raro i te whakaurunga nama hurihuri a te kamupene me te whakapaunga huamoni e pā ana ki te tango nama piriti a te kamupene.
Ko te tapeke o ngā whakapaunga whakapaipai whakahaere tonu a Calfrac i te hauwhā tuatahi he $12.1 miriona, ki te whakaritea ki te $10.5 miriona i te wā kotahi i te tau 2021. Ko ēnei whakapaunga e pā ana ki te whakapaipai tiaki, ā, e whakaata ana i ngā huringa o te maha o ngā taputapu kei te whakamahia i Amerika Te Raki mō ngā wā e 2.
I kite te kamupene i te $9.2 miriona ngā panonitanga o te whakapaipai mahi i te hauwhā tuatahi, ki te whakataurite ki te $20.8 miriona i te wā kotahi i te tau 2021. Ko te huringa nui i ahu mai i te wā o te kohikohinga o ngā nama me ngā utunga ki ngā kaiwhakarato, ā, i whakakorengia ētahi e te whakapaipai mahi teitei ake nā te nui ake o te moni whiwhi.
I te hauwhā tuatahi o te tau 2022, $0.6 miriona o ngā nama here 1.5 a te kamupene i hurihia hei hea noa, ā, i whiwhi moni whiwhi $0.7 miriona mai i te whakamahinga o ngā wārana. Hei whakarāpopoto i te pepa toenga i te mutunga o te hauwhā tuatahi, ko ngā moni a te kamupene mai i ngā mahi tonu he $130.2 miriona, tae atu ki te $11.8 miriona i roto i te moni. I te 31 o Poutū-te-rangi, 2022, he $0.9 miriona te whare nama a te kamupene mō ngā reta nama, ā, he $200 miriona ngā nama i raro i tana whare nama, ka toe he $49.1 miriona i roto i te kaha nama e wātea ana i te mutunga o te hauwhā tuatahi.
Ko te nama a te kamupene he $243.8 miriona te moni nama ā-marama i te 31 o Poutū-te-rangi, 2022. I raro i ngā tikanga o te whakaurunga nama hou a te kamupene, me pupuri e Calfrac te moni whiwhi o te $15 miriona i te iti rawa i te wā e tukuna ana te kawenata.
I te 31 o Poutū-te-rangi, 2022, kua tangohia e te kamupene te $15 miriona mai i te nama piriti, ā, tera pea ka tono kia tangohia atu ētahi atu tae atu ki te $10 miriona, me te painga mōrahi o te $25 miriona. I te mutunga o te hauwhā, i whakaroahia te wā e pau ai te nama ki te 28 o Hune, 2022.
Ngā mihi, e Mike. Ka whakaaturia e au te tirohanga mahi a Calfrac puta noa i tō mātou rohe whenua. I haere tonu te mahi a tō mātou mākete o Amerika Te Raki i te haurua tuatahi o te tau, e ai ki tā mātou i tumanako ai, me te pikinga ake o te tono mō ngā taputapu mai i ngā kaihanga me te iti o te tuku taputapu kua oti te whakarite.
E matapaetia ana ka piki haere tonu te kaha o te mākete, ā, kāore e taea e ētahi o ngā kaihanga te mahi i ā rātou mahi, he tohu pai tēnei mō tō mātou kaha ki te whakapiki i ngā utu kia whiwhi hua ai mai i ngā taputapu e whakamahia ana e mātou.
I te US, i whakaatu ā mātou hua o te hauwhā tuatahi i te whakapainga whai tikanga i ia tau, ā, i ia tau, nā te pikinga nui o te whakamahinga i ngā wiki e ono whakamutunga o te hauwhā te take matua.
Kāore i tino pai ngā wiki tuatahi e ono. I whakanuia e mātou te whakamahinga puta noa i ngā kahui waka e 8 i te marama o Poutū-te-rangi, ā, kua 75% te otinga i whakaritea ki tō Hānuere. Nā te whakamahinga teitei ake me te tautuhi anō i te utu i te marama o Poutū-te-rangi i taea ai e te kamupene te whakamutu i te hauwhā me te mahi pūtea pai ake.
Ka tīmata tā mātou kāhui waka tuaiwa i te tīmatanga o Mei. Kei te whakaaro mātou kia mau tonu tēnei taumata mō te toenga o te tau ki te kore e tika kia whakahohehia anō ngā taputapu e te tono me te utu a te kiritaki.
