May 2, 2012 / 9:13 PM / 5 years ago

UPDATE 1-Pengrowth profit plunges on higher costs

May 2 (Reuters) - Oil and gas producer Pengrowth Energy Corp posted an 87 percent fall in first-quarter profit, hurt in part by higher operating and royalty costs.

For the January-March quarter, the company earned C$700,000, or breakeven on a per-share basis, compared with earnings of C$5.4 million, or 2 Canadian cents per share, a year ago.

Oil and gas sales fell 4 percent to C$328.5 million ($332.2 million).

For the quarter, the company’s production averaged 75,618 barrels of oil equivalent per day (boe/d), compared with 73,634 boe/d a year ago.

Operating costs for the quarter rose 4 percent to C$95.5 million, whereas royalty expenses jumped 29 percent to C$77.9 million.

Shares of the company, which has a market value of about $3.30 billion, closed at C$8.96 on Wednesday on the Toronto Stock Exchange.

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