Mariner Energy 3Q Net Income Jumps
Oil and gas company Mariner Energy Inc. said late Thursday third-quarter net income rose sharply as production jumped and oil prices rose.
Quarterly earnings totaled $36.4 million, or 43 cents per share, compared with $6.9 million, or 20 cents per share during the same period last year. Revenue climbed to $190.5 million, from $43.7 million.
Analysts polled by Thomson Financial expected net income of 37 cents per share on revenue of $186.1 million.
Production more than tripled to an average 247 million cubic feet equivalent per day, totaling 22.7 billion cubic feet of natural gas equivalent, compared to average daily production of 66 million cubic feet equivalent per day, or 6.1 billion cubic feet of natural gas equivalent a year ago, as production in the Gulf of Mexico rose through an acquisition.
Natural gas prices, excluding the effect of hedging, dropped to $6.92 per thousand cubic feet, from $8.67 per thousand cubic feet last year.
Oil prices averaged $63.54 per barrel from $60.33 per barrel a year ago.
