Free cash flow
(in thousands of Canadian dollars)
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Three-month periods ended December 31, Years ended December 31,
  2014 2013 2014 2013
Cash flow from operating activities $30,566 $88,444 $156,507 $340,680
Capital expenditures, net of lease inducements 34,435 14,294 83,950 66,129
Free cash flow $(3,869) $74,150 $72,557 $274,551
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