So, since the war began govt’s & corps have been trying to find a way to stop using Russian oil…which gives Putin $800 million/day to finance the war.
And here is Calfrac helping them extract it. Wow. I felt like throwing up.
Comment above by McLeodJames to Mar 16, 2022 article in the Globe and Mail
Calgary’s Calfrac suspending Russian operations by David Milstead, Institutional Investment Reporter, Mar 29, 2022, The Globe and Mail
Pathetic! I’ve learned to never believe what a frac’er says.
Calgary’s Calfrac Well Services Ltd. says it will suspend shipments of its products to Russia.
Calfrac said late Monday it was announcing “the suspension of any investments in the Russian Federation as the company meets its contractual obligations in strict compliance with all applicable laws and sanctions.”
Calfrac noted that although the provision of parts and equipment to Russia is “not restricted by applicable sanctions, the company cancelled such shipments that were bound for Russia at the onset of the Ukraine invasion.”
The company has also cancelled any future shipments of parts and equipment into Russia, it says. All of Calfrac’s Western-based employees involved with its Russian operations are currently not in Russia.
Among the small number of Canadian energy services companies that provide drilling or hydraulic fracturing equipment in Russia, Calfrac stood out both for its reliance on sales from the country and its inability to announce an exit plan. Calfrac got 12 per cent of its revenue and 17 per cent of its operating profit by geography from Russia in 2021.
Most of the companies in the Canadian energy services sector chose never to enter the Russian market in the first place, citing poor economics, or got out some time ago. And while many of those not in Russia have seen their share prices jump by double-digit prices since the war began, Calfrac stock has fallen more than 9 per cent, according to S&P Global Market Intelligence.
In the year ended Dec. 31, Calfrac reported $122.1-million in revenue from Russia, up more than 20 per cent from 2020. It says it has three contracts in the country all slated to expire sometime in 2022. Operating profit in Russia was $14.4-million, up 31 per cent from 2020. (The company also operates in Canada, the United States and Argentina.)
When Calfrac reported its 2021 results on March 17, it said it was “evaluating its options for its Russian operations” with the expectation that it would have more information in May along with its first-quarter earnings. Monday’s announcement accelerated the plans.
Calfrac illustrates the hazards for investors, both big and small, who want no exposure to the Russian economy under the country’s President, Vladimir Putin. Canada’s biggest institutional investors announced they would attempt to sell off any Russian investments they held directly in their portfolios. Index providers removed Russian stocks from their market measures, aiding the pensions in avoiding economic exposure through passive investing. And the pensions pressed external managers to sell Russian stocks.
The next frontier of divestment, then, is non-Russian companies with meaningful economic exposure to the country. Alberta Investment Management Co., which was one of the first pensions to announce a Russian exit, held a significant amount of Calfrac stock as of its most recent legally required disclosure.
As of April 12, 2021, AIMCo owned 2,845,653 shares and 963,204 share purchase warrants in Calfrac, equal to 9.92 per cent of the company. (The pension fund has not been required to update its holdings once it slipped below 10 per cent of the company, and its disclosure at the time warned that it could sell shares.)
AIMCo spokesman Denes Nemeth declined to comment when asked whether its Russian divestment plans would extend to Calfrac. If AIMCo still holds the disclosed amount of shares and warrants, they’re worth about $15-million at current Calfrac prices – a tiny amount of AIMCo’s $160-billion in assets.
The few other Canadian energy services companies who acknowledged having Russian customers said sales in the country represented a small single-digit percentage, or less, of company revenue.
Calgary-based Computer Modelling Group Ltd., which makes software to evaluate underground oil and gas reservoirs, generally received 1 per cent to 1.5 per cent of its annual revenue from Russia in recent years. Computer Modelling said it has suspended all operations in Russia and is in the process of winding down the relationship with its independent sales agent.
Toronto’s Shawcor Ltd., which provides pipeline products and storage tanks, said in a March 10 investor call that its gets less than $5-million of its $1.14-billion in annual revenue from both the Russian and Ukrainian markets combined. In an e-mail, Shawcor said the company’s Russian and Ukrainian business “has been stopped.”
In 2021, the Russian division of Calgary-based PHX Energy Services Corp. represented 3 per cent of revenue and less than 1 per cent of profit. The company had a deal in place last year to sell the operations. That transaction fell through, but the company said in its annual report filed Feb. 24 that “discussions are continuing with the interested party to reach an alternative agreement.”