Kei a mātou te kaha ki te hanga i tētahi kāhui waka tekau, tērā pea he nui ake, i runga i te utu me te tono. I Kanata, i pāngia ngā hua o te hauwhā tuatahi e ngā utu tīmatanga me te pikinga tere o ngā utu whakauru i ngana mātou ki te whakahoki mai i ngā kiritaki.
He kaha te haurua tuarua o te tau 2022 nā te whakarewatanga o tā mātou waka pakaru tuawhā me tā mātou waeine ngongo koiri tuarima hei whakatutuki i te hiahia o ngā kiritaki e tipu haere ana. I ahu whakamua te hauwhā tuarua e ai ki tā mātou i tumanako ai, me te tīmatanga puhoi nā ngā whakararuraru o te wā. Engari e tumanakohia ana e mātou ka kaha te whakamahinga o ā mātou waka pakaru nui e 4 i te mutunga o te hauwhā, ka haere tonu ki te mutunga o te tau.
Hei whakahaere i ā mātou utu kaimahi wahie i te wā o te Hararei o te Koanga, i tukuna anōtia ngā kaimahi mai i Kanata ki te Hononga o Amerika mō tētahi wā poto e te wehenga o Kanata hei āwhina i te whakanui ake i ngā mahi i roto i te Hononga o Amerika. Kei te werohia tonutia ā mātou mahi i Argentina e te hekenga moni nui me ngā pēhanga pikinga utu, tae atu ki ngā whakahaere whakapaipai e pā ana ki ngā rerenga moni mai i te whenua.
Heoi, i whakahoutia e mātou tētahi kirimana i roto i te kirikiri o Vaca Muerta, e whakakotahi ana i te pikinga ake o te utu mō ngā waka pakaru motuhake me ngā utu mō ngā waeine ngongo koiri me ngā kiritaki o nāianei, ka tīmata i te haurua tuarua o te tau 2022.
E tūmanakohia ana kia mau tonu te taumata whakamahi teitei mō te toenga o te tau. Hei whakamutunga, kei te whakamahi tonu mātou i ngā wāhanga tōmua o te huringa tono o nāianei hei whakaputa hua pumau mō ō mātou kaipupuri hea.
E hiahia ana ahau ki te mihi ki tā mātou tīma mō tā rātou mahi uaua i te hauwhā kua taha ake nei. Kei te tumanako atu ahau ki te toenga o te tau me te tau e tū mai nei.
Ngā mihi nui ki a koe, e George. Ka whakahokia atu e au te waea ki tā mātou kaiwhakahaere mō te wāhanga Q&A o te waea o te rā nei.
[Tohutohu mō te Kaiwhakahaere]. Ka whakautua e mātou te pātai tuatahi a Keith MacKey o RBC Capital Markets.
Ināianei ka hiahia noa ahau ki te tīmata me te US EBITDA mō ia tīma, he tino teitei ake te taumata putanga i tēnei hauwhā i tērā i te tīmatanga o te hauwhā. Kei hea koe e kite ana i te ia o te haurua tuarua o te tau? Ki tō whakaaro ka taea e koe te toharite i te EBITDA mō ia waka katoa o te $15 miriona i te hauwhā tuatoru me te hauwhā tuawhā? Me pēhea rānei tā tātou tirohanga ki tēnei ia?
Titiro, ara, tirohia, kei te ngana mātou ki te tiki i tā mātou — ko George tēnei. Kei te ngana mātou ki te whakarite i tā mātou mākete ki ō mātou hoa whakataetae. Kei tawhiti rawa mātou i ngā tatauranga pai rawa atu. E pai ana mātou ki te tīmata me te $10 miriona ka piki ake ki te $15 miriona. Nō reira kei te ngana mātou ki te kite i te ahunga whakamua. I tēnei wā, kei te arotahi mātou ki te whakamahi me te whakakore i ngā āputa i roto i ā mātou kaupapa. Engari i te mutunga, āe, e hiahia ana mātou kia noho ki waenga i te $10 miriona me te $15 miriona.
