Independent energy company PetroQuest Energy, Inc. (PQ) Tuesday reported a sharp decline in profit for the third quarter, due to lower average sales prices for oil and gas and absence of a gain on sale of assets the company recorded last year.
Net income available to common stockholders for the quarter plummeted to $4.45 million or $0.07 per share from $16.76 million or $0.32 per share a year ago. Last year's results included a gain on sale of assets of $26.68 million.
On average, 11 analysts polled by Thomson Reuters expected the company to report earnings of $0.13 per share for the quarter. Analysts' estimates typically exclude special items.
Quarterly revenues declined to $50.25 million from $78.26 million last year. Eight analysts estimated revenues of $52.19 million.
Total production for the period declined to 7.99 million Mcfe from 8.04 million Mcfe in the same period a year earlier. Oil Production was 137.08 thousand Bbls, down marginally from 137.93 thousand Bbls, and Gas production declined slightly to 7.17 million Mcf from 7.21 million Mcf last year.
Total oil and gas sales were $50.18 million, down from $76.99 million in the prior year. Total oil sales dropped to $10.32 million from $15.70 million, whereas total gas sales plunged to $39.86 million from $61.29 million last year. Gas gathering revenues were $72 thousand, lower than $1.29 million in the previous year.
Average sales prices for oil was $75.32 per Bbl, much lower than $113.79 per Bbl in the comparable period. Average sales prices for gas declined to $5.56 per Mcf from $8.50 per Mcf a year earlier.
For the nine-month period, the company recorded net loss available to common stockholders of $54.76 million or $1.03 per share, compared to a net income of $52.69 million or $1.01 per share in the comparable period. The net loss for the period was due primarily to a non-cash ceiling test write-down of $103.6 million recorded during the first quarter.
Year-to-date revenues plummeted to $164.96 million from $247.69 million in the prior year.
PQ closed Monday's regular trading at $6.20 per share on the New York Stock Exchange.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.