Canadian firms earned record high operating profits in the third quarter, Statistics Canada reported today.

The government agency said operating profits rose to $55 billion in the third quarter, a 2.9% increase over the second quarter.

Profits have risen for four consecutive quarters, and for 13 of the past 15 quarters, StatsCan noted.

“Soaring oil and natural gas prices propelled energy sector profits to record highs, accounting for virtually all of the overall profit gain,” the government agency said.

Excluding the oil and gas and petroleum and coal industries, third quarter operating profits edged up 0.1%.