By Adriano Marchese
Rising commodity prices have supported Calgary-based energy exploration company Questerre Energy Corp.'s revenue rise and a swing to profit in the third quarter.
On commodity prices:
"Higher commodity prices over the same period last year improved revenue and adjusted funds flow from operations in 2021."
"In the prior year, the year-to-date loss reflects the impairment expense of $113 million incurred in the first quarter largely because of the lower future oil prices."
On earnings:
"For the third quarter, petroleum and natural gas sales increased to C$7.4 million from C$5.4 million last year and C$21.5 million year to date from C$15.8 million in the prior year."
"The higher revenue also contributed to net income of C$2.0 million for the third quarter (2020: $1.0 million loss) and C$5.8 million (2020: $117.5 million loss) for the nine months ended Sept. 30."
Write to Adriano Marchese at adriano.marchese@wsj.com