Houston’s ATP Oil & Gas has reported third quarter net income of $36.5 million, or up from just $2.3 million in profit this time last year, as lower production in the period did not prevent record oil and gas flows for 2008’s first nine months.

The net income was good for $1.03 per share and came on record revenues, but the company sold 80 percent of its Tors and Wenlock stakes in the U.K. North Sea for $430 million. Nevertheless, oil and gas revenues topped $118 million in the quarter, up slightly over the year-ago frame.

The gas-focused ATP produced 2 million barrels of oil equivalent in the three months that ended when September did, a nine percent drop year-on-year. Overall, however, flows for the first nine months were up a record 19 percent to 8.7 Mmboe.

Revenues for the first nine months were up 36 percent to $536.2 million.

Tags: ATP Oil & Gas Corporation