Thursday, Enerplus Resources Fund (ERF, ERF_U.TO), an owner of crude oil and natural gas producing properties, reported a decline in earnings for the third quarter as sales declined from the previous year. The company also reaffirmed its production outlook for 2009.
Net income for the quarter slid to C$38.18 million or C$0.23 per share from C$465.8 million or C$2.82 per share in the corresponding period last year.
Cash flow from operating activities declined to C$207.2 million from C$383.6 million a year earlier. Oil and gas sales, net of oil and gas transportation costs, but before the effects of commodity derivative instruments, declined to C$35.23 million from C$73.6 million in the corresponding period last year.
Daily production averaged 90,111 BOE/day during the quarter. Average daily production of natural gas declined to 323.884 million cubic feet per day or Mcf/day from 341,803 Mcf/day a year earlier. Average daily production of crude oil declined to 32,218 barrels a day or bbls/day from 34,119 bbls/day in the year ago quarter. Natural gas liquids average daily production declined to 3,912 bbls/day from 4,557 bbls/day in the year-ago quarter.
Average selling price of natural gas slid to C$2.95 Mcf from C$8.25 Mcf a year earlier. Crude oil average selling price fell to C$64.94 per barrel or bbl from C$110.63 per bbl a year earlier. Natural gas liquids average selling price fell to C$32.59 per bbl from C$81.20 per bbl in the year-ago quarter.
Operating costs per barrel were C$10.07/BOE or barrels of oil equivalent. Hedging program realized cash gains of C$40.6 million in the quarter, helping to offset weak natural gas prices. Cash flow from operating activities before changes in non-cash working capital declined to C$20.90 million from C$38.90 million in the corresponding period last year. Cash distributions per unit declined to C$0.55 from C$1.36 in the year-ago quarter.
For the nine-month period net income plunged to C$86.4 million or C$0.52 per share from C$699.4 million or C$4.40 per share a year earlier. Oil and gas sales declined to C$35.36 million from C$72.44 million a year earlier.
The company said it continues to expect 2009 annual production volumes to average 91,000 BOE/day. Operating costs are expected to decline to C$10.20/BOE from C$10.65/BOE projected earlier.
ERF closed Thursday's regular trading session at $22.77.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.