March 8, 2011 / 2:06 PM / in 7 years

UPDATE 1-Baytex Q4 profit doubles on higher output, oil prices

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March 8 (Reuters) - Canadian heavy oil producer Baytex Energy Co’s quarterly profit more than doubled, helped by higher production and oil prices.

The company posted net income of C$57.6 million, or 49 Canadian cents per unit, compared with C$28.0 million, or 25 Canadian cents per unit, a year ago.

Baytex, which is engaged in exploration and production of oil and natural gas in British Columbia, Alberta, Saskatchewan and in the United States, said petroleum and natural gas sales for the quarter grew 10 percent to C$263.5 million.

Production during the quarter averaged 45,015 barrels of oil equivalent per day, up 5 percent from a year-ago.

Quarterly funds from operations rose 28 percent to C$124.8 million, or C$1.07 per unit.

The West Texas Intermediate (WTI), the U.S. benchmark, average price was up 12 percent at $85.17 per barrel in the quarter, the company said.

The company maintained its 2011 production outlook at 49,000-50,000 barrels of oil per day.

Baytex, which in January agreed to buy heavy oil assets in the Seal area of Northern Alberta and Lloydminster area of western Saskatchewan, also backed its 2011 capital budget forecast of C$325 million. (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Sriraj Kalluvila)

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