Enerplus quarterly profit beats expectations on higher oil prices

Canadian oil and gas producer Enerplus Corp beat quarterly profit expectations on higher prices for oil and natural gas.

Enerplus has said it plans to drill new oil wells as it expects oil to account for more than 55 percent of its total production this year.

The Calgary-based company, which has a bulk of its assets in the United States, stood by its capital expenditure forecast of C$535 to C$585 million in 2018, saying it will spend 75 percent of that amount to develop its North Dakota assets.

Production in the fourth quarter was 88,590 boe/pd (barrels of oil equivalent per day), beating the company's own estimate of 86,000 BOE to 88,000 boe/pd, primarily driven by its oil and gas reserves in North Dakota and in the Marcellus basin in the Appalachian region.

Enerplus said the average selling price for crude oil jumped 22.2 percent to C$65.91 in the fourth quarter ended Dec 31. Natural gas prices rose 4.8 percent.

Total average daily production marginally fell to 88,590 boe from 88,960 boe.

Excluding items, Enerplus earned 27 Canadian per share, beating the average analyst estimate of 17 Canadian cents, according to Thomson Reuters I/B/E/S.

(Reporting by Akshara P in Bengaluru; Editing by Saumyadeb Chakrabarty)