Baytex profit rises on higher output, oil prices

Wed Mar 14, 2012 8:27am EDT
 
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(Reuters) - Baytex Energy Corp's (BTE.TO: Quote) fourth-quarter profit more than doubled as the Canadian oil and gas company benefited from increased production and strong oil prices.

October-December profit rose to C$57.8 million ($58.4 million), or 48 Canadian cents a share, from C$21.4 million, or 18 Canadian cents a share a year ago.

The Calgary-based company, which focuses on the Western Canadian Sedimentary Basin, said petroleum and natural gas sales rose 40 percent to C$367.8 million.

Production jumped 18 percent to 53,054 barrels of oil equivalent per day.

U.S. crude oil prices rose 17 percent to average about $92.39 per barrel in October-December, boosting most energy companies' profit.

($1 = 0.9906 Canadian dollars)

(Reporting by Aftab Ahmed in Bangalore; Editing by Maju Samuel)