May 5, 2011 / 11:12 AM / in 7 years

UPDATE 1-Penn West posts three-fold rise in Q1 profit

May 5 (Reuters) - Penn West Petroleum Ltd posted a nearly three-fold rise in its first-quarter profit, helped by higher light oil and natural gas liquids prices.

January-March net income was C$291 million, or 63 Canadian cents a share, compared with C$98 million, or 23 Canadian cents a share, last year.

Gross revenue for the western Canada-focused company rose 5 percent to C$844 million. Production came in at 166,135 barrels of oil equivalent per day (boe/d).

Analysts on average expected earnings of 10 Canadian cents a share, on revenue of C$828.9 million, according to Thomson Reuters I/B/E/S.

Average sales price for light oil and natural gas liquids prices rose 10 percent to C$79.76 per barrel in the quarter.

The company, which is one of the largest conventional oil and natural gas producers in Canada, also reaffirmed its 2011 production outlook of 172,000-177,000 boe/d.

Shares of the Calgary, Alberta-based company closed at C$22.55 on Wednesday on the Toronto Stock Exchange. (Reporting by Arnika Thakur in Bangalore; Editing by Maju Samuel)

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