Endeavour slugged by hedging losses
Houston-based North Sea player Endeavour International saw first quarter
losses deepen to $16.8 million from a loss of $3.1 million in the same
quarter last year as it took a 29.6 million hit on derivates losses and
suffered from the weak US dollar.
Losses per share rose to 15 cents from five cents previously.
Revenue for the quarter rose to $61.3 million from $42.8 million last time on
strong oil production and soaring oil production.
Endeavour said first quarter production rose to an average 10,128 barrels of
oil per day from 9767 bpd in the same quarter in 2007.
Excluding the derivatives and currency losses, Endeavour said its net loss
would have been 42 million, or a loss of two cents per share.
Operating income rose to $25.1 million from $7.5 million as the company kept
expenses under control amid higher production and revenue.
Endeavour International said its full-year guidance figures remained unchanged.
08 May 2008 06:37 GMT
| last updated:
08 May 2008 06:37 GMT
Latest jobs
