Oil and Gas

Enerplus quarterly profit beats expectations on higher oil prices

Feb 23 (Reuters) - Canadian oil and gas producer Enerplus Corp beat quarterly profit expectations on higher prices for oil and natural gas.

Enerplus plans to drill new oil wells as it expects oil to account for more than 55 percent of its total production this year.

U.S. oil production topped 10 million barrels per day, approaching a record set in 1970, as producers rush to cash in on rising oil prices.

Enerplus said the average selling price for crude oil jumped 22.2 percent to C$65.91 in the fourth quarter ended Dec 31. Natural gas prices rose 4.8 percent.

The production in the fourth quarter was 88,590 boe/pd (barrels of oil equivalent per day), beating the company’s expectation of 86,000 BOE to 88,000 boe/pd.

Total average daily production marginally fell to 88,590 boe from 88,960 boe.

Excluding items, Enerplus earned 27 Canadian per share, beating the average analyst estimate of 17 Canadian cents, according to Thomson Reuters I/B/E/S. (Reporting by Akshara P in Bengaluru; Editing by Saumyadeb Chakrabarty)