Mr. Pat Powell reports

CALFRAC REPORTS $83.8 MILLION ADJUSTED EBITDA WITH BEST FIRST-QUARTER MARGIN PERCENTAGE SINCE 2012

Calfrac Well Services Ltd. has released its financial and operating results for the three months ended March 31, 2023. The following press release should be read in conjunction with the management's discussion and analysis and interim consolidated financial statements and notes thereto as at March 31, 2023. Additional information about Calfrac is available on the SEDAR website at www.sedar.com, including the company's Annual Information Form for the year ended December 31, 2022.

CEO'S MESSAGE

Calfrac built upon the significant momentum generated in the second half of 2022 by continuing to leverage its execution in the field to produce solid year-over-year growth in net income and free cash flow during the first quarter of 2023. The company generated Adjusted EBITDA from continuing operations of $83.8-million and consolidated cash flow from operations of $40.9-million during the first quarter of 2023, despite an increase of $36.2-million in consolidated working capital resulting from seasonal cash requirements in North America. Calfrac exited the quarter with net debt to Adjusted EBITDA of 1.16x as compared with 1.48x at year-end and the company anticipates that its leverage will continue to decrease significantly throughout the remainder of the year. Calfrac is currently in the final stages of deploying seven repowered Tier IV dynamic gas blending ("DGB") units and two new Tier IV DGB units into its current fracturing fleets in North America. Calfrac has also committed to the conversion of an additional 50 Tier II fracturing pumps from its North American operations into Tier IV DGB units as a part of the company's multi-year fracturing fleet modernization plan. These units are all expected to be deployed by the end of the first quarter of 2024. Calfrac expects continued robust activity in North America and Argentina will drive improved profitability and free cash flow growth in 2023. Any excess free cash flow will be dedicated to further debt repayment and, in turn, provide a strong return for shareholders.

Calfrac's chief executive officer, Pat Powell commented: "Calfrac executed on its brand promise and generated strong financial results during the first quarter, and we are excited to build upon this momentum throughout the remainder of the year and continue to make progress on our strategic priorities."

During the quarter, the company:

• began reporting the financial and operating performance for the United States and Canada under a single North America division as part of its strategy to streamline its operations and reporting structure;
• generated revenue of $493.3-million, an increase of 67 per cent from the first quarter in 2022 resulting primarily from improved pricing and activity in North America and better pricing in Argentina;
• reported Adjusted EBITDA of $83.8-million versus $22.8-million in the first quarter of 2022;
• reported net income from continuing operations of $36.3-million or $0.41 per share diluted compared with a net loss of $18-million or $0.47 per share diluted during the first quarter in 2022;
• reported period-end working capital of $232.4-million versus $183.6-million at December 31, 2022; and
• incurred capital expenditures of $34.5-million, which included approximately $17.3-million related to the company's fracturing fleet modernization program.

FINANCIAL OVERVIEW - CONTINUING OPERATIONS

THREE MONTHS ENDED MARCH 31, 2023 VERSUS 2022

OUTLOOK

Although adverse weather impacted Calfrac's operations in North America earlier this year, the company's commitment to safe and high quality operations resulted in the generation of its highest first-quarter Adjusted EBITDA margin since 2012. Calfrac's focus on operational excellence during the first quarter set Company records for both stages completed in a day and sand pumped during a month. While the rate of input cost inflation has abated since last year, the company continues to closely manage its field expenses to maximize operating margins and overall financial returns.

One of the company's most effective tools for maximizing shareholder returns is by leveraging its large operating scale to transfer equipment between districts and capitalize on seasonality factors as well as any dislocation in commodity prices. Calfrac expects consistent utilization and pricing for its 15 large fracturing fleets and six coiled tubing units in North America throughout 2023 as operators seek out high performing service companies to execute their development plans.

Calfrac is in the process of deploying its new Tier IV DGB equipment and anticipates capitalizing on enhanced demand from customers for this type of engine technology as it assists them in reaching their Environmental, Social and Governance ("ESG") targets. Despite the recent volatility in commodity prices, the company believes that the North American pressure pumping market can remain resilient given limited industry net capacity additions.

THREE MONTHS ENDED MAR. 31, 2023 COMPARED TO THREE MONTHS ENDED MAR. 31, 2022

REVENUE

Revenue from Calfrac's North American operations increased significantly to $413-million during the first quarter of 2023 from $239.9-million in the comparable quarter of 2022. The 72 per cent increase in revenue can be attributed to a combination of a 46 per cent increase in revenue per job period-over-period, combined with a 20 per cent increase in the number of fracturing jobs completed. The higher revenue per job was the result of improved pricing for its services as the company passed through higher input costs to its customers while also achieving net pricing gains beginning in the second quarter in 2022, combined with the impact of job mix. The increase in job count was mainly due to the company operating 15 fleets during the quarter with more consistent utilization compared with an average of 10 operating fleets in the comparable quarter in 2022. The company activated a 5th fleet in Canada in January with consistent utilization throughout the quarter. Despite the improved utilization relative to the comparable quarter, the first quarter in 2023 was impacted by severe weather conditions, resulting in the loss of approximately 6 operating days per fleet operating in the United States. Coiled tubing revenue also increased by 35 per cent as compared with the first quarter in 2022 due to increased utilization and a larger number of crewed fleets operating in Canada.

