PetroQuest Energy, Inc. updated the investment community and shareholders on the company’s financial results and oil and gas activities during the second quarter of 2010.
PetroQuest Energy, Inc. reported total oil and gas production of 7.3 billion cubic feet equivalent in the second quarter of 2010, compared to 8.6 billion cubic feet equivalent in the corresponding quarter of 2010. The company attributed the sharp decline in year over year production to reduced capital spending in 2009 during the recession and financial crisis.
PetroQuest Energy, Inc. realized an average price of $77.20 per barrel for oil and $4.67 per Mcf for natural gas during the second quarter of 2010. PetroQuest Energy, Inc. reported net income of $5.2 million, or $0.08 per share in the second quarter of 2010. The company earned net income of $7.7 million, or $0.15 per share in the second quarter of 2010.
PetroQuest Energy, Inc. also released guidance for the third quarter of 2010, ending September 30, 2010. The company expects total production to be in a range from 83 million to 88 million cubic feet equivalent per day, with 88% of this production expected to be natural gas. Capital expenditures for the full year are $100 million to $110 million.
For more information on the company, go to http://www.petroquest.com/