Calfrac Well Services Ltd. is raising its full-year dividend payout and boosting its capital spending program by about a third for next year.
The Calgary-based oilfield services provider said its semi-annual dividend payment is going up 33 per cent, which is equivalent to 20 cents per share each year.
The semi-annual dividend payment rises to 10 cents per share from 7.5 cents per share previously.
Meanwhile, the company's 2012 capital program target is increasing to is $365 million, up $94 million.
Calfrac is also reducing its 2011 spending budget by about 13 per cent to $332 million.
The pullback in 2011 spending its primarily tied to the company scrapping a fracturing fleet and coiled tubing unit planned for its Russian operating division.
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.Report Typo/Error
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