LAFAYETTE, LA (AP) — Stone Energy Corp. reports a net loss of $29.4 million, or 54 cents per share, for the third quarter on oil and natural gas revenue of $175 million.
That compares to net income of $36.1 million, or 72 cents per share, a year ago on oil and natural gas revenue of $255.8 million.
The company said it recorded a pre-tax, non-cash charge of $47.1 million related to the impairment of oil and gas properties — primarily due to lower oil and gas prices. The Advocate reports it also cited increased transportation, processing and gathering expenses in Appalachia, which reduced the future net cash flows from proved reserves.
Without the non-cash charge, Stone would have earned adjusted net income of $700,000, or 1 cent per share.
