August 7, 2012 / 10:13 PM / 6 years ago

Trilogy Energy's profit slumps on weak natural gas prices

Aug 7 (Reuters) - Natural gas-focused Trilogy Energy Corp’s second-quarter profit plunged on weak natural gas prices and the company cut its production forecast for the full year.

The company’s net profit fell to C$282,000, or break even on a per share basis, from C$7.9 million, or 7 Canadian cents per share, a year earlier.

Natural gas prices fell 46 percent in the April-June quarter from last year to average $2.4 per million British thermal unit.

Trilogy cut its 2012 production outlook 8 percent to 37,000 barrels of oil equivalent per day (Boe/d).

The company raised its outlook on average operating costs to C$7.50 Boe.

Shares of the company, which has a market value of C$2.10 billion, closed at C$23.88 on Tuesday on the Toronto Stock Exchange.

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