Petroleum Development Corp. Profit Increases 2.5 Percent in 4th Quarter on Higher Output
Petroleum Development Corp. late Monday reported its profit rose 2.5 percent in the fourth quarter as production grew sharply.
Net income for the three months through December increased to $8.2 million, or 55 cents per share, from $8 million, or 54 cents per share, a year earlier.
Analysts surveyed by Thomson Financial had expected the company to report earnings of 49 cents per share, on average.
For the full year, Petroleum Development earned $33.2 million, compared with $237.8 million a year earlier. Both figures included profits from leasehold sales.
The company said it spent the year integrating new acquisitions and building on its holdings in the Rocky Mountains. Total production in 2007 rose 65 percent to the equivalent of 27.97 billion cubic feet of natural gas.
Looking ahead, the company said it expects production to equal 38 billion cubic feet in 2008.
Petroleum Development shares fell 86 cents to $63.62 Tuesday morning.
