Enerplus Corp. on Aug. 9 reported second-quarter net income of C$85.1 million, or 36 Canadian cents per share, for the second quarter, topping C$12.4 million, or 5 cents per share, a year ago.
Adjusted funds flow for the quarter totaled C$186.0 million, up from C$173.7 million a year earlier.
Cash flow from operating activities climbed to C$237.0 million for the quarter, from C$141.8 million in the prior-year period.
Production totaled 100,694 barrels of oil equivalent per day for the quarter, increasing from 92,883 boe/d in the prior-year period.
During the quarter, the oil and gas producer's exploration and development capital spending amounted to C$207.2 million, to drill 12.7 net wells and bring 26.3 net wells to production.
Enerplus repurchased 6.6 million shares during the quarter for C$70.6 million.
Enerplus revised its production target for the year to 99,000 boe/d to 102,000 boe/d, from 97,000 boe/d to 101,000 boe/d.
For the year, the Calgary, Alberta-based company also narrowed its capital spending guidance to C$610 million to C$630 million, from C$590 million to C$630 million.