May 8 (Reuters) – Oil and gas company Energen Corp on Tuesday reported a first-quarter profit that more than tripled, helped by a surge in production and higher average prices for its oil.
The company sold oil at $57.65 per barrel, up from an average of $46.95 per barrel in the same period a year ago.
The company was largely helped by a resurgence in U.S. oil prices, which rose to highs of $66.66 during the quarter, after hitting lows of $26.05 in 2016 due to a global crude glut.
Energen also ramped up production by 76 percent to 92,900 barrels of oil equivalent per day (boe/d).
The company’s net income rose to $118.9 million, or $1.22 per share, in the three months ended March 31 from $33.4 million, or 34 cents per share, a year earlier.
(Reporting by Anirban Paul in Bengaluru; Editing by Anil D’Silva)