“Canyon delivers success to its customers in the most technically-challenging unconventional light oil and liquids-rich
gas plays across western Canada. Canyon’s success is driven by its highly capable people, rugged and new equipment,
customized reservoir approach, and safety-oriented attitude.”
President & CEO
“The Duvernay is extremely pressure-pumping intensive, requires massive amounts of fracturing fluid and proppant,
and each well is of great impact to the producer. We’re very proud to be helping our customers succeed.”
“This year we had excellent operating performance, safety statistics and financial performance. Margins exceeded our
expectations and maintained Canyon’s industry-leading level. Our success has enabled us to increase our dividend.”
“Canyon has a unique culture that allows us to retain a small-company feel even as the Company grows. Our people work
hard and have great capabilities, and that shows in our success with customers and our strong safety performance.”
“By 2012 the Canyon team had grown to 700 people, but our unique culture has allowed us to retain a small-company
feel even as the Company grows.”
Canyon is founded in spring 2004 in Red Deer, Alberta with the purpose of providing specialized
nitrogen-based fracturing services delivered via
coiled tubing for completing natural-gas-in-coal (NGC) wells, a highly active sector in Alberta at the time.
Canyon begins operations in December with 16 people and 13 pieces of modern, purpose-built equipment. This establishes the
Company’s continuing tradition of operational focus, specialization, great people and first-rate “iron”.
First coiled-tubing-delivered nitrogen frac job is performed in early January, followed by steady activity with full equipment
utilization. Company grows, adding equipment, technical capability and people. Job pricing is strong. Second equipment spread
begins operating in June.
Company develops and begins testing its
Grand CanyonTM lightweight proppant (LWPTM) process, with the first commercial job performed
Third equipment spread delivered in January. In February Canyon applies to patent its Grand CanyonTM Process,
which continues to perform well. Canyon adds acidizing service line, performing the first job in April, followed by innovative
with the first job performed in August.
In May Canyon enters the public markets through a $55million initial public offering on the Toronto Stock Exchange, and
begins trading under the symbol “FRC”. Proceeds are used to construct first conventional fracturing spread aimed
at diversifying Canyon into deeper natural gas work.
Canada’s oil and natural gas sector experiences all-time record activity, with 26,000 wells drilled. Despite this
overall boom, year ends with falling field activity in response to low natural gas prices.
Continued weak natural gas prices lead to sharply reduced NGC activity and greater focus on shallow gas activity. Canyon
begins considering a strategic repositioning into deeper unconventional plays, which will require higher-rate, higher-pressure
equipment as well as proving to its customers that Canyon has these capabilities.
Grand CanyonTM Process remains highly successful and customers are pleased. Canyon works hard to maintain shallow
gas work while repositioning into deeper, unconventional work, where job sizes are larger and activity remains at reasonable
levels. Overall capacity of only 25,000 HHP makes it difficult to gain entry to high-capacity pressure pumping work.
Fall 2008 brings worldwide financial crisis, threat of rising Alberta energy royalties, collapse in crude oil prices and
virtual seizing up of investment in oil and natural gas sector. A difficult year for Canyon.
Oil and natural gas drilling all but collapses. Larger pressure pumping competitors lay off up to 30 percent of staff. Continued
downturn in well stimulation activity prompts Canyon to undertake a strategic refocusing on deeper, unconventional play
types where reasonable demand for multi-stage hydraulic fracturing remains.
In the fourth quarter Canyon raised $47 million, despite challenging capital market conditions, and accelerates construction
of heavy-duty new equipment suited to the higher-rate, higher-pressure work being targeted. Year’s financial results
The recapitalization and refocusing of Canyon deliver virtually instant success thanks to strong customer take-up of new
service capabilities. Canyon obtains work in long-term Montney projects, Deep Basin vertical and horizontal completions,
and in the Cardium light oil play, gaining repeat work from large customers.
In the second quarter Canyon raised $44 million, despite challenging capital market conditions, and accelerates construction
of heavy-duty new equipment suited to the higher-rate, higher-pressure work being targeted.
Amid surging demand for well stimulation services, the year brings strong growth in activity across Western Canada, generating
a complete financial turnaround. Annual EBITDA grows from essentially zero in 2009 to $89.7 million in 2010. New base in
Estevan, Saskatchewan opens in December. Capacity grows from 38,000 HHP entering 2010 to 110,500 HHP exiting the year.
Canyon continues to grow, providing services in virtually every
play type in the Western Canadian Sedimentary Basin, including new tight light oil plays and shale gas plays. Revenues
and EBITDA continue to set quarterly records.
By late summer Canyon’s team is 600-strong – while most of Canyon’s 2004 founding team of senior operating
personnel remain with the Company. The year’s $82 million capital program adds 50,000 HHP. Capital program for 2012
is budgeted at $90 million, which will grow capacity to more than 225,000 HHP.
Latest News Release
June 18, 2013
TSX: 12.09 -0.12
Quote delayed minimum of 15 minutes
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