Trican Well Service : 2023 Q3 - MD&A

TRICAN WELL SERVICE LTD.

..............................................................................................

Management's Discussion & Analysis

Three and Nine Months Ended September 30, 2023

MANAGEMENT'S DISCUSSION AND ANALYSIS - THIRD QUARTER

About Trican	3
Financial and Operating Highlights	4
Outlook	6
Comparative Quarterly Income Statements	7
Liquidity and Capital Resources	13
Summary of Quarterly Results	16
Business Risks	17
Non-GAAPMeasures	18
Other Non-Standard Financial Terms	21
Common Industry Terms	22
Forward-LookingStatements	26

This management's discussion and analysis ("MD&A") is dated November 9, 2023. It should be read in conjunction with the unaudited condensed consolidated interim financial statements and notes of Trican Well Service Ltd. ("Trican" or the "Company") as at and for the three and nine months ended September 30, 2023 and 2022. Additional information relating to the Company, including the Company's Annual Information Form ("AIF") for the year ended December 31, 2022, is available online at www.sedar.com.

Basis of Presentation: Unless otherwise noted, all financial information is reported in Canadian dollars and has been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"). Certain figures have been reclassified to conform to the current year presentation in this MD&A.

Non-GAAP Measures: Trican makes reference to adjusted EBITDA, adjusted EBITDAS, adjusted EBITDA percentage, adjusted EBITDAS percentage, free cash flow and free cash flow per share. These measures are not defined terms under IFRS and are considered non-GAAP measures. Management believes that, in addition to net income / (loss), adjusted EBITDA, adjusted EBITDAS, adjusted EBITDA percentage and adjusted EBITDAS percentage are useful supplemental measures to our analysts, investors and other users. Management utilizes adjusted EBITDA and adjusted EBITDA percentage to translate historical variability in Trican's principal

business activities into future financial expectations. Management utilizes adjusted EBITDAS and adjusted EBITDAS percentage as useful measures of operating performance and cash flow to complement comprehensive profit and provide more meaningful comparisons of operating results. By isolating incremental items from net income, including income / expense items related to how the Company chooses to manage financing elements of the business, taxation strategy and non-cash charges, management can better predict future financial results and cash flows from our principal business activities. Management believes free cash flow and free cash flow per share to be key measures of capital management as they demonstrate the Company's ability to generate monies available to fund future growth through capital investments and return capital to shareholders. Non-GAAP financial measures do not have a standardized meaning under IFRS and may not be comparable to similar financial measures presented by other issuers. These financial measures are reconciled to IFRS measures in the Non-GAAPMeasures section of this MD&A.

Other Non-StandardFinancial Terms: Trican makes use of other financial terms such as revenue per job, working capital, working capital release, maintenance capital and growth capital. These terms and / or calculation of amounts related to these terms may not be comparable to other issuers. These terms are described in the Other Non-Standard Financial Terms section of this MD&A.

Common Industry and Company Specific Terms: For a list of abbreviations and capitalized terms that may be used in this MD&A, refer to the Common Industry Terms section of this MD&A.

Risks and Forward-Looking Statements: The Company's financial and operational performance is potentially affected by a number of factors, including, but not limited to, the factors described in the Business Risks section in this MD&A, the Risk Factors described in the AIF, and the Company's other disclosure documents.

This MD&A includes forward-lookinginformation based on the Company's current expectations, estimates, projections and assumptions. This information is subject to a number of risks and uncertainties, many of which are beyond the Company's control. Users of this information are cautioned that the actual results may differ materially from this forward-lookinginformation. Refer to the Forward-Looking Statements section in this MD&A for information on material risk factors and assumptions underlying our forward-lookinginformation.

• See Non-GAAP Measures, Other Non-Standard Financial Terms and Common Industry Terms described in this MD&A.

Trican Well Service Ltd.

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Q3 2023 Interim Report

ABOUT TRICAN

Headquartered in Calgary, Alberta, Trican supplies oil and natural gas well servicing equipment and solutions to our customers through the drilling, completion and production cycles. Our team of technical experts provide state-of-the-art equipment, engineering support, reservoir expertise and laboratory services through the delivery of hydraulic fracturing, cementing, coiled tubing, nitrogen services and chemical sales for the oil and gas industry in Western Canada. Trican is the largest pressure pumping service company in Canada.

