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 to 1.48x at year-end and the Company anticipates that its leverage will continue to decrease significantly throughout the remainder of the year.