“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.”
Our management team is highly focused on the bottom line and treats our investors’ dollars with the utmost respect
- and it shows. Canyon’s revenue and EBITDA grew throughout 2010 and 2011 and our EBITDA margin has been at or near
the top of the industry. Canyon’s high level of profitability enables us to reinvest in our equipment fleet to meet
demand growth without incurring debt - while returning cash to shareholders through our dividend, which we increased in
the second half of 2011. Canyon continues to be essentially free of long-term debt.
Financial Reports >
Since our recapitalization in late 2009, Canyon has increased its fleet-wide size from 38,000 hydraulic horsepower (HHP),
the primary measure of pressure-pumping capacity, to 110,500 HHP exiting 2010. We are currently expanding to a planned 175,500
HHP exiting 2011 and our preliminary 2012 capital budget will increase capacity by a further 50,000 HHP. Our business continues
to be tightly focused on delivering pressure pumping services in Western Canada. Geographical focus, served by carefully
chosen operating bases, contributes to profitability by maintaining a high ratio of revenue to fixed costs.
Pricing of pressure-pumping services is highly competitive, so the key to profitability is efficiency. Our up-to-date equipment with a fleet-wide average age
of less than two years is a major contributor to efficiency, maximizing utilization and minimizing downtime. Beyond that,
there isn’t “one big thing” that guarantees efficiency. Instead, it stems from maintaining a relentless
top-to-bottom focus, from our CEO down to entry-level employees, on executing all our tasks to high standards and in a timely
manner. Being a newer, smaller and highly entrepreneurial company also helps.
Demand for pressure-pumping services continues to grow as Canadian oil and natural gas producers drill more horizontal wells
completed with multiple hydraulic fractures. Although the overall number of wells to be drilled in Western Canada in 2011
remains below previous records, individual wells are becoming more capital-intensive, and the ratio of capital spending
focused on completing those wells is increasing. We estimate that well completions in Western Canada now include an average
of five fractures per well drilled, compared to only one fracture per well historically. Canyon foresees these trends driving
continued growth in demand.
In short: Canyon offers profitable growth in an expanding market.
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