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.