The Globe and Mail used the financial-intelligence platform Sentieo to search corporate filings, investor conference call transcripts and news articles to identify Russian exposure in the sector.
Canadian energy-services companies wrestle with Russian operations by David Milstead, Mar 28, 2022, The Globe and Mail
The small number of Canadian energy-services companies that provide drilling or hydraulic fracturing equipment in Russia are rushing to get out.
Most of the companies in the sector chose never to enter the Russian market in the first place, citing poor economics, or got out some time ago.
However, that makes the ones who continued to operate in Russia up until its invasion of Ukraine stand out even more, particularly Calgary’s Calfrac Well Services Ltd.
While many Canadian energy-services companies not in Russia have seen their share prices jump by double-digit prices since the war began, Calfrac stock has fallen nearly 8 per cent.
In the year ended Dec. 31, Calfrac reported $122.1-million in revenue from Russia, up more than 20 per cent from 2020. That was just over 12 per cent of the company’s sales last year. It says it has three contracts in the country all slated to expire sometime in 2022.
Operating profit in Russia was $14.4-million, up 31 per cent from 2020, representing 17 per cent of the company’s profits by geography. (The company also operates in Canada, the United States and Argentina.)
When Calfrac reported its 2021 results on March 17, it said it was “evaluating its options for its Russian operations” with the expectation that it would have more information in May along with its first-quarter earnings.
However, Mike Olinek, the company’s chief financial officer, responded to The Globe and Mail’s e-mailed questions Thursday by saying “the company is planning to provide a further update on its Russian operations by early next week, at the latest.”
The Globe used the financial-intelligence platform Sentieo to search corporate filings, investor conference-call transcripts and news articles to identify Russian exposure in the sector among the 15 most-valuable Toronto Stock Exchange energy-services companies, by market capitalization.
Unlike Calfrac, the few who acknowledged having Russian customers said sales in the country represented a small single-digit percentage, or less, of company revenue. And those who did say they have halted sales or have actively been exploring an exit.
Calgary-based Computer Modelling Group Ltd. CMG-T -1.33%decrease , which makes software to evaluate underground oil and gas reservoirs, generally received 1 per cent to 1.5 per cent of its annual revenue from Russia in recent years, the company said in response to The Globe’s questions.
In an e-mailed statement, Computer Modelling said it does not have a Russian office, instead using an independent sales agent. “We have suspended all operations (customer support and engagement) in Russia and are in the process of winding down the relationship with our agent.”
Toronto’s Shawcor Ltd. SCL-T +5.20%increase , which provides pipeline products and storage tanks, said in a March 10 investor call that its gets less than $5-million of its $1.14-billion in annual revenue from both the Russian and Ukrainian markets combined.
In an e-mailed response to Globe questions, spokesperson Meghan MacEachern said the company’s Russian and Ukrainian business “has been stopped.” Shawcor had no physical presence in either country, Ms. MacEachern said.
In 2021, the Russian division of Calgary-based PHX Energy Services Corp. PHX-T +5.29%increase represented 3 per cent of revenue and less than 1 per cent of profits. The company released earnings on Feb. 23 – hours before Russia launched its invasion – and president Michael Buker said in a statement that his company was “seeing improved activity levels” and “expect to strengthen profitability” in Russia this year. (Mr. Buker did not reply to an e-mail seeking fresh comment.)
PHX has been trying to sell the Russian operation, called Phoenix TSR LLC, and had a deal in place last year for its disposition. That transaction fell through, and the company said in its annual report filed Feb. 24 that “discussions are continuing with the interested party to reach an alternative agreement.”
Any energy company that operates globally has to pick and choose among a number of unsavoury jurisdictions. Robert Geddes, the president and chief operating officer of Ensign Energy Services Inc., articulated the idea 13 years ago in a conference call when asked if the company would consider expanding into Russia.
“Well, as you know, we operate in a lot of interesting countries around the world – Venezuela, Libya, Oman, Qatar, places like that. So nothing about Russia scares us,” he said in 2008.
“We are always very interested wherever they drill, and Russia is a very interesting place where they are doing a lot of drilling and will continue to in the future.” (Ensign currently says it operates “internationally” but does not say it ever began doing business in Russia. The company did not respond to an e-mailed request for comment.)
Marc Rossiter, the CEO of Calgary’s Enerflex Ltd. EFX-T +0.97%increase , told investors Feb. 24, the day after the invasion, that his company stopped doing business in Russia after the Crimean invasion in 2014. “And at that point in time, the Canadian and U.S. governments … pretty much had stopped doing business in Russia, and we did.
