Wednesday, independent energy company PetroQuest Energy, Inc. (PQ) reported a sharp decline in profit for the second quarter, impacted largely by lower oil and gas sales and unit prices. However, per-share earnings came in better than analysts' expectations.
For the quarter, net income available to common stockholders plunged to $7.75 million or $0.15 per share from $21.78 million or $0.41 per share a year ago. On average, 12 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.
Revenues for the quarter plummeted to $55.26 million from $92.87 million in the previous year. Analysts expected revenue of $53.75 million.
Oil and gas sales were $55.38 million, lower than $90.61 million last year. Gas gathering revenue was negative $115 thousand, compared with a positive $2.25 million in the prior-year quarter.
Total production for the quarter increased to 8.56 million Bcfe from 8.42 million Bcfe in the comparable quarter.
For the quarter, average oil sales prices declined to $67.90 per barrel, or Bbl, from $112.48 per Bbl last year. Average gas sales price was $5.95 per Mcf, lower than $9.64 per Mcf a year earlier.
For the six-month period, net loss was $59.21 million or 1.20 per share, compared with a profit of $35.94 million or $0.69 per share in the comparable-period last year. Year-to-date, net revenues were $114.71 million, lower than $169.42 million in the previous year.
The company said that it participated in 28 gross non-operated wells in the Fayetteville shale during the second quarter and currently has three non-operated rigs working in this area. The company also expects to spud its Whistling Straits prospect during the third quarter of 2009.
Looking ahead to the third quarter, the company expects production volume to be in the range of 80 to 85 Mmcfe/d. For fiscal 2009, production volumes are expected to be in the range of 90 to 100 Mmcfe/d.
PQ closed Tuesday's regular trading at $3.68 on the NYSE.
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