Oil and natural gas producer Toreador Resources Corp. (TRGL) Friday reported a wider loss in the second quarter hurt by higher expenses and impairment charges resulting from a letter of intent for the sale of interest in Turkish Black Sea assets. Oil and natural gas sales rose 99% over the prior-year quarter. Subsequent to the news, company's shares rose 12.04% on the Nasdaq.
During the quarter, the company executed a letter of intent to sell 26.75% of the company's 36.75% interest in the South Akcakoca Sub-basin natural gas project and eight contiguous exploration blocks in the Turkish Black for gross proceeds of $80.25 million.
Proceeds from the transaction, expecting completion in the fourth quarter, would be used to reduce debt and for general corporate purposes. Toreador would retain a 10% working interest in the joint venture created.
Loss available to common shareholders widened to $65.77 million or $3.33 per share from $25.05 million or $1.32 per share in the same quarter a year ago.
Oil and natural gas sales almost doubled to $19.86 million from $9.96 million in the prior-year quarter primarily due to higher realized prices for oil and gas and increased natural gas production offshore Turkey.
Operating costs and expenses were $83.61 million, up from $20.17 million in the corresponding quarter last year. Operating loss widened to $63.7 million from $10.2 million in the year-ago quarter due to an asset impairment charge of $53.5 million, resulting from a letter of intent for the sale of company's interest in the Turkish Black Sea assets.
Production increased to 237 thousand barrels of oil equivalent or 30% higher than second quarter of 2007.
For the six-month period, loss available to common shareholders widened to $70.19 million or $3.56 per share from $33.90 million or $1.93 per share in the prior-year period.
Oil and natural gas sales more than doubled to $33.8 million from $16.8 million in the year-ago period.
TRGL is currently trading at $7.90, up $0.85 or 12.04%, on a volume of 0.13 million shares.
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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.