Business
Calfrac announces 2014 capital program and dividend
CALGARY , Dec. 5, 2013 /CNW/ - Calfrac Well Services Ltd. ("Calfrac" or the "Company") ...
About this update from Calfrac Well Services Ltd.
[{"type":"text","content":"\n\n\nCALGARY, Dec. 5, 2013 /CNW/ - Calfrac Well Services Ltd. (\"Calfrac\" or the \"Company\") (TSX: CFW) is pleased to announce a 2014 capital budget of approximately $120 million. The\n capital program is focused on maintenance and support capital and\n additional investment in logistics equipment.  Approximately $33\n million of capital is allocated to support Calfrac's growing\n international operations, including further investment in coiled tubing\n and fracturing equipment in Russia and Argentina, as the Company's\n outlook for activity in these regions continues to improve. In\n addition, approximately $20 million remaining from Calfrac's 2013\n capital program is expected to be spent in 2014.\n\n\nThe 2014 capital program reflects Calfrac's ongoing commitment to\n maintain its equipment fleet in peak operating condition, while\n developing further enhancements to service quality and operational\n efficiency. Calfrac will continue to assess opportunities to\n strategically expand its operations in a prudent manner and will also\n continue to evaluate its capital program in order to make any required\n adjustments as greater visibility unfolds in 2014.\n\n\nCalfrac is also pleased to announce that its Board of Directors has\n declared a dividend pursuant to its quarterly dividend policy.  The\n dividend of $0.25 per common share will be paid on January 15, 2014 to\n shareholders of record on December 31, 2013.\n\n\nCalfrac's common shares are publicly traded on the Toronto Stock\n Exchange under the trading symbol \"CFW\".  Calfrac provides specialized\n oilfield services to exploration and production companies designed to\n increase the production of hydrocarbons from wells drilled throughout\n western Canada, the United States, Russia, Mexico, Colombia and\n Argentina.\n\n\nThis press release contains forward-looking statements and\n forward-looking information within the meaning of applicable securities\n laws.  The use of any of the words \"expect\", \"anticipate\", \"continue\",\n \"estimate\", \"may\", \"will\", \"project\", \"should\", \"believe\", \"plans\",\n \"intends\" and similar expressions are intended to identify\n forward-looking information or statements.  More particularly and\n without limitation, this press release contains forward-looking\n statements and information concerni...