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Cabot Oil & Gas Corp., an oil and gas explorer, on Thursday said its third-quarter earnings climbed sharply on a combination of rising oil prices, greater production and the sale of some company assets.

Quarterly earnings rose to $189 million, or $3.92 per share, from $33.8 million, or 69 cents per share, during the same period a year ago.

The results included a $143.6 million after-tax gain from the sale of its offshore and south Louisiana assets in September. Excluding the sale, Cabot Oil & Gas earned $45.4 million, or 94 cents per share, in the period.

Analysts polled by Thomson Financial forecast a profit of 81 cents per share.

Revenue grew 14 percent to $184.7 million from $161.8 million a year ago. Analysts forecast revenue of $165.8 million.

The company said production in the quarter rose 12 percent and while natural gas prices remained flat, oil prices spiked by 52 percent.

Shares of Cabot Oil & Gas fell 44 cents to $52.51 in afternoon trading on the New York Stock Exchange.

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