(Reuters) - Baytex Energy Corp’s (BTE.TO) 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