Stone Energy Reports Loss, Misses Wall Street Forecast

LAFAYETTE, LA (AP) — Lafayette-based Stone Energy reports a second-quarter loss of $152.9 million, or $2.77 per share, compared to $4.4 million, or 8 cents per share, a year ago.

         However, those results included a $224.3 million write-down of the company's oil and gas properties because of lower prices. Without that charge, Stone lost $9.4 million, or 17 cents per share.

         Stock analysts surveyed by Zacks Investment Research expected a loss of 10 cents per share.

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         Chairman, President and CEO David Welch tells The Advocate the company will restrict most of its spending to deep-water projects.

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