July 30 - Independent oil and gas company Southwestern Energy Co (SWN.N) reported a lower second-quarter profit, hurt by lower realized natural gas prices and higher operating costs and expenses, and cut its full-year production outlook.
For the quarter, the company's net income was $121.1 million, or 35 cents per share, compared with $136.6 million, or 39 cents a share, a year earlier. Total revenue fell 21 percent to $477.5 million.
Analysts on average expected earnings of 36 cents a share, on revenue of $417.8 million, according to Reuters Estimates.
The company lowered its full-year production outlook to a range of 278 billion cubic feet of natural gas equivalent (bcfe) to 288 bcfe, from 289 bcfe to 292 bcfe.
"Southwestern estimates that its total gross operated production will be curtailed to about 650 MMcf per day, once the repairs to the Fayetteville Lateral Phase 1 facilities begin," the company said.
Shares of Southwestern closed at $41.44 Thursday on the New York Stock Exchange. It fell 5 percent to $39.27 after the bell.
For the quarter, the company's net income was $121.1 million, or 35 cents per share, compared with $136.6 million, or 39 cents a share, a year earlier. Total revenue fell 21 percent to $477.5 million.
Analysts on average expected earnings of 36 cents a share, on revenue of $417.8 million, according to Reuters Estimates.
The company lowered its full-year production outlook to a range of 278 billion cubic feet of natural gas equivalent (bcfe) to 288 bcfe, from 289 bcfe to 292 bcfe.
"Southwestern estimates that its total gross operated production will be curtailed to about 650 MMcf per day, once the repairs to the Fayetteville Lateral Phase 1 facilities begin," the company said.
Shares of Southwestern closed at $41.44 Thursday on the New York Stock Exchange. It fell 5 percent to $39.27 after the bell.
