ALBERTA

Crew Energy reports lower net income but higher revenues for second quarter

08/12/2013 12:30 EDT | Updated 10/12/2013 05:12 EDT
CALGARY - Crew Energy Inc. (TSX:CR) shares were up about four per cent at midday Monday before closing at $5.39 on the Toronto Stock Exchange.

That's an increase of 15 cents or 2.86 per cent.

The shares remain near a 52-week low of $4.99, set last week, and $8.39 — a high set last October.

Earlier Monday, the Calgary-based oil and gas company reported a lower second-quarter profit of $2 million, down from $24.1 million in the period last year, as operations and drilling activity were reduced due to spring break-up.

That amounted to two cents per share of net income, down from 20 cents in the same quarter last year.

Crew's funds from operations were $48.1 million, down from $52 million in the comparable quarter last year, but up 43 per cent increase from the first quarter of 2013 on stronger oil and natural gas prices as well as lower expenses.

Its sales came in at $110.8 million, up from $99.9 million in the second quarter of 2012.

Crew said its operations were "minimally" affected by the floods that hit Calgary in June, saying the disaster restricted access to its head office but communications and business functions continued at other sites.

Production in the second quarter averaged 27,109 barrels of oil per day. It was impacted by 650 barrels per day because of unplanned third party facility outages in the Deep Basin area.

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