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May 5 (Reuters) - Canadian oil and gas producer Husky Energy Inc HSE.TO on Friday posted a quarterly profit that edged past analysts' estimates, helped by higher oil prices.
Oil and gas producers have been benefiting from an uptick in oil prices that began to rise late last year after a two-year slump.
Husky, controlled by the Hong Kong billionaire Li Ka-Shing, said average realized U.S. refining margins more than doubled to $8.33 per barrel in the first quarter from a year earlier.
The company reported a profit of C$71 million ($52 million), or 6 Canadian cents per share, for the first quarter ended March 31, compared with a loss of C$458 million, or 47 Canadian cents per share, a year earlier. items, Husky earned 6 Canadian cents per share, narrowly beating average analysts' estimate of 5 Canadian cents per share, according to Thomson Reuters I/B/E/S.
Average production fell 2.1 percent to 334,000 barrels of oil equivalent per day (boepd) as the company processed less crude oil due to higher turnaround activity. ($1 = 1.3770 Canadian dollars)