Financial Review

($ millions, except $ per share amounts. Weighted	Three months ended			Nine months ended
average shares is stated in thousands)
	September	September	June 30,		September	September
(Unaudited)	30, 2023	30, 2022	2023		30, 2023	30, 2022
Revenue	252.5	258.3	168.2		717.8	629.8
Gross profit	59.0	61.2	21.5		152.3	102.1
Adjusted EBITDAS1	68.5	72.1	32.9		184.3	137.7
Adjusted EBITDA1	65.7	70.9	31.9		179.2	129.1
Free cash flow1	47.7	64.9	20.2		122.9	110.0
Per share - basic1	0.23	0.27	0.09		0.56	0.45
Per share - diluted1	0.22	0.26	0.09		0.55	0.44
Cash flow from operations	43.5	33.1	101.3		166.5	84.1
Profit for the period	36.4	38.2	9.8		92.2	53.0
Per share - basic	0.17	0.16	0.05		0.42	0.22
Per share - diluted	0.17	0.16	0.04		0.41	0.21
Dividends paid	8.5	-	8.6		26.0	-
Per share	0.04	-	0.04		0.12	-
Shares outstanding, end of period	211,744	232,610	213,264		211,744	232,610
Weighted average shares outstanding - basic	211,887	241,184	218,614		218,955	244,714
Weighted average shares outstanding - diluted	216,766	245,774	222,694		223,518	250,067
($ millions, unaudited)		As at September 30, 2023	As at December 31, 2022
Cash and cash equivalents			44.5		58.1
Current assets - other			229.5		205.2
Current portion of lease liabilities			3.7		3.0
Current liabilities - other			126.4		90.9
Lease liabilities - non-current portion			12.6		9.6
Non-current loans and borrowings			-		29.8
Total assets			684.8		671.1

• See Non-GAAP Measures, Other Non-Standard Financial Terms and Common Industry Terms described in this MD&A.

Trican Well Service Ltd.

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Q3 2023 Interim Report

		Three months ended
	September	June 30,	March 31,	December	September
(Unaudited)	30, 2023	2023	2023	31, 2022	30, 2022
WTI - Average Price (US$/bbl)	$82.22	$73.67	$75.99	$82.64	$91.43
AECO-C- Spot Average Price (C$/mcf)	$2.48	$2.30	$3.06	$4.94	$4.18
WCS - Average Price (C$/bbl)	$88.83	$80.91	$76.58	$74.32	$92.23
Condensate - Average Price (C$/bbl)	$106.99	$92.94	$106.68	$115.48	$115.19
Average Exchange Rate (US$/C$)	$0.75	$0.74	$0.74	$0.74	$0.77
Canadian Average Drilling Rig Count1	190	125	227	201	205

Source: Bloomberg, Bank of Canada, Nickle's Energy Group, Rig Locator

FINANCIAL AND OPERATING HIGHLIGHTS

Third Quarter Highlights

• Trican's results for the quarter compared to the prior year period were only marginally down despite lower activity and a persistent inflationary environment.
• • Revenue was $252.5 million for the three months ended September 30, 2023, a 2% decrease compared to $258.3 million for the three months ended September 30, 2022.
  • Adjusted EBITDAS1 and adjusted EBITDA1 for the three months ended September 30, 2023 were $68.5 million and $65.7 million, compared to $72.1 million and $70.9 million, respectively, for the three months ended September 30, 2022.
  • Free cash flow1 and free cash flow per share1 for the three months ended September 30, 2023 was $47.7 million, $0.23 per share basic and $0.22 per share diluted compared to $64.9 million, $0.27 per share basic and $0.26 per share diluted for the three months ended September 30, 2022.
  • Profit and profit per share for the three months ended September 30, 2023 was $36.4 million, $0.17 per share basic and diluted compared to $38.2 million, $0.16 per share basic and diluted for the three months ended September 30, 2022.
  • The Company has approved a preliminary capital budget for 2024 of $76 million, funded with available cash resources and free cash flow1.
• The Company's balance sheet remains in excellent shape with positive working capital, including cash, of $143.9 million at September 30, 2023 compared to $169.4 million at December 31, 2022, providing significant financial flexibility.
• Trican operates the newest, most technologically advanced fleet of fracturing equipment in Canada. We developed our fleet by upgrading existing equipment incorporating CAT Tier 4 Dynamic Gas Blending ("DGB") engine technology and building new fully electric ancillary equipment. The combination of Tier 4 DGB engine and fully electric ancillary equipment displaces up to 90% of the diesel used in a conventional pumper with cleaner burning and less expensive natural gas resulting in lower overall fuel cost and reduced carbon dioxide and particulate matter emissions. Our fracturing fleet upgrades also include industry leading continuous duty pumps (3,000 HHP) and idle reduction technology packages which enable longer pumping times and improved operating efficiencies.
• • Upgrades to Trican's fifth Tier 4 DGB fleet (42,000 HHP) are underway with the equipment anticipated to be field ready in early 2024 which will bring Trican's total Tier 4 DGB fleet to 210,000 HHP.

