August 5, 2011 / 10:40 AM / 6 years ago

UPDATE 1-Enerplus Q2 profit rises; cuts 2011 output view

(Follows alerts)

Aug 5 (Reuters) - Enerplus Corp posted a higher second-quarter profit, but cut its production outlook for the year, hurt by unusually wet weather at some of its properties.

The No. 4 Canadian oil and gas company forecast 2011 production of 76000-78,000 barrels of oil equivalent per day (boe/d), down 2000 boe/d from its prior outlook.

For April-June, the company earned C$268 million, or C$1.50 a share, up from C$76.5 million, or 44 Canadian cents a share, a year ago.

The company also raised its capital spending for the year by 18 percent to C$770 million, to meet an increase in drilling activity at its properties, and higher costs.

Enerplus shares closed at C$27.37 on Thursday on the Toronto Stock Exchange. (Reporting by Gowri Jayakumar in Bangalore; Editing by Viraj Nair)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below