Southwestern Energy 4Q profit down |
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Thu, 01 Mar 2007 00:49
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HOUSTON (AP) - Natural gas producer Southwestern Energy Co. said Wednesday its fourth-quarter profit fell 31 percent on lower natural gas prices and higher operating costs.Southwestern Energy earned $33.8 million, or 20 cents per share, compared with $48.9 million, or 29 cents per share, for the same quarter in 2005.Revenue declined 3 percent to $214 million from $220.7 million in the year-ago period.Analysts polled by Thomson Financial had expected a profit of 22 cents per share on revenue of $170.8 million.Gas and oil production totaled 20.7 billion cubic feet equivalent for the 2006 period, up from 15.7 billion cubic feet equivalent in the fourth quarter of 2005.However, company officials said the increase in production was more than offset by a 19 percent decline in natural gas prices realized and increases in operating costs.The 2006 quarter's results also included a $3.3 million loss accrual related to the settlement of outstanding litigation, Southwestern said.For the full-year 2006, Southwestern earned $162.6 million, or 95 cents per share, compared with $147.8 million, or 95 cents per share, in 2005. Revenue rose to $763.1 million from $676.3 million the year before.Southwestern shares fell 81 cents, or 2 percent, to $38.31 in aftermarket trading, after closing up 69 cents at $39.12 on the New York Stock Exchange.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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