05:11 PM EDT, 04/24/2024 (MT Newswires) -- Whitecap Resources ( SPGYF ) on Wednesday said its first-quarter profit dropped 77% on lower oil and gas prices, even as production rose to a record and it boosted its 2024 guidance..

The Western Canadian petroleum producer said it earned C$59.8 million, or C$0.10 per share, in the period, down from C$262.6 million, or C$0.43, in the year-prior quarter.

Revenue fell 1.7% to C$8678.3 million from C$883.7 million, as its oil and gas production rose to a record 169,660 barrels of oil equivalent, up from 155,124 boepd a year earlier. However its average price per barrel equivalent fell 11% to C$56.24.

"Production outperformance continues to exceed our expectations across our West and East Divisions into the second quarter. To reflect this outperformance that we have achieved year to date, we are increasing our annual production guidance by 2,000 boe/d to an updated guidance range of 167,000 - 172,000 boe/d, with no change to our capital budget of $0.9 - $1.1 billion," the company noted.

Whitecap shares closed up C$0.10 to C$10.75 on the Toronto Stock Exchange.