Friday, oil and natural gas producer Constellation Energy Partners LLC (CEP) reported a rise in the first-quarter net income from the year-ago period primarily due to higher revenues reflecting gain from mark-to-market activities.
The Baltimore, Maryland-based company reported a first-quarter net income of $18.93 million or $0.85 per share, up from $1.50 million or $0.07 per share in the corresponding quarter last year. On average, three analysts polled by Thomson Reuters estimated a net loss $0.07 per share for the quarter. Analysts' estimates typically exclude special items. Total revenues for the quarter increased to $52.19 million from $28.47 million in the similar period last year. Analysts estimated revenues of $30.32 million for the quarter.
Stephen Brunner, president and CEO of Constellation Energy Partners said, "Average daily net production for the first quarter was 48.5 MMcfe and operating expenses came in at $3.46 per Mcfe. These results are consistent with our experience for the last three quarters of 2008 and are in line with our forecast for 2009."
Gain from mark-to-market activities for the first-quarter of fiscal 2009 was $19.33 million compared to a loss from mark-to-market activities of $2.96 million in the comparable period of fiscal 2008.
Total operating expenses for the quarter was $30.48 million compared to $24.64 million in the prior-year's quarter.
Depreciation, depletion and amortization charges for the quarter increased to $14.43 million from $9.53 million in the corresponding period last year.
Other income for the quarter was $57,000 compared to other expense of $14,000 in the same period of 2008.
Total expenses for the quarter increased to $33.26 million from $26.97 million in the first-quarter of fiscal 2008.
Outstanding debt under the company's credit facilities totaled $220.0 million at the end of the first quarter 2009. The company's current borrowing base is $265.0 million.Looking forward, the company expects 2009 capital spending to be lower than its prior estimate of $28.0 million to $33.0 million.
Constellation Energy also anticipates operating expenses in the range of between $57.5 million to $63.5 million. Brunner noted that first quarter results indicate that the company will likely end the year at the high end of this range.
Constellation Energy is currently trading at $4.27, up $0.47 or 12.37%, on a volume of 308,913 shares on the NYSE.
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