• See Non-GAAP Measures, Other Non-Standard Financial Terms and Common Industry Terms described in this MD&A.

Trican Well Service Ltd.

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Q3 2023 Interim Report

• Tier 4 upgrades and electric ancillary equipment are key components of Trican's Environmental, Social and Governance ("ESG") strategy. Our ongoing ESG initiatives, including fleet upgrades, will reduce our environmental impact, improve efficiency and reduce our emissions profile thereby improving the sustainability of our operations and supporting our customers in achieving their ESG goals.

Return of Capital

• The Company continues to be active in its Normal Course Issuer Bid ("NCIB") program as a key component of its return of capital strategy:
• • During the three and nine months ended September 30, 2023, Trican purchased and cancelled 2,708,054 common shares and 20,059,654 common shares, respectively, at a weighted average price of $3.71 per share and $3.34 per share, equating to approximately 1% and 9% of the 229,776,553 outstanding shares at December 31, 2022. The 2022-2023 NCIB program was fully completed in Q3 2023 resulting in the purchase of 23,083,554 common shares.
  • On October 2, 2023, the Company announced the renewal of its NCIB program, commencing October 5, 2023, to purchase up to 21,004,897 common shares for cancellation before October 4, 2024, subject to the TSX NCIB rules. All common shares purchased under the NCIB are returned to treasury for cancellation. Subsequent to September 30, 2023, the Company purchased an additional 1,112,429 common shares.
  • Since the initiation of our NCIB programs in 2017, Trican has repurchased 144,340,382 common shares, equating to approximately 42% of total shares outstanding at the start of the NCIB programs.
• In 2023, Trican added an additional component to its return of capital strategy by instituting a quarterly dividend program in 2023:
• • During the three and nine months ended September 30, 2023, the Company paid a cash dividend of $0.04 per share for each quarter, or approximately $8.5 million and $26.0 million, respectively, in aggregate to shareholders.
  • On November 9, 2023, the Company's board of directors approved a dividend of $0.04 per share with distribution to be made on December 29, 2023 to shareholders of record as of the close of business on December 15, 2023. The dividends are designated as eligible dividends for Canadian income tax purposes.

Capital Expenditures

Capital expenditures for the three and nine months ended September 30, 2023 totaled $27.1 million and $61.0 million, respectively ($24.6 million and $70.4 million for the three and nine months ended September 30, 2022) related primarily to maintenance capital, our Tier 4 DGB fleet upgrade program and additional electric ancillary equipment. The Company's capital budget remains at approximately $114 million, the Company has approved a preliminary capital budget for 2024 of $76 million, funded with available cash resources and free cash flow1.

Financial Position

We continue to focus on maintaining a strong balance sheet with significant positive working capital including cash. Our ability to generate strong free cash flow1 and financial flexibility will allow us to execute our strategic plans including investment in our Tier 4 DGB upgrade program, continued participation in our NCIB program and the payment of a quarterly dividend as a part of our disciplined capital allocation strategy which includes a consistent return of capital to our shareholders.

• See Non-GAAP Measures, Other Non-Standard Financial Terms and Common Industry Terms described in this MD&A.

Trican Well Service Ltd.

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Q3 2023 Interim Report

OUTLOOK

Our overall outlook for the next few years remains unchanged. We expect annual oilfield activity in Canada to remain relatively stable allowing us to continue generating sector leading returns for our shareholders. Canadian market fundamentals remain strong for fracturing, cementing and coiled tubing services for the remainder of the year and we expect the Canadian fracturing market to remain effectively balanced under the current supply and demand dynamic. Trican saw some work scheduled for the third quarter deferred into the fourth quarter due to the volatility in natural gas prices and weather related events. We anticipate fourth quarter activity to be strong as we wind down into the Christmas season.

