Oil and gas producer Mariner Energy Inc. posted a first-quarter loss driven by a $704.7 million write-down on gas properties amid weakened natural gas prices.
The company on Monday reported a loss of $424.1 million, or $4.77 per share, compared with earnings of $72.2 million, or 82 cents per share, during the prior-year period.
Results include a $704.7 million charge related to the value of gas properties. Excluding nonrecurring items, adjusted earnings came to $19.8 million, or 22 cents per share. Mariner said that lower commodity prices and decreased production volumes hurt comparable year-over-year results.
Analysts surveyed by Thomson Reuters estimated a profit of 1 cent per share, on average. Analysts typically exclude one-time items.
Revenue slid 23 percent to $243.3 million, down from $315.9 million in the prior-year period. Analysts forecast an average revenue of $224.6 million.
Shares of the company rose 5 cents to $12.52 in afternoon trading.
source yahoo
The company on Monday reported a loss of $424.1 million, or $4.77 per share, compared with earnings of $72.2 million, or 82 cents per share, during the prior-year period.
Results include a $704.7 million charge related to the value of gas properties. Excluding nonrecurring items, adjusted earnings came to $19.8 million, or 22 cents per share. Mariner said that lower commodity prices and decreased production volumes hurt comparable year-over-year results.
Analysts surveyed by Thomson Reuters estimated a profit of 1 cent per share, on average. Analysts typically exclude one-time items.
Revenue slid 23 percent to $243.3 million, down from $315.9 million in the prior-year period. Analysts forecast an average revenue of $224.6 million.
Shares of the company rose 5 cents to $12.52 in afternoon trading.
source yahoo
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