Trican's ending 2012 working capital decreased to $547.4 million compared to $621.2 million at the end of 2011. The decrease is predominantly due to year-over-year decreased activity levels in North America, causing trade receivables, inventory, and prepaid expenses to decline, partially offset by decreased accounts payable.
Capital expenditures in 2013 are expected to be approximately $130 to $150 million based on our current 2013 budget and remaining capital expenditures on previously approved budgets. Capital expenditures for the fourth quarter of 2012 totaled $58.7 million compared with $162.8 million for the same period in 2011. Total capital expenditures for 2012 were $444.6 million compared to $578.5 million in 2011. The expenditures were largely directed at North American expansion initiatives in 2012 and 2011. The year over year decreases are due to a reduction in our 2012 budget compared to the 2011 budget.
As at February 26, 2013, Trican had 148,831,558 common shares and 7,030,786 employee stock options outstanding.
In the second quarter of 2012, Trican entered into an uncommitted shelf agreement that could allow for the issuance of up to U.S.$100 million in senior unsecured notes. During the fourth quarter of 2012, Trican issued $50 million in senior unsecured notes from this shelf agreement. The notes have a seven-year final maturity, five-year average term, and a coupon of 4.05%. The notes are unsecured and rank equally with Trican's bank facilities and other outstanding senior notes.
During the fourth quarter of 2012, Trican's syndicate of banks unanimously agreed to extend the Company's four-year revolving credit facility for an additional year. In addition, Trican received approval to add a new bank to its syndicate and increased its extendible revolving credit facility from $450 million to $500 million.
The Company received approval from the Toronto Stock Exchange to purchase its own common shares, for cancellation, in accordance with a Normal Course Issuer Bid ("NCIB") for the one year period of March 2, 2012, to March 2, 2013. During the three months ended December 31, 2012, no common shares were purchased under the NCIB. During the twelve months ended December 31, 2012, 755,400 common shares were purchased at a cost of $10.0 million, of which $2.7 million was charged to Share Capital and $7.3 million to retained earnings. Trican intends to renew the NCIB in the first quarter of 2013.
Trican Well Service Ltd. announced an increase to its semi-annual dividend from $0.05 to $0.15 per share in the first quarter of 2012, thereby increasing the annual dividend to $0.30 per share. The increase reflected our expectation that Trican can sustain strong earnings in the future and maximize shareholder value while remaining committed to investing in the growth of our existing operations and future growth opportunities. Total dividend payments during 2012 were $29.3 million and we expect 2013 dividend payments to be approximately $44.0 million.
Demand for pressure pumping services in Canada is expected to be stable in 2013 compared to 2012, with recent industry forecasts reflecting a 3% increase in the number of wells drilled compared to 2012. Oil and liquids-rich gas directed activity is expected to continue to dominate the Canadian oil and gas market given the continued weakness in natural gas prices. Horizontal drilling activity is also expected to remain strong, as it has become the leading drilling method in the Canadian market.
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