November 6, 2018 / 9:56 PM / 13 days ago

UPDATE 1-Energen beats profit estimates on higher production

(Adds third-quarter details, estimates)

Nov 6 (Reuters) - Oil and gas company Energen Corp reported a better-than-expected quarterly profit on Tuesday, helped by higher production and a rise in oil prices.

The company sold oil at a higher average price of $56.82 per barrel, compared with $45.07 per barrel a year earlier, as oil prices rose this year on concerns over supply and a rise in global demand.

Total average production rose 27 percent to 103,100 barrels of oil equivalent per day (boe/d) in the third quarter.

The company, which is in the process of being bought by Diamondback Energy Inc, has core assets in the Permian Basin, where production has nearly doubled in the last three years.

Excluding items, Energen earned 96 cents per share.

Analysts on average had expected a profit of 88 cents per share, according to IBES data from Refinitiv.

The Alabama-based company’s net loss widened to $26.6 million, or 27 cents per share, in the third quarter ended Sept. 30, from $18.5 million, or 19 cents per share, a year earlier.

Total revenue rose to $226.3 million from $191.5 million. (Reporting by Shanti S Nair in Bengaluru; Editing by Bernard Orr and Maju Samuel)

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