07:43 AM EDT, 10/23/2024 (MT Newswires) -- Whitecap Resources ( SPGYF ) on Wednesday reported a near doubling of third-quarter profit.

Net profit rose to $274.2 million, or $0.46 per share, compared with $152.7 million, or $0.25 per share, last year.

Petroleum and natural gas revenue fell to $891 million, from $956 million, the year before.

Third quarter production averaged 173,302 boe/d (112,913 bbl/d of total liquids and 362,332 mcf/d of natural gas) beating Whitecap's forecast of 167,500 boe/d (107,500 bbl/d of total liquids and 360,000 mcf/d of natural gas).

The company is now expecting full year production to average 172,500 boe/d, surpassing the high end of its previously increased production guidance of 167,000 - 172,000 boe/d. This is Whitecap's third production guidance increase for 2024.

The board has approved a 2025 capital budget of $1.1 - $1.2 billion which is forecast to achieve average production of 176,000 - 180,000 boe/d (63% liquids). This is expected to deliver organic production per share growth of 4% - 6%, Whitecap said.