August 10, 2011 / 1:22 PM / in 7 years

UPDATE 1-Crew Energy profit slumps as costs rise, wet weather hits output

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Aug 10 (Reuters) - Canadian oil and natural gas producer Crew Energy Inc’s quarterly profit nearly halved, hurt by higher costs and wet weather conditions.

Crew, which operates mainly in central Alberta and northeast British Columbia, said a two-week shutdown at the Spectra McMahon gas facility also hurt average production by about 700 barrel of oil equivalent per day (boe/d) in June.

The company’s second-quarter net income fell to C$16.2 million ($16.3 million), or 19 Canadian cents a share, from C$31.5 million, or 39 Canadian cents a share, last year.

Costs in the quarter rose by a third to C$47.4 million.

Total revenue rose 63 percent to C$70.2 million. Average production was 16,443 boe/d in the Arpil-June quarter.

Average production rose to 27,500 boe/d in July, after it closed on its acquisition of Caltex at the start of the month. Crew expects average 2011 production of 23,000-24,000 boe/d.

The company’s shares closed at C$12.73 on Tuesday on Toronto Stock Exchange. ($1 = 0.993 Canadian Dollars) (Reporting by Ankur Banerjee in Bangalore; Editing by Viraj Nair)

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