Stone Energy Corp. (SGY) Monday reported fourth-quarter net income of $44.2 million or $0.89 per share, compared with $45.5 million or $0.93 per share last year.
Revenues for the quarter were of $255 million, compared with $223.6 million a year ago.
Analysts polled by Thomson Reuters estimated earnings of $0.60 per share on revenues of $240.62 million for the quarter. Analysts' estimates typically exclude special items.
Net daily production volumes for the quarter averaged 45 MBoe (270 MMcfe) per day, compared with 36 MBoe (214 MMcfe) per day in the prior year.
Results were offset by operating expenses that increased to $176.5 million from $150 million in the prior year. Further, there was a rise in interest expense to $9.3 million from $2.8 million.
Looking ahead, average daily production for the first quarter is expected to be 38-40 MBoe (230-240 MMcfe) per day. Production has been negatively impacted by unplanned third party pipeline downtime in Appalachia, affecting about 60 MMcfe per day of projected volumes for January and most of February.
For the full year 2013, average daily production is expected to be 40 - 43 MBoe (240 - 255 MMcfe) per day.
The company expects capital expendiute, excluding acquisitions, of $650 million for the year.
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