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HOUSTON - Oil and natural gas company W&T Offshore Inc. said Tuesday its second-quarter profit nearly tripled on higher realized prices for its products.
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W&T Offshore reported net income of $134.6 million, or $1.77 per share, in the second quarter of 2008 compared to $45.5 million, or 60 cents per share, during the second quarter of 2007.
The company said when excluding a $10.2 million unrealized derivative loss, $6.7 million after-tax or 9 cents per share, it earned $141.3 million, or $1.86 per share.
Revenue increased 69 percent to $461 million from $272.6 million in the year-ago quarter.
Analysts surveyed by Thomson Financial, on average, expected earnings of $1.84 per share on revenue of $433 million. Analysts typically exclude one-time items from their estimates.
"We drilled ten wells this quarter and continue to enjoy high success rates," Tracy W. Krohn, W&T Offshore's chairman and chief executive said in a statement. "We are eleven of thirteen in exploration wells for the year, an 85 percent success rate, and one for one in development drilling."
U.S. stocks were mixed on Thursday after retailers reported mostly disappointing sales while other big-name companies announced layoffs and Europ...
China markets opened lower on Tuesday morning as the investors' confidence hit by the signals that global recession are deepening.
The markets have spoken: risk aversion is still the name of the game and that was obvious since the beginning of the week.
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