“And so we’re following the letter of the law and the spirit of the law. Since 2014, we haven’t spent any real business development efforts trying to grow our businesses in Russia.”
The company operates in Canada, the United States, and 15 other countries including Kuwait, Oman and the United Arab Emirates.
Others cite economic and business reasons. Carey Ford, the chief financial officer of Calgary’s Precision Drilling Corp. PD-T +1.84%increase , said in an e-mail to The Globe that his company wants its customers to “pay for performance and compensate Precision for the value we create. … We have never operated in Russia because we view the opportunity for success in that region to be limited.”
“Russia has a large domestic drilling industry, which generally operates at much lower performance levels and standards than we are accustomed to and it would be very difficult for us to be competitive based on price in that market.”
Many companies that have limited their geographic reach to more stable locales have seen sizable share-price gains in recent weeks.
John Gibson, an analyst at BMO Nesbitt Burns Inc., said North American oil field activity was increasing even before the Russian invasion, and “the recent conflict has accelerated the need for service equipment in the face of a potential supply shock, particularly over the longer term.”
However, labour and supply chain constraints remain a key challenge for adding equipment, Mr. Gibson said in e-mailed comments. While that could limit the pace of activations of new equipment, he sees the creation of “very strong pricing power for the contractors, something we have not seen for several years.”
Over 450 Companies Have Withdrawn from Russia—But Some Remain by Yale School of Management, (list as of) March 27, 2022
Since the invasion of Ukraine began, over 450 companies have announced their withdrawal from Russia—but some companies have continued to operate in Russia undeterred.
1) WITHDRAWAL – Clean Break: companies completely halting Russian engagements/exiting Russia;
2) SUSPENSION – Keeping Options Open for Return: companies temporarily curtailing operations while keeping return options open;
3) SCALING BACK – Reducing Activities: companies scaling back some business operations while continuing others;
4) BUYING TIME – Holding Off New Investments/Developments: companies postponing future planned investment/development/marketing while continuing substantive business;
5) DIGGING IN – Defying Demands for Exit: companies defying demands for exit/reduction of activities
Download the list as an excel spreadsheet by clicking here. (make sure to “download” the file from Box as an excel document rather than “previewing” for best file quality)
The list is updated continuously by Jeffrey Sonnenfeld and his team of experts, research fellows, and students at the Yale Chief Executive Leadership Institute to reflect new announcements from companies in as close to real time as possible.
When this list was first published the week of February 28, only several dozen companies had announced their departure.
Although we are pleased that our list has been widely circulated across company boardrooms, government officials, and media outlets as the most authoritative and comprehensive record of this powerful, historic movement, we are most inspired by the thousands of messages we have received from readers across the globe, especially those from Ukraine, and we continue to welcome your tips, insights, and feedback.
Please refer to Jeffrey Sonnenfeld’s insights and commentary below on why our work matters.
Yale CELI List of Companies
Updated by: Jeffrey Sonnenfeld and Yale Research Team: Wiktor Babinski, Ricardo Barcelo, Forrest Michael Bomann, Samuel Choi, Drew D’Alelio, Hunter Harmon, Georgia Hirsty, Mateusz Kasprowicz, Cate Littlefield, Rémi Moët-Buonaparte, Jeremy Perkins, Magdalena Rego, Franek Sokolowski, Steven Tian, Michal Wyrebkowski, and Steven Zaslavsky.
