November 10, 2010 / 1:46 PM / 7 years ago

UPDATE 1-Baytex Energy Q3 profit beats on higher production

* Q3 EPS/unit C$0.30 vs est C$0.29

* Q3 petroleum & gas sales up 24 pct at C$238.3 mln

* Raises lower end of FY production view

Nov 10 (Reuters) - Canadian heavy oil producer Baytex Energy Trust BTE_u.TO posted a quarterly profit that beat estimates on higher production and raised the lower end of its full-year production outlook.

July-September net income at the Calgary, Alberta-based trust was C$35.1 million, or 30 Canadian cents per unit, down from C$40.7 million, or 37 Canadian cents per unit, last year.

Baytex, which is engaged in exploration and production of oil and natural gas in British Columbia, Alberta, Saskatchewan and in the United States, said petroleum and natural gas sales rose 24 percent to C$238.3 million.

Analysts on average had expected the company to earn 29 Canadian cents a share, according to Thomson Reuters I/B/E/S.

Quarterly funds from operations came in at C$112.8 million, or 97 Canadian cents per unit. For the year, Baytex Energy now sees production of 44,250-44,500 barrels of oil equivalent per day (boe/d). It had previously forecast production of 44,000-44,500 boe/d. Production for the third quarter was up 5 percent to 44,799 boe/d.

Last month, Baytex sold its 50 percent interest in Kerrobert project to Petrobank Energy and Resources PBG.TO. [ID:nSGE69I0IC]

Baytex units, which have risen 19 percent in value since the trust reported its second-quarter results in August, closed at C$39.73 on Tuesday on the Toronto Stock Exchange. (Reporting by Arnika Thakur in Bangalore; Editing by Unnikrishnan Nair)

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