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Paramount Resources Ltd. on Wednesday swung to a second-quarter profit as higher oil prices boosted the bottom line. The Calgary, Alberta-based energy company reported a profit of 182 million Canadian dollars (US$141.3 million), or C$1.24 a share, compared with a loss of C$74.3 million, or C$0.56 a share, a year ago. The higher profit came as the company’s sales volume of 77,312 barrels of oil equivalent per day was down from nearly 80,000 a year earlier. The company said second-quarter production volume was affected by a longer-than-planned turnaround at a third-party facility that hurt production at one facility and another 11 days of unplanned outages at another location. Paramount said it expects sales volumes in the second half of the year to average between 102,000 barrels of oil equivalent a day and 106,000 barrels a day. Write to Glenn Johnson at [email protected]
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