Although industry pricing fundamentals improved significantly over the past 12 to 18 months, we have recently experienced some pricing pressure as our competitors positioned themselves aggressively for the winter season. However, we expect disciplined pricing to return to the basin as we move into 2024.

The Montney reservoir in Northeastern British Columbia and Northwest Alberta remains one of the premier resource plays in North America and we expect that the combination of attractive economics, future demand from LNG export facilities and British Columbia's agreements with First Nations should lead to ongoing and growing activity in the play. Montney development requires large, high-pressure fracturing, cementing and coiled tubing services which should directly benefit Trican. Additional Canadian export capacity is in the late stages of construction through the Trans Mountain Pipeline, the Coastal GasLink Pipeline and several LNG export facilities on the west coast of Canada. This creates a positive backdrop for oil and natural gas development activity in Western Canada and the associated oilfield services required as we move through the remainder of 2023 and beyond.

We continue to experience inflationary pressures on specific components throughout our supply chain but generally at a much lower rate compared to 2022. We will work diligently to ensure that we mitigate supply chain challenges such as long lead times on key inputs, parts and components. We continue to face challenges in attracting and retaining qualified personnel to the oilfield services industry and thus expect to see ongoing wage inflation.

Trican continues to build on the investments made in our equipment fleet over the last two years to ensure that we are on the forefront of pressure pumping technology and design in Canada. Demand for our Canadian market- leading low emissions Tier 4 DGB fracturing fleets is very robust and expected to remain strong for 2024. We are currently in the process of upgrading our fifth fleet of Tier 4 DGB fracturing equipment containing high pressure pumps which is anticipated to be field ready in early 2024 bringing Trican's total Tier 4 fleet to an industry leading 210,000 HHP.

To further reduce emissions and fuel costs from diesel consumption, we continue to invest and enhance our equipment offering and have recently developed fully electric versions of certain ancillary equipment required for on- site fracturing operations and are deploying them into our fleets going forward. This equipment includes sand handling, blending and other items used on-site for chemical blending. We believe these ongoing technological advancements will augment our differentiation strategy and add value for our customers. Our ability to generate strong free cash flow1 and our financial flexibility allows for continued progress in our fleet upgrade and electrification program.

We will continue to serve our customers with state-of-the-art equipment and generate industry-leading returns in an environmentally and socially responsible manner. In turn, this will allow Trican to focus on returning capital to our shareholders both through our ongoing NCIB program and our quarterly dividend program. We believe our ability to deliver a multi-layered return of capital strategy while maintaining a strong balance sheet will lead to long-term value creation for our shareholders.

• See Non-GAAP Measures, Other Non-Standard Financial Terms and Common Industry Terms described in this MD&A.

Trican Well Service Ltd.

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Q3 2023 Interim Report

COMPARATIVE QUARTERLY INCOME STATEMENTS

($ thousands, except total job count1, revenue per job1 and crews1; unaudited)

Three months ended	September	Percentage	September	Percentage	June 30,	Percentage
30, 2023	of revenue	30, 2022	of revenue	2023	of revenue
Revenue	252,498	100%	258,275	100%	168,232	100%
Cost of sales
Cost of sales	176,153	70%	177,617	69%	128,122	76%
Cost of sales - depreciation and	17,318	7%	19,493	8%	18,579	11%
amortization
Gross profit	59,027	23%	61,165	24%	21,531	13%
Administrative expenses	10,807	4%	9,986	4%	8,375	5%
Administrative expenses - depreciation	907	-%	881	-%	954	1%
Other income	(937)	-%	(571)	-%	(831)	-%
Results from operating activities	48,250	19%	50,869	20%	13,033	8%
Finance costs	514	-%	557	-%	484	-%
Foreign exchange (gain) / loss	(42)	-%	(45)	-%	155	-%
Profit before income tax	47,778	19%	50,357	19%	12,394	7%
Current income tax expense	10,973	4%	-	-%	2,478	1%
Deferred income tax expense	430	-%	12,163	5%	77	-%
Profit for the period	36,375	14%	38,194	15%	9,839	6%
Adjusted EBITDAS1	68,496	27%	72,093	28%	32,946	20%
Adjusted EBITDA1	65,666	26%	70,936	27%	31,908	19%
Total job count1	1,823		2,078		1,337
Revenue per job1	138,507		124,290		125,828
Total proppant pumped (tonnes)1	347,000		397,000		235,000
Hydraulic pumping capacity (HHP)1	521,000		529,000		529,000
Hydraulic fracturing - active crews1	7.0		7.0		7.0
Hydraulic fracturing - parked crews1	5.0		5.0		5.0

Sales Mix - % of Total Revenue

Three months ended (unaudited)	September 30, 2023	September 30, 2022	June 30, 2023
Fracturing	74%	77%	68%
Cementing	18%	16%	23%
Coiled Tubing	8%	7%	8%
Other	-%	-%	1%
Total	100%	100%	100%

• See Non-GAAP Measures, Other Non-Standard Financial Terms and Common Industry Terms described in this MD&A.

