Calfrac profit up on robust drilling activity

Wed Nov 2, 2011 6:37am EDT
 
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(Reuters) - Canadian oilfield services company Calfrac Well Services Ltd CFW.TO reported a 48 percent rise in third-quarter profit, driven by robust pressure pumping activity in unconventional oil and natural gas plays in western Canada and the United States.

July-September net income rose to C$47.4 million ($46.5 million), or C$1.07 a share, from C$32.0 million, or 74 Canadian cents a share, a year ago.

On an adjusted basis, it earned C$1.56 a share.

Calfrac's revenue jumped 60 percent to C$440.5 million.

Oilfield services demand is rising as companies target unconventional oil and rich natural-gas liquids fields like the Eagle Ford in Texas and the prolific Bakken field that lies primarily under North Dakota, Montana and Saskatchewan.

($1 = 1.020 Canadian Dollars)

(Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Don Sebastian)