Last Updated: March 27, 2022
Defying Demands for Exit or Reduction of Activities (42 Companies) (Grade: F)
|Acer||not disclosed publicly, but significant market share|
|Alibaba||AliExpress joint venture and stake in VK|
|Asus||not disclosed publicly|
|Auchan-Retail||$3.5 billion in revenue from Russia|
|Ball Corporation||3 plants in Russia|
|Calfrac Well Services||11% of revenues from Russia Frac you Calfrac. Burn in Hell with Putin et al.|
|Cersanit||sanitation equipment exports|
|Cloudflare||not disclosed publicly|
|Credit Suisse||$1 billion in net exposure to Russia|
|Decathlon||at least 50 stores in Russia, $300MM revenue|
|Didi||explicitly reversed decision to exit Russia|
|dōTERRA||not disclosed publicly|
|Egon Zehnder||not disclosed publicly|
|Emirates Airlines||not disclosed publicly|
|FM Global||deep relationship with Ingosstrakh|
|Glencore||equity investments in Rosneft and others|
|Greif||9 plants in Russia|
|Gruma||9 plants in Russia, Greif Perm and Greif Vologda in Russia|
|Huawei||leading telecom-equipment vendor in Russia|
|ID Logistics||significant Russian subsidiary|
|International Paper||significant stake in Ilim|
|IPG Photonics||high power laser sales in Russia|
|Knauf||Russian production sites|
|Koch Industries||several business lines in Russia|
|Korn Ferry||not disclosed publicly|
|Lenovo||not disclosed publicly, but significant market shareI love Lenovo laptops. I’ve owned many over the years; my 2013 Lenovo needs replacing. In January, I had decided on the model I was going to buy. Thanks for showing me your true colours Lenovo. I will never buy another product made by your company. Frac you. May your CEO and upper management burn in hell with Putin, Trump, Harper and his vile reformacon-destroy-Canada-Pro-Putin-Party and their white supremacist, anti-democratic, anti-freedom, COVID-denying, violent, anti-public health Fake Trucker Convoy (Amy MacPherson, Investigative political journalist, died today, March 27, 2022, because the cruel, selfish, anti-science thugs prevented her from getting the health care she needed. How many will Putin kill? How many will the Convoyers? Have you noticed them now praising Putin and condemning Ukrainians? I have, often – they know where their support comes from.)|
|Leroy Merlin||$4 billion in revenue from Russia|
|Liebrecht & Wood||commercial real estate in Russia|
|Manitowoc||significant sales to Russia|
|Metro||$3 billion in revenue|
|MOLGroup||development and operation of Baitugan field|
|MSI||not disclosed publicly, but significant market share|
|Naspers||platform has military-linked classified ads in Russia|
|Polpharma||investment in Akrikhin|
|Raiffeisen Bank International||$25 billion in net exposure to Russia|
|SC Johnson||manufacturing facility in Chudovo and sales|
|Societe Generale||$20 billion in net exposure to Russia and 2.8% of income|
|Tencent||major investment in VK|
|Titan International||6% of revenues from Russia|
|Turkish Airlines||not disclosed publicly|
|Xiaomi||#2 in phone sales in Russia|
|Young Living||distributors in Russia|
Calgary-based oilfield services company Calfrac says it is evaluating Russian operations by Nia Williams, Calgary Herald, Reuters, March 16, 2022
Calfrac Well Services Ltd said on Wednesday it is evaluating options for its operations in Russia, in contrast with many other western companies pulling out of Russia after its invasion of Ukraine.
Calgary-based Calfrac, which provides oil field services like hydraulic fracturing, also has operations in Canada, the United States and Argentina.
Energy research firm Stifel FirstEnergy said it had previously estimated Calfrac’s Russian business would contribute 11% of revenues in 2022.
Calfrac said in a fourth-quarter earnings release it expects to have more information on Russian operations when it reports first quarter results in early May.
Dozens of companies including oil majors BP Plc and Shell have exited Russia in recent weeks, incurring billions of dollars in writedowns, although a number of oil field services firms remain.
“It is worth highlighting that while multiple supermajor E&Ps (explorers and producers) have pulled out from Russia, North American oil field service giants SLB (Schlumberger), HAL (Halliburton) and BKR (Baker Hughes) have yet to announce exits from the region,” Stifel analyst Cole Pereira said in a note to clients.
The list of companies that are distancing themselves from Russia has grown longer by the day since the invasion of Ukraine last month, but Calgary-based Calfrac Well Services Ltd. indicated that it will wait a couple of months before deciding what to do about its operations in the country.
“The ongoing conflict between Russia and Ukraine has added a level of risk and uncertainty around the company’s operations in Russia,” Calfrac said in a release Wednesday.
“As a result of this dynamic situation, Calfrac is currently evaluating the options for its Russian operations. The company expects that it will have more to discuss in conjunction with the reporting of its first-quarter results in early May.”
Calfrac’s operations span multiple continents. In the fourth quarter, it generated $28.1 million in revenue from activity in Russia, accounting for barely 10 per cent of its $257.8 million in total revenue.
The overall revenue increased 43 per cent from a year earlier, which the company primarily attributed to activity in North America and Argentina.
Despite the revenue growth, Calfrac’s adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) slumped 31 per cent to $9.5 million, which the company pinned on unplanned downtime in Russia in December and margin compression in Canada as the business prepared for activity to pick up in the first quarter of this year.
Analysts, on average, expected Calfrac to post $248 million in revenue and $22 million in adjusted EBITDA.