Kāore, he tika. Mō te pūtea anake pea, ki te tīmata koe i ētahi waka rererangi tekau i te US, ki te mea he whakatau tata tāu mō tēnā i tēnei wā, he aha te nui o te pūtea e pau ana ki a koe?
$6 miriona. Kei a mātou — arā, kei a mātou te kaha ki te whakamahi i te katoa o ngā waka rererangi 13. Engari ko ngā waka rererangi 11, 12 me te 13 ka nui ake i te $6 miriona. Kei te mahi mātou ki te tiki i ngā tau whakamutunga mēnā ka nui ake te tono, ā, ka tīmata te tangata ki te utu mō te whakamahi i te taputapu.
Kei te mārama ahau. Ngā mihi ki taua tae. Hei whakamutunga, ki ahau nei, i kōrero koe i nekehia ētahi kaimahi i waenga i a Kanata me te US i te hauwhā tuatahi. Me kōrero noa pea mō te mekameka tuku i te nuinga o te wā, he aha tāu e kite ana mō te mahi? He aha tāu i kite ai i te takutai moana? Kua rongo mātou kei te piki haere te take, kei te piki haere rānei te take mō te whakahaere i te tere o ngā mahi ahumahi i te hauwhā tuatahi?
Āe, i whakaaro noa ahau — ki taku whakaaro i kī mātou kāore mātou i neke i te hauwhā tuatahi engari i te hauwhā tuarua nā te mea i pukumahi te US i te hauwhā tuarua, ā, i wehea te taha Hauāuru o Kanata. I hiahia noa ahau ki te whakamārama. Tirohia, he wero kei mua i ia ahumahi, i ia tangata, i ngā wero o te mekameka tuku. Kei te ngana mātou kia pai ake. I puta he raruraru onepu i Kanata i te hauwhā tuatahi. Ka whakapau kaha mātou ki te whakatau i tēnā.
Engari kāore i whanake. He āhuatanga hihiri tēnei. Me noho whakamua tātou pērā i te katoa. Engari ko te tumanako kāore ēnei mea e aukati i a tātou ki te whakarato mahi kounga ki ā tātou kiritaki.
I hiahia noa ahau ki te hoki ki tāu kōrero mō te tāpiri i tētahi atu, i ētahi atu rānei o ngā waka rererangi e rua ki te US, arā, i tētahi taumata teitei ake, me whakahohe anō aua waka rererangi kia piki ake ai te utu? Mena koinā, ka taea e koe te whakatakoto i ētahi pou whāinga mō te āhuatanga pea?
Nō reira, e waru ā mātou waka rererangi e whakahaere ana ināianei. Ka tīmata te Kēmu 9 i te Mane, te 8 o Oketopa – aroha mai, te 8 o Mei. Titiro mai, e rua ngā mea kei konei. Ko tā mātou e tumanako nei kia utua mātou. E hiahia ana mātou kia tino pono te oati mai i ā mātou kiritaki.
He rite tonu ki te tikanga tango-utu-ranei-utu – kāore mātou e whakamahi i te pūtea, e hanga ana hei whakaritenga koretake e taea ai e rātou te whakakore i a mātou i ngā wā katoa e hiahia ana rātou. Nō reira, ka taea e mātou te whakaaro ki ētahi āhuatanga. E hiahia ana mātou ki tētahi whakapau kaha me te tautoko pumau – ki te huri noa ō rātou whakaaro, me utu mai rātou ki a mātou – te utu mō te whakatinanatanga o ēnei mea ki konei.
Engari anō, me whakarite kia whiwhi ia rōpū kaipuke i waenga i te $10 miriona me te $15 miriona kia taea ai te whakatinana i ēnei mea hou — ēnei rōpū kaipuke hou, ētahi atu rōpū kaipuke rānei, aroha mai.
Nō reira i whakaaro ahau he pai pea te kī anō kei te tata haere ngā utu ki aua taumata. Engari ko te mea nui ake, me kite koe i te herenga kirimana mai i ō kiritaki. He tika tēnei?
100% nā te mea ki ahau nei kua maha ngā mea kua whakarērea e te kiritaki i mua – ko tā mātou hiahia he huri mai i tētahi turanga atawhai ki tētahi pakihi, tika? Engari ko te tautoko i ngā kamupene E&P, ko tā mātou hiahia he tīmata ki te tohatoha i ētahi o ngā painga e whiwhi ana rātou.