December 8, 2011 / 11:54 AM / 7 years ago

UPDATE 1-Calfrac ups 2012 spending, boosts dividend

Dec 8 (Reuters) - Canadian oilfield services provider Calfrac Well Services raised its 2012 budget by about a third to boost its logistics operations in North America and declared a 33 percent hike in its semi-annual payout.

The company set a budget of C$365 million for next year, but has cut its 2011 spending by 13 percent to C$332 million, mainly due to the cancellation of some services planned for its Russian unit.

The company had said in September it would increase its pressure pumping capacity in the United States and Canada — regions which have bolstered profits of oilfield services companies amid brisk drilling activity.

Calfrac said its semi-annual dividend would increase to C$0.10 from C$0.075 earlier.

Shares of Calfrac closed at C$26.82 on Wednesday on the Toronto Stock Exchange. (Reporting by Arnav Das Sharma in Bangalore; Editing by Anil D’Silva)

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