August 11, 2011 / 1:02 PM / 6 years ago

UPDATE 1-Baytex Q2 profit soars as output, oil prices rise

* Q2 EPS C$0.90 vs C$0.01 yr ago

* Sees FY production of 49,500-50,500 boe/d

Aug 11 (Reuters) - Baytex Energy Corp’s (BTE.TO) (BTE.N) second-quarter profit soared, helped by higher oil prices and production, and the Canadian oil and gas company raised its full-year output target.

For 2011, Baytex expects production of 49,500 to 50,500 barrels of oil equivalent per day (boe/d), up by 500 boe/d from its previous outlook. Capital expenditures is expected at C$30 million ($30.3 million).

Net income for the quarter was C$106.9 million, or 90 Canadian cents per share, compared with C$1 million, or 1 Canadian cent per share, a year ago.

Petroleum and natural gas revenue rose 16 percent to C$336.9 million, while production for the quarter rose 9 percent to 47,853 boe/d.

    Analysts, on average, were expecting earnings of 52 Canadian cents per share on revenue of C$282.6 million, according to Thomson Reuters I/B/E/S.

    Shares of Baytex closed at C$46.34 on Wednesday on the Toronto Stock Exchange and $46.09 on the New York Stock Exchange. ($1 = 0.989 Canadian Dollars) (Reporting by Abhiram Nandakumar in Bangalore; Editing by Viraj Nair)

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