Nov 2 - Oil and natural gas company Forest Oil Corp (FST.N) posted third-quarter results that missed market expectations, partly hurt by lower commodity prices.
Forest Oil posted third-quarter net earnings of $172.3 million, or $1.53 a share, down from $429.0 million, or $4.71 a share, last year.
Excluding a non-cash gain of $163.9 million due to the change in valuation allowance for deferred tax assets, and other items, the company earned 48 cents a share.
Revenue fell 63 percent to $177.1 million.
Analysts on average were expecting earnings of 52 cents a share, before items, on revenue of $252.1 million, according to Thomson Reuters I/B/E/S
"With service costs approaching the trough in the cycle and commodity prices showing stability in 2010, we expect to continue to increase our core activity in the fourth quarter," Chief Executive Craig Clark said in a statement.
Forest Oil cut its 2009 forecast for oil and gas net sales volumes to a range of 182 to 192 billion cubic feet of natural gas equivalent, reflecting its divestiture activities and third-party pipeline or infrastructure shut-ins during the year.
Shares of Forest Oil closed at $19.50 Monday on the New York Stock Exchange.
Forest Oil posted third-quarter net earnings of $172.3 million, or $1.53 a share, down from $429.0 million, or $4.71 a share, last year.
Excluding a non-cash gain of $163.9 million due to the change in valuation allowance for deferred tax assets, and other items, the company earned 48 cents a share.
Revenue fell 63 percent to $177.1 million.
Analysts on average were expecting earnings of 52 cents a share, before items, on revenue of $252.1 million, according to Thomson Reuters I/B/E/S
"With service costs approaching the trough in the cycle and commodity prices showing stability in 2010, we expect to continue to increase our core activity in the fourth quarter," Chief Executive Craig Clark said in a statement.
Forest Oil cut its 2009 forecast for oil and gas net sales volumes to a range of 182 to 192 billion cubic feet of natural gas equivalent, reflecting its divestiture activities and third-party pipeline or infrastructure shut-ins during the year.
Shares of Forest Oil closed at $19.50 Monday on the New York Stock Exchange.
