Baytex Energy Q2 FFO, Output Up - Quick Facts

(RTTNews) - Baytex Energy (BTE_UN.TO, BTE) Wednesday reported lower net income for the second quarter, but Funds from Operations as well as production increased.

Net income for the quarter plunged to C$36.19 million from C$157.28 million in the prior year. Earnings per share declined to C$0.29 from C$1.30.

The company generated Funds from Operations, or FFO, of C$155.8 million in the quarter, compared to C$124.7 million last year. FFO per share increased to C$1.25 from C$1.03.

Petroleum and natural gas sales increased to C$341.01 million from C$284.25 million in the prior year.

The company produced 58,236 barrels of oil equivalent per day or boe/d, up from last year's 53,073 boe/d.

James Bowzer, CEO, said, ''We expect continued strong operating and financial results in the second half of this year. In recognition of this, we are tightening our production guidance range for 2013 from the previously disclosed range of 56,000-58,000 boe/d to 57,000-58,000 boe/d."