Stone Energy Slips To Loss

(RTTNews) - Stone Energy Corp (SGY) Monday reported third-quarter net loss of $29.4 million or $0.54 per share compared with a profit of $36 million or $0.72 per share last year.

Excluding items, adjusted earnings for the quarter were $0.01 per share.

Revenues for the quarter were $183 million compared with $256.7 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.07 per share on revenues of $182.5 million for the quarter. Analysts' estimates typically exclude special items.

Net daily production during the quarter averaged 39.6 thousand barrels of oil equivalent (MBoe) per day (237 MMcfe per day), compared with 49.4 MBoe (296 MMcfe) per day in the prior year.

For the fourth quarter, the company expects to produce 240 to 264 MMcfe per day.