Mariner rides earnings wave
Houston-based Mariner Energy saw first quarter earnings surge on higher
production and galloping oil prices as it took over StatoilHydro’s
production on the US Gulf of Mexico shelf.
The company reported first quarter net income of $72.1 million, up 89% from
the first quarter of 2007, and earnings per share of 82 cents, up 82%.
Revenues rose 49% to $315.9 million as average daily production rose 22% to
344 million cubic feet of natural gas equivalent.
Net cash from operations rose to $214.2 million from $153.6 million previously.
In addition to the StatoilHydro takeover, Mariner also started production at
its bass Lite and North-West Nansen field in the deep-water Gulf.
07 May 2008 05:21 GMT
| last updated:
07 May 2008 05:21 GMT
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