Energen Profit More Than Triples On Higher Oil Prices
May 8 (Reuters) - Oil and gas company Energen Corp on Tuesday reported a first-quarter profit that more than tripled, helped by a surge in production and higher average prices for its oil.
The company sold oil at $57.65 per barrel, up from an average of $46.95 per barrel in the same period a year ago.
The company was largely helped by a resurgence in U.S. oil prices, which rose to highs of $66.66 during the quarter, after hitting lows of $26.05 in 2016 due to a global crude glut.
Energen also ramped up production by 76 percent to 92,900 barrels of oil equivalent per day (boe/d).
The company's net income rose to $118.9 million, or $1.22 per share, in the three months ended March 31 from $33.4 million, or 34 cents per share, a year earlier.
(Reporting by Anirban Paul in Bengaluru; Editing by Anil D'Silva)
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.