November 12, 2010 / 12:06 PM / 7 years ago

UPDATE 1-Enerplus Q3 profit beats market estimates

* Q3 EPS C$0.09 vs C$0.24 last year

* Says on track to meet FY production view

Nov 12 (Reuters) - Enerplus Resources Fund ERF_u.TO posted a quarterly profit that beat market estimates helped by favorable commodity prices, and said it is on track to meet its annual production view.

For the full year, the No. 4 Canadian oil and gas trust expects production to average 83,000-84,000 barrels of oil equivalent per day (boed), with an exit rate of 80,000-82,000 boed.

For the third quarter, it earned C$16.8 million, or 9 Canadian cents a share, compared with C$38.2 million, or 24 Canadian cents a share, last year.

Analysts on average had expected the company to earn 5 Canadian cents a share, according to Thomson Reuters I/B/E/S.

The trust benefitted from higher commodity prices, selling oil for an average $66.97 per barrel, up 3 percent from last year, while natural gas prices rose to $3.67 per thousand cubic feet, up 24 percent.

Cash flow, an indicator of its ability to fund growth plans, fell to C$203.6 million, or C$1.14 a share, from C$207.2 million, or C$1.23 a share, last year.

Production in the quarter averaged 82,869 boed, compared with 90,111 boed last year.

The trust’s shares, which have gained 23 percent in value since reporting second-quarter results in August, closed at C$29.24 on Thursday on the Toronto Stock Exchange. (Reporting by Isheeta Sanghi in Bangalore; Editing by Don Sebastian)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below