May 5, 2011 / 5:27 AM / in 7 years

UPDATE 1-Calfrac Q1 profit soars on North America activity

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May 5 (Reuters) - Canadian oilfield services company Calfrac Well Services Ltd’s first-quarter net profit jumped more than four times on a surge in the company’s North American activity fuelled by higher oil prices.

January-March profit was C$49.1 million, or C$1.11, compared with C$11.7 million, or 27 Canadian cents, a year earlier.

Revenue rose nearly 49 percent to C$337.4 million.

The company, which gets more than 80 percent of its revenue from North America, benefited from high levels of pressure pumping activity in the unconventional oil and natural gas plays of western Canada and the United States.

Calfrac said it is seeing a greater demand for 24-hour operations in the Marcellus and Fayetteville shale plays and the company expects that this trend will increase in the future.

Canadian drilling activity this quarter has been boosted by an unusually long winter — before the spring rains curtail rig numbers and activity.

Shares of Calfrac closed at C$32.61 on Wednesday on the Toronto Stock Exchange. (Reporting by Aftab Ahmed in Bangalore; Editing by Muralikumar Anantharaman)

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