Nov 3 - Oil and gas explorer Exco Resources Inc's (XCO.N) adjusted quarterly profit fell short of Wall Street expectations, hurt by lower production and a drop in average realized prices.
For the latest third quarter, the company earned $433.3 million, or $2.05 a share, compared with a loss of $153.3 million, or 80 cents a share, last year.
Adjusting for items, the company earned 20 cents a share, compared with an adjusted profit of 23 cents a share, a year ago.
Oil and natural gas revenue at the Dallas, Texas-based company, fell 28 percent to $239 million, adjusted for the cash settlements of derivatives.
Realized prices fell 66 percent for natural gas and 45 percent for oil. Oil and natural gas production fell nearly 13 percent to 347 million cubic feet equivalent per day (Mmcfe/d).
Divestitures in the quarter reduced production by about 125 Mmcfe/d for the last 48 days of the quarter, the company said.
Analysts on average were looking for a profit of 22 cents a share, on revenue of $228.6 million, according to Thomson Reuters I/B/E/S.
The company, which expects capital expenditures for the full year to come in at about $400 million, said it would continue increasing drilling and completion activity in the Haynesville shale.
Shares of the company, which have so far quadrupled from its November 2008 year-low, closed at $16.61 Tuesday on the New York Stock Exchange.
For the latest third quarter, the company earned $433.3 million, or $2.05 a share, compared with a loss of $153.3 million, or 80 cents a share, last year.
Adjusting for items, the company earned 20 cents a share, compared with an adjusted profit of 23 cents a share, a year ago.
Oil and natural gas revenue at the Dallas, Texas-based company, fell 28 percent to $239 million, adjusted for the cash settlements of derivatives.
Realized prices fell 66 percent for natural gas and 45 percent for oil. Oil and natural gas production fell nearly 13 percent to 347 million cubic feet equivalent per day (Mmcfe/d).
Divestitures in the quarter reduced production by about 125 Mmcfe/d for the last 48 days of the quarter, the company said.
Analysts on average were looking for a profit of 22 cents a share, on revenue of $228.6 million, according to Thomson Reuters I/B/E/S.
The company, which expects capital expenditures for the full year to come in at about $400 million, said it would continue increasing drilling and completion activity in the Haynesville shale.
Shares of the company, which have so far quadrupled from its November 2008 year-low, closed at $16.61 Tuesday on the New York Stock Exchange.