Canadian oil company will stay put in Russia, even as scores of energy companies suspend operations, Calfrac Well Services told investors Wednesday it was “evaluating the options” but did not indicate it was joining the hundreds of companies that have exited Russia since it invaded Ukraine by Jacob Lorinc, Business Reporter Toronto Star, March 16, 2022
While scores of energy companies have left Russia since the Ukraine conflict erupted, a Calgary-based oil company is staying in Western Siberia where it conducts extraction services for Russia’s largest oil producer.
Calfrac Well Services Ltd., one of the largest hydraulic fracturing companies in the world, told investors on Wednesday it was “evaluating the options” for its Russian operations but did not indicate it was joining the hundreds of companies that have exited the country since it invaded Ukraine in February.
According to recent corporate filings, Calfrac has operated under multi-year contracts in Western Siberia to “provide services to Russia’s largest oil producer,” though it does not specify the company.
In its fourth-quarter results, released Wednesday, the company reported earnings of $28.1 million from its Russian operations in the last three months in 2021 — four per cent higher than the year before. Overall, Calfrac earned $122.2 million from its Russian operations in 2021, comprising 12 per cent of its $1.2 billion in revenue for the fiscal year.
“The ongoing conflict between Russia and Ukraine has added a level of risk and uncertainty around the company’s operations in Russia,” the company wrote in a public statement on Wednesday.
“As a result of this dynamic situation, Calfrac is currently evaluating the options for its Russian operations. The company expects that it will have more to discuss in conjunction with the reporting of its first-quarter results in early May.”
Rosneft, the state-owned company widely seen as Russia’s largest oil producer, is one of several Russian energy groups facing scrutiny and divestment from Western governments and companies that view the gas producers as bankrolling a war that has resulted in mass fatalities and wanton destruction.
News of Russia’s invasion was enough to prompt London-based multinational British Petroleum to abandon its 19.75 per cent stake in Rosneft in late February, a decision that resulted in charges for BP of up to $25 billion.
In a statement, BP CEO Bernard Looney said the company severed ties with Rosneft after 30 years of partnership because Russia’s attack on Ukraine “is an act of aggression which is having tragic consequences across the region.”
“It has led the BP board to conclude, after a thorough process, that our involvement with Rosneft, a state-owned enterprise, simply cannot continue,” said Looney.
ExxonMobil exited Russia early in March, leaving $4 billion in assets behind, while Shell PLC said it would stop buying Russian oil and gas.
The Canadian federal government has also imposed sanctions on 10 executives in Russia’s energy sector working for Rosneft and Gazprom, Russia’s largest natural gas company.
On Tuesday, the European Union introduced sweeping new sanctions on Rosneft, Transneft and Gazprom aimed at banning “new investment across the Russian energy sector,” EU officials said.
While oil producers and explorers have left Russia, a number of Western oilfield services, which provide equipment and hydraulic fracturing help to other companies, have remained.
Western giants like “SLB (Schlumberger), HAL (Halliburton) and BKR (Baker Hughes) have yet to announce exits from the region,” Stifel Financial Corp. analyst Cole Pereira wrote in a note to clients.
Since Canada has not placed sanctions directly on Russian energy companies, legal experts say Canadian companies can still conduct business with them.
But critics say the decision to stay is “disappointing.”
“I would hope that any Canadian company working in Russia or profiting from a Russian state-based corporation would think twice about what they’re doing,” said Marcus Kolga, a leading expert on Russia and a fellow at the Macdonald-Laurier Institute, who was placed on the Kremlin’s sanctions list of 300 Canadians on Tuesday.
“Large global corporations have pulled their Russian operations. Canadian operations still in Russia need to do the same. Otherwise, they’re indirectly enabling Vladimir Putin’s war and invasion of Ukraine.”
A flurry of Canadian companies have suspended their operations in Russia.
Early in March, Toronto-based Kinross Gold Corp. suspended its mining operations there out of consideration for “the safety and well-being of its more than 2,000 employees,” the company said in a statement.
Last week, auto manufacturer Magna International paused work at its six plants in Russia, which employ roughly 2,500 workers and generated $345 million in revenue in 2020.
French-fry producer McCain Foods Ltd. ended construction of a $212-million manufacturing plant in Russia and announced it was abandoning the project entirely last Thursday.
In an open letter to the federal government, 100 Canadian business leaders — including executives from BlackBerry Ltd., Norton Rose Fulbright Canada LLP and Wealthsimple Inc. — recently vowed to Meaningless words. Companies (and their upper brass and bottom-feeding lawyers) either do or they don’t sell off their Russian investments and cut off business ties.
