Nov 3 - Independent oil and natural gas company Stone Energy Corp (SGY.N) reported a third-quarter profit that beat estimates, helped by an increase in production, and raised its full-year production outlook.
For the quarter, net income was $51.1 million, or $1.06 a share, compared to $34.1 million, or $1.04 per share, a year earlier. Operating revenue rose 18 percent to $202.7 million.
Analysts on average were expecting Stone Energy to earn 64 cents a share, on revenue of $144.6 million, according to Thomson Reuters I/B/E/S.
Net daily production volumes during the quarter averaged 239 million cubic feet of gas equivalent (mmcfe) compared with 129 mmcfe a year earlier.
Stone Energy forecast fourth-quarter production of 225 to 235 mmcfe/day and raised its full-year outlook to 210 to 220 mmcfe/day from 205 to 225 mmcfe/day.
"We expect to gain further traction in exploration in 2010 with increased drilling in our Marcellus shale play in Appalachia and in the GOM deepwater," Chief Executive David Welch said in a statement.
Shares of the company rose 5 percent to $18.24 in trading after the bell. They closed at $17.39 Tuesday on the New York Stock Exchange.
For the quarter, net income was $51.1 million, or $1.06 a share, compared to $34.1 million, or $1.04 per share, a year earlier. Operating revenue rose 18 percent to $202.7 million.
Analysts on average were expecting Stone Energy to earn 64 cents a share, on revenue of $144.6 million, according to Thomson Reuters I/B/E/S.
Net daily production volumes during the quarter averaged 239 million cubic feet of gas equivalent (mmcfe) compared with 129 mmcfe a year earlier.
Stone Energy forecast fourth-quarter production of 225 to 235 mmcfe/day and raised its full-year outlook to 210 to 220 mmcfe/day from 205 to 225 mmcfe/day.
"We expect to gain further traction in exploration in 2010 with increased drilling in our Marcellus shale play in Appalachia and in the GOM deepwater," Chief Executive David Welch said in a statement.
Shares of the company rose 5 percent to $18.24 in trading after the bell. They closed at $17.39 Tuesday on the New York Stock Exchange.