Trican Well Service Ltd.

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Q3 2023 Interim Report

Third Quarter 2023 Overview

Revenue

Revenue for Q3 2023 was $252.5 million, a $5.8 million decrease compared to Q3 2022 due to a slight reduction in industry activity during the quarter. Revenue per job for Q3 2023 increased 11% compared to Q3 2022, driven by change in the job mix, influenced by the increased demand for larger job requests from our customers.

Trican operated seven hydraulic fracturing crews in Q3 2023, consistent with seven crews in Q3 2022 with the market for these services remaining effectively in balance. Proppant pumped decreased to 347,000 tonnes in Q3 2023 from 397,000 tonnes in Q3 2022 due to a change in customer well designs and programs executed in the period.

Trican continues to maintain a strong position in the cementing market demonstrated by an increase to the cementing service revenue during Q3 2022 relative to the prior year period. Cementing activity tracks the rig count; the Company operated 22 cementing units in Q3 2023 compared to 16 cementing units in Q3 2022 in response to an increase in demand for these services resulting in slightly higher market share. The Company increased the number of active coiled tubing crews to seven in Q3 2023 from six in Q3 2022 due to an increase in demand.

Cost of Sales

Cost of sales includes materials, products, transportation, repair costs, unit and base costs, personnel benefits expense and depreciation of equipment. The following table provides a summary of cost of sales:

($ thousands, unaudited)	September 30,	Percentage	September 30,	Percentage
Three months ended	2023	of revenue	2022	of revenue
Personnel expenses	37,498	15%	34,137	13%
Direct costs	138,655	55%	143,480	56%
Cost of sales	176,153	70%	177,617	69%
Cost of sales - depreciation and amortization	17,318	7%	19,493	8%
Total cost of sales	193,471	77%	197,110	76%

Total cost of sales for Q3 2023 decreased 2% on an absolute basis when compared to Q3 2022 resulting from lower operating activity for the period. Costs remained relatively flat on a percentage of revenue basis in Q3 2023 compared to Q3 2022 due to better operating leverage on fixed costs and a slower inflationary environment.

• Personnel expenses primarily relate to field-based employees, operational support personnel (i.e. mechanics), senior operational personnel and associated employee benefits. The increase in personnel expenses was primarily a result of wage increases resulting in higher direct operational field labour.
• Direct costs primarily relate to product costs, repairs and maintenance, fuel, trucking costs and travel expenses for operational personnel. The overall decrease in direct costs was primarily a result of:
• • A decrease in product costs resulting from lower operating activity.
  • A key item that can affect the variability of repair and maintenance expenses are stainless steel fluid ends, of which a cost of $1.5 million was incurred for the three months ended September 30, 2023 (September 30, 2022 - $3.8 million).
• Depreciation and amortization expense for the three months ended September 30, 2023 decreased by $2.2 million to $17.3 million compared to $19.5 million for the three months ended September 30, 2022, due to disposition of surplus and redundant property and equipment combined with intangible assets being fully amortized.

• See Non-GAAP Measures, Other Non-Standard Financial Terms and Common Industry Terms described in this MD&A.

Trican Well Service Ltd.

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Q3 2023 Interim Report

Administrative Expenses

($ thousands, unaudited)	September 30,	Percentage	September 30,	Percentage
Three months ended	2023	of revenue	2022	of revenue
Personnel expenses	5,317	2%	5,281	2%
Personnel expenses - severance	31	-%	1,009	-%
Personnel expenses - cash-settledshare-based compensation	2,830	1%	1,157	-%
Personnel expenses - equity-settledshare-based compensation	128	-%	264	-%
General and organizational expenses	2,501	1%	2,275	1%
Administrative expenses	10,807	4%	9,986	4%
Administrative expenses - depreciation	907	-%	881	-%
Total administrative expenses	11,714	5%	10,867	4%

Administrative expenses for the three months ended September 30, 2023 increased 8% relative to the comparative prior year period. Overall, personnel expenses slightly increased in Q3 2023 relative to Q3 2022 due to the increase in cash-settledshare-based compensation offset by reduced severance and restructuring costs.

