The company, which recorded a net income of $136.6 million in the first quarter of 2011, recorded a 16% rise in gas and oil production to 133.4 billion cubic feet equivalent.
But operating income from the company’s exploration and production segment was $116.2 million for the quarter, compared to $178.3 million for the same period in 2011.
In addition to lower gas prices, Southwestern blamed increased operating costs and expenses due to increased activity for the fall, though this was partially offset by higher production.
Much
