August 13, 2012 / 12:42 PM / 6 years ago

Crew Energy profit rises on higher production, lower spending

Aug 13 (Reuters) - Canadian oil and natural gas producer Crew Energy Inc reported a 48 percent rise in quarterly profit on higher production and lower spending.

The company’s net income rose to C$24.1 million, or 20 Canadian cents per share, in the second quarter, from C$16.3 million, or 19 Canadian cents per share, a year earlier.

Petroleum and natural gas sales for the company, which operates in Alberta, northeast British Columbia and Saskatchewan, rose 42 percent to C$99.9 million.

Analysts on average had expected a loss of 7 Canadian cents per share on revenue of C$108.7 million, according to Thomson Reuters I/B/E/S.

Total production in the quarter rose 72 percent, while capital expenditure fell 43 percent.

Crew still expects production to average 28,000 to 29,000 boe/day in the year.

The Calgary, Alberta-based company’s shares, which have lost about 49 percent of their value in the last six months, closed at C$6.79 on Friday on the Toronto Stock Exchange.

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