07:17 AM EDT, 05/07/2024 (MT Newswires) -- Calfrac Well Services ( CFWFF ) on Tuesday said it swung to a net loss in the first quarter amid low natural gas prices and as work was increasingly deferred beyond the winter months.

The oilfield services company reported a first-quarter net loss of $2.9 million, or a loss of $0.03 per share, dropping from a net income of $36.3 million, or $0.41 per share.

Adjusted EBITDA also fell 69% to $26.1 million from $83.8 million. Revenue came in at $330.1 million, a 33% decrease from $493.3 million.

"I am looking forward to the remainder of the year as we expect strong utilization in North America and Argentina to drive strong returns for our shareholders," said Calfrac CEO Pat Powell.

Utilization in North America was affected by typical spring break-up conditions at the start of the second quarter but has subsequently built momentum, which is expected to carry through the third quarter and into the fourth quarter. Pricing has stabilized lower in certain operating regions amid lower natural gas-related activity and is expected to remain at these levels until the end of the year.