11:28 AM EDT, 07/25/2024 (MT Newswires) -- Athabasca Oil ( ATHOF ) late Wednesday said its second-quarter profit rose 68% as the Western Canadian oil producer increased output from its oil sands and conventional properties and raised its guidance,

The company said its profit in the quarter rose to $96.1 million, or $0.17 per share, from $57.1 million, or $0.07, in the year-prior period.

Adjusted funds flow for the quarter came in at $165.7 million, or $0.30, up from $81.7 million, or $0.14.

The company produced 37,621 barrels of oil equivalent per day (boe/d) in the quarter, up 11% from 33,971 boe/d, a year earlier.

Athabasca Oil ( ATHOF ) increased its 2024 production guidance by 1,000 boe/d to 36,000-37,000 boe/d, including both Duvernay Energy and Athabasca oil-sands)production. Full-year adjusted funds flow is forecast at $590 million.

Athabasca Oil's ( ATHOF ) price target increased to $7.50 from $7.00 while its outperform rating remained unchanged at National Bank of Canada.

The bank said in a Thursday note the "strong" results reflected the strength of the company's execution and resulting free cash flow, which will continue to be optimized and augmented through accelerated reinvestment that should continue to compound its value proposition over the long-term.

Athabasca Oil ( ATHOF ) shares were last seen down $0.105 to $5.265 on the Toronto Stock Exchange.

Price: 5.27, Change: -0.11, Percent Change: -1.96