Calfrac Surges on Record Revenue From Fracking: Calgary Mover
Calfrac Well Services Ltd. (CFW), which provides drilling services for oil and natural-gas producers, rose the most in more than two years after the company reported record fourth-quarter sales.
Calfrac rose 9.4 percent to C$30.39 at the close in Toronto, the biggest gain since Sept. 4, 2009.
An increase in hydraulic fracturing, or fracking, in Canada and the U.S. helped boost fourth-quarter revenue 82 percent to C$490 million ($492 million) from the year-earlier period, Calgary-based Calfrac said in a statement. Net income increased almost five-fold to C$78.9 million from C$16.1 million.
Calfrac provides fracking services, in which large truck- mounted pumps blast a mixture of water, chemicals and sand into wells to increase the flow. The company is expanding operations in the Marcellus, Bakken and Niobrara shale fields in the U.S., according to the statement.