Oil and gas company EXCO Resources Inc. (XCO) Tuesday reported first-quarter net income of $158 million or $0.74 per share, compared with net loss of $282 million or $1.32 per share last year.
Results for the recent quarter included a $187 million gain from the contribution of 74.5 percent of the company's interests in certain conventional properties to its partnership with Harbinger Group Inc. (HRG). Meanwhile the prior year was impacted by a $276 million non-cash ceiling test write-down of oil and natural gas properties.
Excluding items, adjusted earnings for the quarter were $28.8 million or $0.13 per share, compared to $6.7 million or $0.03 per share a year ago.
Revenues for the quarter were $138 million, compared to $135 million a year ago.
Analysts polled by Thomson Reuters estimated earnings of $0.08 per share on revenues of $147.03 million for the quarter. Analysts' estimates typically exclude special items.
Oil, natural gas and natural gas liquids (NGL) production was 41 Bcfe, or 452 Mmcfe per day, for the quarter, down from 49 Bcfe, or 537 Mmcfe per day a year ago. The decline reflects the impact of the properties contributed to the partnership with HGI and its reduced drilling program initiated in 2012.
Shares of the company gained 3.5 percent in after-hours trade on the NYSE.
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