November 10, 2011 / 10:29 PM / in 7 years

UPDATE 1-Connacher Q3 profit falls; cuts FY output view

(Follows alerts)

Nov 10 (Reuters) - Connacher Oil and Gas posted a slight drop in third-quarter profit and cut its production outlook for the year, as a result of delays in bringing some wells into operation.

“The completion of these wells has been delayed by events beyond our control, including the unavailability of equipment and services on a timely basis and wet weather conditions,” the company said in a statement.

Calgary-based Connacher cut its output forecast by 1-2 percent to 14,150-15,750 barrels of oil equivalent per day (boe/d) for the full year, compared with the outlook given in the second quarter.

July-September net income was C$3.6 million, or 1 Canadian cents a share, versus C$4.2 million, or 1 Canadian cent a share, a year ago.

Revenue, net of royalties, rose 47 percent to C$232.8 million. (Reporting by Gowri Jayakumar in Bangalore; Editing by Joyjeet Das)

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