For the third quarter of 2011, Lafayette-based independent producer Stone Energy reported net income of $51.8 million, or $1.06 per share, on oil and gas revenue of $207.7 million. That’s $32 million more than the company earned in the comparable quarter last year and came as a surprise to Wall Street, beating analysts’ predictions by 28 cents per share.
Stone’s 2010 third quarter net income was $19.4 million, or $0.40 per share, on oil and gas revenue of $153.2 million.
The company reported that discretionary cash flow totaled $161.2 million during the third quarter of 2011, as compared to $92.5 million during the third quarter of 2010.
Net daily production of oil and natural gas were up in the third quarter, with prices averaging $103.51 per barrel of oil and $5.17/mcf of natural gas, compared to last year’s average prices of $72.52 per barrel and $5.48/mcf.
Announced Wednesday, the company’s surprising performance has sent its share price up almost 13 percent from Tuesday to Thursday. The stock closed at $26.24 Thursday. The stock has traded between $14.64 and $35.94 over the past 52 weeks.
In the earnings release, Stone President and CEO Dave Welch had this to say about the company's strategy:
Our strategy is progressing in each of our business units as we have a number of significant projects nearing completion, while others are commencing. We are nearing the objective at our ultra-deep Lighthouse Bayou prospect. Production from our Mary field inWest Virginia is scheduled to come on line in November, which should boost Appalachian volumes to 30-40 Mmcfe per day, including liquids. Our first deep water discovery at Pyrenees is due to commence production for the first quarter at a rate of over 60 Mmcfe per day (gross). Production from the LaPosada/La Cantera Deep Gas discovery is expected by the second quarter of 2012. Finally, three wells in our Deep Waterportfolio are substantially permitted and poised for drilling in 2012. Production growth in the fourth quarter and in 2012, combined with attractive Gulf Coast oil prices and an undrawn credit facility recently reaffirmed at a$400 million borrowing base, should provide liquidity for the drilling of these attractive projects. Additionally, the proceeds from the pending divestiture of our non-operated working interest at Main Pass 296/311 will be targeted for growth opportunities.
Read the full earnings report here.
It will be next month before Gov. Bobby Jindal will likely get a chance to change the membership of a South Louisiana flood board that is suing dozens of oil, gas and pipeline companies.
Newly established honor recognizes outstanding local attorneys; Neuner and McGoffin win President's Award; and Blanchard named Outstanding Young Lawyer.
Daily paper constructing new digs near production plant on Rieger Road at Siegen Lane, near I-10.
Investigation finds Arnaud’s Furniture, Carroll Building Specialties and Crazy Charlie’s Shoes running misleading going-out-of-business sales.
Critics say workers and retirees are being held responsible for the Jindal administration's mismanagement of their program.
Potenza Marketing makes fastest-growing companies list.
Local 101 class Friday
“Byzantine” is the word members of the nominating committee for the local flood protection authority often use to describe the complicated, multi-layered matrix of qualifications that must be met to fill a vacancy on that board.
In the Pelican State, Benjamin Franklin buys you about $109 worth of stuff.
Brittan Bush joins Liskow & Lewis, Blake David installed as the Third District Member of the Louisiana State Bar Association’s board of governors, and Simien & Miniex announces 2014 scholarship winners.
“In some cases, we’ve found that these parts are nothing more than used junk yard parts. In others, we’ve found them to be foreign knock-off parts of questionable quality.”
The old Daily Advertiser building on Jefferson Street is being rehabbed as the owner prepares to move it back into commerce.
Its fourth leader gone after two years on the job, the facility struggles to balance the tension between its two missions.
Hub City Cycles hits the ground running through small-business center opportunity.
The future of the coastal loss lawsuit could rest in hands of board’s nominating committee.
Leaders from the local tech community ponder the question: What's missing from Acadiana's tech ecosystem?
AT&T’s U-verse heads our way. Here’s what it means for you.
LITE’s virtual environments are changing the way local employees learn how to do their jobs.
Local tech gurus will go the distance to call Lafayette home.
A look at recent hires, promotions and other news from Acadiana's business community.
New Johnston Street eatery catapults to No. 1 spot in nearly 200-location chain.
By identifying companies that match the output of its post-secondary educational institutions, Lafayette is creating opportunities that keep highly trained graduates in the area.
Gideon’s Promise lauds G. Paul Marx’s work to improve the quality of indigent defense and helps train five new public defenders.
What will INNOV8 4.0 look like?
Courtesy Ford is honored; EatLafayette fêtes itself