Goodrich Petroleum Swings to 2Q Profit, Fueled by Higher Oil Prices, Productionadmin
Wednesday, August 9th 2006
Oil and gas explorer Goodrich Petroleum Corp. swung to a profit in the second quarter, as revenue soared on the strength of oil and gas prices and increased production.
On Monday after the closing bell, Goodrich said net income after paying preferred dividends was $2.8 million, or 11 cents per share, compared with a loss of $603,000, or 3 cents per share, a year ago. Revenue more than doubled to $30.6 million from $13.5 million, as the average oil price per barrel rose 55 percent to $58.04.
The per-share earnings missed analysts’ expectations by a penny, but the revenue results surpassed Wall Street’s consensus projection of $28.8 million, according to a Thomson Financial poll.
Goodrich said production volumes ballooned year over year, with natural gas making up 83 percent of its total output.
The company’s commodities fetched sharply higher prices in the quarter. Oil garnered $58.04 per barrel compared with $37.35 in the same quarter last year. Natural gas and oil averaged $7.39 per thousand cubic feet, up from $6.77 a year ago. **(AP)