The shares advanced 2.7 percent to C$21.55 at 2:29 p.m. in Toronto.
Net income jumped 21 percent to C$21 million, or 63 Canadian cents per share, in the three months ended March 31, from C$17.4 million, or 54 Canadian cents per share, a year earlier, the Calgary, Alberta-based company said in a statement today.
Revenue grew 12 percent to C$115.1 million from C$102.9 million.
Analysts on average were modeling earnings of 54 Canadian cents per share on revenue of C$108.9 million.
Cash flow nearly tripled to C$34 million. The increase in cash flow was due to the fact that $15.3 million of income taxes paid in the first quarter of 2013 related to 2012 taxable income, the company said.
Total Energy said it has increased its 2014 capital budget by $14.0 million to $68.0 million.