Mariner Energy Inc. (ME), on Monday reported a net loss for the first quarter compared to profit in the corresponding quarter last year, hurt mainly by a non-cash, full cost ceiling test impairment charge, and also by lower commodity prices and decreased production volumes as a result of Hurricane Ike.
The company reported a net loss attributable to Mariner of $424.1 million or $4.77 per share for first quarter of 2009, compared to net income of $72.2 million or $0.82 per share in the prior year quarter. The result for the latest quarter included a non-cash, full cost ceiling test impairment charge of $704.7 million.
Adjusted net income was $19.8 million or $0.22 per share for the latest quarter. On average, 14 analysts polled by Thomson Reuters expected the company to earn $0.01 per share for the first quarter. Analysts' estimate typically excludes special items.
First quarter total revenues declined to $243.3 million from $315.9 million in the same quarter of last year. Ten analysts had a consensus revenue estimate of $224.80 million for the first quarter.
Net production for the first quarter decreased to 29.5 billion cubic feet of gas equivalent or Bcfe from 31.3 Bcfe in the previous year quarter.
Mariner's average realized natural gas price slipped to $6.95 per thousand cubic feet or Mcf from $8.57 per Mcf in the preceding year quarter. Average realized NGL price was $23.70 per Bbl for the first quarter 2009, down from $55.65 per Bbl in the prior year quarter.
ME closed Monday's regular trading session at $12.47, down 96 cents or 7.15% on a volume of 1.41 million shares. In the after-hours, the shares gained $1.85 or 14.84%.
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