Canadian North Sea producer Bow Valley Energy saw second quarter earnings more than double as booming production and high oil prices offset foreign exchange losses.
Bow Valley reported second quarter net earnings of $9.8 million, or 11 cents per share, up from $4.2 million, or five cents per share, in the second quarter of 2007. Revenues surged to to $31.95 million from $4.56 million previously, as production rose 278% year on year to an average 3355 barrels of oil equivalent per day in the quarter. However, Bow Valley said its production fell 16% from an average 3995 boe per day in the previously quarter on downtown related to shutdown of the UK North Sea’s Forties pipeline system due to a strike at the Grangemouth refinery and the installation of gas compression facilities on the Ula platform, also in the North Sea. The company said capital spending in the quarter was $33.9 million, down from $74.7 million in the year ago period. For the six month period, the company reported net income of $6.59 million, or seven cents per share, up from $4.73 million, or six cents per share, in the first half of 2007, as revenues rose to $70.05 million from $9.18 million previously. Bow Valley has production assets in the UK North Sea and exploration interests in Alaska.
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