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Enerplus Q3 profit up from year ago, boosted by higher prices and production

Last Updated Nov 9, 2018 at 8:40 am EST

The corporate logo of Enerplus Corp. is shown in this handout photo. Enerplus Corp. reported a third-quarter profit of $86.9 million, up from $16.1 million a year ago, boosted by higher energy prices and increased production. THE CANADIAN PRESS/HO

CALGARY – Enerplus Corp. reported a third-quarter profit of $86.9 million, up from $16.1 million a year ago, boosted by higher energy prices and increased production.

The oil and gas producer says its profit amounted to 35 cents per diluted share for the three months ended Sept. 30, up from seven cents per diluted share a year ago.

Oil and natural gas sales amounted to $373.6 million, up from $196.1 million in the same quarter last year.

Total production for the quarter averaged 96,861 barrels of oil equivalent per day, up 79,128 boepd in the third quarter of 2017.

The company reported an average selling price of $52.32 per barrel of oil equivalent, up from $33.23 a year ago.

In its outlook, Energy raised the lower end of its production guidance for 2018 to between 92,500 and 93,000 boepd, compared with its earlier expectation for production between 91,000 and 93,000 boepd.

Companies in this story: (TSX:ERF)

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