Gas prices chop PetroQuest profits

Renjith Krishnan/freedigitalphotos.net

related stories

Bill Lehane

, Bill Lehane

 28 February 2012 11:24 GMT

New York-listed PetroQuest Energy has reported a steep drop in annual net income to $5.409 million in 2011, down around 87% from $41.987 million a year earlier as its gas-dominated portfolio suffered under low gas prices.

Sales decreased 10% over the year to $160.48 million from 2010’s $179.03 million, on production down 2% to 30.183 million cubic feet of equivalent.

The US independent cited the fall in gas prices during the past 12 months, with unit returns down by more than a quarter.

Among the charges posted was a $1.425 million bill for a legal settlement related to a drilling rig contract in the fourth quarter.

The company says it has now sought to accelerate the progress of its liquids rich-plays in the Woodford Shale and Mississippian Lime, as well…

Become an Upstream member!

Membership includes a subscription to our weekly newspaper providing in-depth news from the energy industry, plus full-access to this site and its archives. Still not convinced? Try our free trial.

Already a member?

Login

Upstream share price index