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Stone Energy Second Quarter Earnings
08/06/08 - 10:35 AM
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Independent petroleum producer Stone Energy Corp. recorded a sharp jump in second-quarter earnings, largely boosted by high oil and natural gas prices, that exceeded analysts’ forecasts, the company said.

For the April-through-June period, Stone earned $82.8 million, or $2.91 per share, compared with year-ago earnings in the second quarter of $72 million, or $2.60 per share. Revenue rose to $263 million from $199.9 million. 

Analysts surveyed by Thomson Financial had forecast per-share earnings of $2.90 and revenue of $227.5 million.

Production dropped slightly because of Stone’s sale in 2007 of most of its Rocky Mountain properties. The company realized an average oil price of $110.10 per barrel and a gas price of $11.46 per thousand cubic feet, compared with $64.41 and $7.50 a year ago.

Lease operating expenses fell to $34.9 million from $40.5 million.

For the first half of 2008, Stone earned $145 million, or $5.13 per share, on revenue of $66.2 million, compared with January through June of 2007 when the company earned $82.5 million, or $2.98 per share, on revenue of $373.2 million.

The results were released after financial markets closed Tuesday. In premarket trading Wednesday, Stone shares were unchanged at $46.22. The shares have traded in a 52-week range of $27.43 to $73.96.

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