Toreador: Third quarter results
Toreador sees loss
International oil and gas producer Toreador Resources saw a net loss of $12.5 million for the third quarter.
During the same period, Toreador’s revenue fell from $9.6 million in the third quarter last year to $5.2 million in the most recent quarter as the company’s sales felt the negative impact of a global decline in oil prices and a temporary drop in oil production.
On an earnings-per-share basis, Toreador posted a net loss of 59 cents per share during the quarter, which is down from last year when the company’s earnings-per-share figure broke even during the third quarter, the Dallas Business Journal said.
Operating expenses doubled to $7 million in the quarter versus the same quarter last year, due in part to costs of relocating the company's headquarters from Dallas to Paris, France, and costs related to the sale of subsidiaries.
Company boss Craig McKenzie credited the sale of the company’s assets in Turkey and Hungary for allowing Toreador to move forward in paying down debt.
“We have recently repurchased an additional $9 million of our convertible senior notes, which reduces our debt from $110.3 million at the beginning of this year to a current level of $54.7 million. Reducing the company’s debt has contributed to our ability to create value for our shareholders in spite of the challenging economic environment,” McKenzie said in a statement.