Athabasca Oil reports Q1 profit of $206.8M compared with $93.3M loss a year ago
Sales of Calgary company's pipelines and storage terminal boosted profit
Athabasca Oil Corp. reported a profit of $206.8 million in its latest quarter, boosted by the sale of its Leismer pipelines and Cheecham storage terminal in northern Alberta.
The Calgary-based company says the profit amounted to 39 cents per diluted share for the quarter ended March 31 compared with a loss of $93.3 million or 18 cents per diluted share in first quarter of 2018.
Revenue grew to $224.2 million compared with $206 million in the same quarter last year.
Athabasca has operations in the Montney and Duvernay regions as well as the oilsands.
The company's light oil division produced 11,712 barrels of oil equivalent per day in the quarter, up from 10,495 a year ago.
Meanwhile, bitumen production from its thermal oil operations averaged 27,494 barrels per day, down from 30,077 a year ago, due to the Alberta government's mandated production curtailments.