Cash-settledshare-based compensation includes deferred share unit expenses, restricted share unit expenses, performance share unit expenses and certain cash-settled stock option plan expenses. Increases or decreases in these expenses are correlated to the number of vested units and movements in Trican's share price. The increase in expense compared to the prior year period is related to the relative increase in magnitude of the Company's share price movement during the respective period. The Company continues to place more focus on cash-settledshare-based compensation plans as part of its evolving executive compensation philosophy.

Equity-settledshare-based compensation expense was lower in Q3 2023 compared to Q3 2022 due to the reduced number of options vested in the period.

Administrative expenses, as a percentage of revenue, remained relatively flat at 5% in Q3 2023 compared to the prior year period reflecting strong operating leverage on fixed costs.

Third Quarter 2023 Other Expenses and Income

Other Income

Other income for Q3 2023 increased by $0.4 million compared to Q3 2022. The increase of $0.4 million is primarily related to gains on sale from the disposition of surplus and redundant property and equipment recognized for the respective periods.

Finance Costs

Finance costs for Q3 2023 decreased by a nominal amount compared to Q3 2022. Finance costs are mainly related to revolving credit facility fees, bank charges and interest on finance leases.

Foreign Exchange

The Company recorded a nominal foreign exchange gain in Q3 2023 and Q3 2022. Foreign exchange fluctuations are primarily related to the Company's legacy international entities as well as certain US$ denominated accounts payable.

Income Taxes

The Company recorded a $11.4 million income tax expense in Q3 2023 compared to a $12.2 income tax expense in Q3 2022. The Company changed to a cash taxable position in 2023 due to the exhaustion of certain non-capital loss pools.

• See Non-GAAP Measures, Other Non-Standard Financial Terms and Common Industry Terms described in this MD&A.

Trican Well Service Ltd.

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Q3 2023 Interim Report

COMPARATIVE YEAR-TO-DATE INCOME STATEMENTS

($ thousands, except total job count1, revenue per job1 and crews1; unaudited)

Nine months ended	September	Percentage	September	Percentage	Year-over	Percentage
30, 2023	of revenue	30, 2022	of revenue	year change	change
Revenue	717,765	100%	629,822	100%	87,943	14%
Cost of sales
Cost of sales	509,655	71%	470,835	75%	38,820	8%
Cost of sales - depreciation and	55,827	8%	56,912	9%	(1,085)	(2%)
amortization
Gross profit	152,283	21%	102,075	16%	50,208	49%
Administrative expenses	29,412	4%	30,827	5%	(1,415)	(5%)
Administrative expenses - depreciation	2,771	-%	2,557	-%	214	8%
Other income	(2,849)	-%	(3,189)	(1%)	(340)	(11%)
Results from operating activities	122,949	17%	71,880	11%	51,069	71%
Finance costs	1,943	-%	1,574	-%	369	23%
Foreign exchange loss / (gain)	175	-%	(269)	-%	(444)	(165%)
Profit before income tax	120,831	17%	70,575	11%	50,256	71%
Current income tax expense	28,065	4%	-	-%	28,065	-%
Deferred income tax expense	518	-%	17,577	3%	(17,059)	(97%)
Profit for the period	92,248	13%	52,998	8%	39,250	74%
Adjusted EBITDAS1	184,320	26%	137,696	22%	46,624	34%
Adjusted EBITDA1	179,205	25%	129,121	21%	50,084	39%
Total job count1	5,249		5,640
Revenue per job1	136,743		111,671
Total proppant pumped (tonnes)1	1,022,000		1,049,000
Hydraulic pumping capacity (HHP)1	521,000		529,000
Hydraulic fracturing - active crews1	7.0		7.0
Hydraulic fracturing - parked crews1	5.0		5.0

Sales Mix - % of Total Revenue

Nine months ended (unaudited)	September 30, 2023	September 30, 2022
Fracturing	74%	75%
Cementing	19%	16%
Coiled Tubing	7%	8%
Other	-%	1%
Total	100%	100%

• See Non-GAAP Measures, Other Non-Standard Financial Terms and Common Industry Terms described in this MD&A.

Trican Well Service Ltd.

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Q3 2023 Interim Report