Abraxas Petroleum net income up

Abraxas Petroleum net income up

Abraxas Petroleum Corp. reported results for 2007 Tuesday, saying its net income rose to $56.7 million, or $1.22 a share, compared with net income of $700,000, or 2 cents a share, for 2006.

The company said the results consolidate income from the limited partnership it formed last year — Abraxas Energy Partners LP. Abraxas said the results included a pre-tax gain of $59.4 million from that transaction in May 2007 and include an unrealized hedge loss of $6.3 million associated with Abraxas Energy.

The San Antonio-based exploration and production company did not break out fourth-quarter results. It said it plans to spend $55 million on capital projects in 2008.

Share this post