“If anyone can sit there and watch what’s happening and your conscience can say ‘allocating capital in Russia is the right thing to do in this time,’ I would love them to come and talk to me,” Purpose Investments CEO Som Seif previously told the Star.
“Anyone who takes advantage of moments like this for their profit, in my opinion has to answer transparently to their customers.”
A few of the comments:
I don’t know why this company should not be fined or ‘sanctioned’ for working in Russia. If the executive office had a shred of human decency they would suspend their operations immediately. As for the Russian workers, that is unfortunate, but they are not dying. The Ukrainian people are being slaughtered at the hands of Putin.
Perhaps we should start not with sanctions, but just not helping this company. Their website shows 2.8 million dollars having come in from the Canadian government in just the last 2 quarters. ( http://calfrac.investorroom.com/2022-03-16-Calfrac-Announces-Fourth-Quarter-Results )
What a vulture of a company. Their non-existent ethics probably apply to how they run their business overall. Revenue Canada, what are your thoughts?
Shame on them, they have blood on their hands.
Why are we allowing this? This is a global effort to stop the war and cutting off their ability to function is part – the only strategy that might have an impact. Companies that don’t do it should not just be boycotted, they should be called by the government! Greed should not be allowed to rule! All the oil prices are being increased because of greed, in addition to increases as a result of the war its
Refer also to:
2022: On the brink of WW3 (no, already in it): Law firm Norton Rose Fulbright, with extensive Russian client list, pits evil against humanity and other life on earth, “imposes silence in the face of wanton atrocity.” A few days later, Linklaters is first major law firm to exit Russia over Ukraine war.
2020: Down down down she goes; Calfrac and Putin’s war are a perfect match of evil losers.
No wonder Alberta’s dirty AIMCo gave Calfrac millions of pensioners’ money, down down down the greed drain it goes.
2019: Falling for AER/ERCB/EUB (industry)’s scam, decade after decade: AER, Surface Rights Board, Orphan Well Association bamboozling (synergizing) Albertans about Trident Exploration walking from it’s environmental and financial obligations in CMAG Synergy meeting, June 25, 2019
… $400+ million from AIMCO for funding nearly insolvent operators such as Calfrac and Perpetual …
2019: Where did all those promises of endless frac riches & jobs go? Two of Canada’s biggest frac companies report double-digit percentage revenue declines: Calgary-based Trican (36 per cent fall) and Calfrac (21 per cent fall)
2017: Texas: New Study by TAMEST, State’s Top Scientists (mostly industry supporters, so findings especially damning): Drilling in Shale causes pollution, earthquakes, billions in road damages annually, billions in trucking industry damages annually, 75% increase in rural crashes involving commercial vehicles. Health & Climate Change Impacts Not Assessed. Why Not? Too terrible?
2016: Why did AIMCo (ATB/Heritage Fund connected) announce $200 Million (bailout?) investment in “Quite leveraged” Calfrac on same day NDP Rural Caucus try to get Nielle Hawkwood’s frac ban resolution on floor of NDP’s Annual Convention?
2015: Jack Shawn Eyles, 28, from Kelowna, dies fracking in NE BC for Calfrac (Nitrogen Pumping Division) on Progress Energy Canada Ltd. Site: “Not an explosion as we usually think, but an explosive or sudden release of extremely high pressure”
2015: Colorado Supreme Court: Antero/Calfrac lose ‘Lone Pine’ Order Escape in Frac Contamination and Health Harm Case, Win for William and Beth Strudley, forced to move their children after toxic chemicals contaminated their property
2014: Colorado Supreme Court: Antero/Calfrac lose ‘Lone Pine’ Order Escape in Frac Contamination and Health Harm Case, Win for William and Beth Strudley, forced to move their children after toxic chemicals contaminated their property
2012: Hunt launched after Halliburton loses radioactive rod in Texas desert, Fears rod containing americium-241/beryllium could fall into hands of terrorists after employees of US oilfield services company lost it in transit between oil wells Frac’ers are terrorists.
Calfrac frac invading for Encana/Ovintiv near my home at Rosebud, Alberta, even knowing Encana had eight years earlier illegally frac’d and contaminated the community’s drinking water aquifers, including those that supply my well. Frac’ers are inhumane rapists of earth, communities and families; they kill jobs, go bankrupt and steal from investors and pensioners.