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PetroQuest Energy Inc., an independent petroleum producer, rode higher prices to a larger second-quarter profit, but fell short of analysts’ forecasts, the company said Wednesday.
For the three months ending June 30, PetroQuest posted earnings of $23.1 million, or 41 cents per share, on revenue of $92.9 million, compared with year-ago earnings in second quarter of $9.6 million, or 19 cents per share, on revenue of $66.8 million.
Analysts surveyed by Thomson Financial had forecast per-share earnings of 45 cents and revenue of $92.5 million for the latest quarter.
PetroQuest said it realized an average oil price of $112.48, up from $68.06 in the second quarter of 2007. Natural gas prices for the company averaged $9.64 per thousand cubic feet, up from $7.42.
The company registered an 11 percent increase in lease operating expenses brought on by higher maintenance and repair costs and higher prices for materials and services.
For the first six months of 2008, PetroQuest earned $38.5 million, or 69 cents per share, on revenue of $169.7 million, compared with first-half earnings in 2007 of $20.4 million, or 41 cents per share, on revenue of $130.8 million.
In premarket trading, PetroQuest shares fell 90 cents, or 4.8 percent, to $18.88. The shares have traded in a 52-week range of $10.02 to $29.18.
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