Petro-Canada's first-quarter profits almost tripled as production from its North Sea project came on stream and refining margins grew.

The country's third-biggest integrated oil company said Tuesday it made $590 million in Q1, versus the $206 million it made in the same period last year. 

Petro-Canada three-month trading

The profit handily beat analysts' forecasts and led to a jump in Petro-Canada's stock price. Shares rose $1.95 to $48.95 on the TSX.

Petro-Canada said its first-quarter production averaged 405,000 barrels a day, up from 355,000 barrels in Q1 of 2006.

The Calgary-based company said the higher volumes were because of the addition of North Sea projects and higher production from eastern Canada and its oilsands projects. 

"We started the year off with a good quarter, especially in the downstream with strong continent-wide refining margins and on the East Coast with solid production from Terra Nova and White Rose," Petro-Canada CEO Ron Brenneman said in an analyst conference call.

The company expects 2007 production to be 15 per cent higher than the previous year's. Its huge Buzzard field in the North Sea is projected to ramp up to full production by the middle of the year.