New Orleans-based independent petroleum producer McMoRan Exploration Co. posted a fourth-quarter profit on higher oil prices and a settlement of its 2008 hurricane insurance claims, the company reported Jan. 17.
For the October-through-December quarter, McMoRan earned $28.4 million, or 16 cents per share, on revenue of $121.9 million. In the fourth quarter of 2010, McMoRan lost $84.3 million, or 83 cents per share, on revenue of $99 million.
McMoRan said it posted a one-time gain of $39.1 million to settle storm claims.
Analysts surveyed by FactSet had forecast a per-share loss of 13 cents on revenue of $116.5 million. Those forecasts typically do not include one-time items.
McMoRan has been focusing much of its activity on deep drilling for natural gas reserves in the shallow-water shelf of the Gulf of Mexico. During the fourth quarter, the company realized an average gas price of $3.57 per thousand cubic feet, down from $4.05 a year ago, along with an oil price of $111.46 per barrel, up from $83.23.
Compared with the fourth quarter of 2010, natural gas production rose 27 percent, oil production fell 8 percent and natural gas liquids production rose 40 percent, the company said.
Was this article valuable?
Here are more articles you may enjoy.
After Greg Biffle Plane Crash, Police Think ‘Friends’ Stole From His NC Home 
Viewpoint: Decades-Old Approach to Workers Comp Claims Must Change 
China’s Unprecedented Defiance of US Sanctions Triggers Showdown 
Florida Woman Drives Elevated Pickup Over Lamborghini Sports Car in Parking Lot 
