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Athabasca Oil loss widens, revenue climbs

Large machinery can be seen at the Athabaska oil sands north of Fort McMurray, Alta.

Kevin Van Paassen/Kevin Van Paassen/The Globe and

Athabasca Oil Corp. reported a loss of $24.5-million in its latest quarter as the company's revenue more than tripled compared with a year ago on sharply higher production.

The oil producer said Tuesday the loss for the three months ended March 31 amounted to 6 cents per share compared with a loss of $19.7-million or 5 cents per share a year ago.

Total revenue grew to $31.8-million from $8.6-million.

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The company sold 6,024 barrels of light oil per day in the quarter at an average realized price of $51.65, up from 1,217 boe/d a year ago at an average realized price of $43.42.

Athabasca production in the quarter was limited by constraints in a third-party transmission line and significant service interruptions at the Keyera Simonette Gas Plant.

The company said Keyera completed repairs at its Simonette gas plant in early April, but the plant has continued to be restricted with respect to sour gas processing and liquids handling.

It said it expects continued production variability until the issues are resolved.

Athabasca reported general and administrative expenses rose to $18.7-million from $11.7-million a year earlier, while financing and interest charges almost doubled to $12.7-million.

The company also booked a $21.7-million charge for depreciation and depletion, up from $4.5-million in the prior-year period.

In addition to its light oil operations, Athabasca is developing the Hangingstone oil sands project.

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