ADJUSTED EBITDA

The company's operations in North America generated Adjusted EBITDA of $76.5-million during the first quarter of 2023 compared with $21.4-million in the same period in 2022. This increase in Adjusted EBITDA was largely driven by strong net pricing gains and a dedicated focus on cost control which supported significant margin expansion relative to the comparable quarter in 2022. The company was able to achieve an Adjusted EBITDA margin of 19 per cent compared with 9 per cent in the comparable quarter in 2022 through strong pricing and utilization for all of its active fleets, including an incremental 15th fleet that was activated at the beginning of the quarter.

OUTLOOK

Calfrac's Argentina division anticipates higher profitability through increased utilization and job mix with dedicated contract work across all service lines in the Vaca Muerta shale play and the conventional basins of southern Argentina to generate improved year-over-year financial performance.

THREE MONTHS ENDED MAR. 31, 2023 COMPARED TO THREE MONTHS ENDED MAR. 31, 2022

REVENUE

Calfrac's Argentinean operations generated revenue of $80.3-million during the first quarter of 2023 compared with $54.6-million in the comparable quarter in 2022 primarily due to higher fracturing and coiled tubing revenue. Fracturing revenue increased due to a combination of larger job sizes and higher pricing, as the company entered into a new contract at the beginning of the third quarter of 2022 at pricing levels that covered higher costs caused by inflationary pressures during the quarter. The company also completed 4 per cent more jobs than the comparable period in 2022 with the majority of the increase attributed to its operations in southern Argentina. Activity in the company's cementing operations increased by 20 per cent offset partially by a 10 per cent decrease in revenue per job due to job mix. The number of coiled tubing jobs decreased by 11 per cent while revenue per job improved by 54 per cent primarily due to job mix and higher pricing due to inflation.

ADJUSTED EBITDA

The company's operations in Argentina generated Adjusted EBITDA of $11.5-million during the first quarter of 2023 compared with $5.8-million in the comparable quarter of 2022, while the company's Adjusted EBITDA margins as a percentage of revenue also improved to 14 per cent from 11 percent. The company entered into a new contract for its large fracturing fleet servicing the Vaca Muerta play at the beginning of the third quarter of 2022 with higher utilization and improved pricing which resulted in higher Adjusted EBITDA margins relative to the comparable period in 2022.

CAPITAL EXPENDITURES

Capital expenditures were $34.5-million for the quarter ended March 31, 2023. Calfrac's Board of Directors have approved a 2023 capital budget of approximately $155-million, which excludes expenditures related to fluid end components as these have been recorded as maintenance expenses beginning in January 2023 for all continuing reporting segments. This change in accounting estimate was based on new information surrounding the useful life of these components.

OTHER DEVELOPMENTS

As part of Calfrac's strategy to streamline and simplify its operational and administrative structure, the company has decided to evaluate and report the financial and operating performance for the United States and Canada under a single North America division beginning with the interim financial statements and management's discussion and analysis for the three months ending March 31, 2023.

ADDITIONAL INFORMATION

Calfrac's common shares and warrants are publicly traded on the Toronto Stock Exchange under the trading symbols "CFW" and "CFW.WT", respectively. Calfrac provides specialized oilfield services to exploration and production companies designed to increase the production of hydrocarbons from wells with continuing operations focused throughout western Canada, the United States and Argentina. During the first quarter of 2022, management committed to a plan to sell the company's Russian division, resulting in the associated assets and liabilities being classified as held for sale and presented in the company's financial statements as discontinued operations. The results of the company's discontinued operations are excluded from the discussion and figures presented above unless otherwise noted. See Note 4 to the company's audited consolidated financial statements for the year ended December 31, 2022 for additional information on the company's discontinued operations.

Further information regarding Calfrac Well Services Ltd., including the most recently filed Annual Information Form, can be accessed on the company's website at www.calfrac.com or under the company's public filings found at www.sedar.com.

FIRST QUARTER CONFERENCE CALL

Calfrac will be conducting a conference call for interested analysts, brokers, investors and news media representatives to review its 2023 first-quarter results at 10:00 a.m. (Mountain Time) on Tuesday, May 9, 2023. To participate in the conference call please register at the URL link below. Once registered, you will receive a dial-in number and a unique PIN, which will allow you to ask questions.

https://register.vevent.com/register/BI0bfddac1c9204201b77258241d16eb6e

The call will also be webcast and can be accessed through the link below. A replay of the webcast call will also be available on Calfrac's website for at least 90 days.

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