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A Talisman Energy shale gas drillng rig in Saint-Edouard-de-Lotbiniere, Que. (Jacques Boissinot/The Canadian Press/Jacques Boissinot/The Canadian Press)
A Talisman Energy shale gas drillng rig in Saint-Edouard-de-Lotbiniere, Que. (Jacques Boissinot/The Canadian Press/Jacques Boissinot/The Canadian Press)

Calfrac profit rises on record revenue Add to ...

Calfrac Well Services Ltd. reported its net profit in the third quarter jumped to $47.4-million or $1.07 per share from $32-million or 74 cents a year ago.

Revenue in the quarter hit a record $440.5-million, the Calgary company said Wednesday.

That was up from $275.2-million as the drilling and energy services company generated higher sales in Canada, the United States, Russia and Latin America.

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The latest quarter included an unrealized $23.7-million foreign exchange loss on the company's corporate debt.

Excluding that item, Calfrac's net profit in the latest quarter would have been $69-million or $1.56 per share.

Calfrac provides well completion and specialized drilling services to oil and gas producers in North America and abroad.

The company has benefited from the sharp increase in drilling for shale gas in Canada and the United States.

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