Athabasca Oil Corporation has announced its first quarter results, detailing a profit of CA$206.8mn ($153.66mn).
The result contrasts with the previous year’s first quarter, which saw a loss of $93.3mn. As CBC reports, its return to profitability came partly from the sale of pipelines as well as a storage terminal.
The Canadian energy company described the results as demonstrative of a “strong operational and financial performance”. Other results Athabasca were keen to highlight include its light oil production, which reached 11,712 barrels of oil equivalent per day (boe/d), a growth of 12% year over year. Its total production reached 39,206 boe/d.
Athabasca said that its results showed that “with its resilient business model, the Company is well positioned to generate free cash flow in 2019 and beyond.”
Athabasca Oil trades on the Toronto Stock Exchange under the symbol "ATH".