Goodrich Petroleum Corp. (GDP) said that its loss in the second quarter narrowed from the previous year quarter. The results reflected a net gain on derivatives not designated as hedges, and income tax benefits.
Goodrich posted second quarter loss applicable to common stock of $36.5 million or $1.02 per share, compared to a loss of $40.6 million or $1.27 per share in the year-ago period.
On average, 18 analysts polled by Thomson Reuters expected the company to report a loss of $0.19 per share. Analysts' estimates typically exclude special items.
Results for the quarter included net $2.6 million gain on derivatives not designated as hedges, and income tax benefits amounted to $21.5 million.
Total revenues for the second quarter decreased 60% to $26.3 million from $65.2 million during the corresponding period last year. Analysts, on average, expected revenues of $51.69 million for the quarter.
The company stated that it achieved major breakthroughs on lease operating expenses, as it reduced LOE to $0.94 per Mcfe on a per unit basis.
Production volumes for the quarter grew 8% sequentially and 22% over the prior Year period.
For the remainder of 2009, the company is estimating that capital expenditures will be approximately $75 million, bringing full year capital expenditures near its previously announced budget of $230.0 million.
For the six months of the fiscal year net loss applicable to the common stock was $.34.8 million or $0.97 per share versus $67.6 million or $2.12 per share loss last year.
Total revenue for the six months plunged to $54.7 million from $111.5 million in the prior year period.
GDP closed Wednesday's regular trading session at $26.38, down $1.06 or 3.86%. In the after-hours, the shares further lost 5 cents.
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