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PHX Energy Rises on Profit Growth, Dividend: Calgary Mover

Feb. 29 (Bloomberg) -- PHX Energy Services Corp. rose the most in three years after the Canadian oil and natural-gas drilling company said profit last year reached a record and boosted its dividend.

PHX Energy rose 15 percent to C$11.44 at the close in Toronto, the biggest gain since Jan. 30, 2009.

Earnings before interest, depreciation and amortization increased 79 percent in 2011 to C$45 million ($45.5 million) helped by a “robust” demand for drilling in North America, the company said in a statement after the close of regular trading yesterday.

The company also boosted its dividend 50 percent for this year to 72 cents a share from 48 cents, according to the statement.

PHX Energy plans to expand this year with projects in Russia, Albania and Colombia, the company said.

To contact the reporter on this story: Jeremy van Loon in Calgary at jvanloon@bloomberg.net.

To contact the editor responsible for this story: Susan Warren at susanwarren@bloomberg.net

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