Parallel Petroleum 4Q profit rises |
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Wed, 28 Feb 2007 23:52
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MIDLAND, Texas (AP) - Parallel Petroleum Corp. said Wednesday its fourth-quarter profit rose 32 percent, as the sale of pipeline assets during the quarter offset lower oil and gas prices.Quarterly earnings grew to $11.1 million, or 29 cents per share, from $8.4 million, or 24 cents per share, in the prior-year period. Operating revenue rose to $23.9 million from $21.6 million.The recent quarter includes a $9 million pretax gain related to the sale of the company's West Fork pipeline assets and a $2.8 million pretax, non-cash gain related to derivative instruments and hedges.Wall Street, on average, expected quarterly earnings of 12 cents per share, according to an analyst poll by Thomson Financial.During the recent quarter, Parallel Petroleum said it sold oil for an average unhedged price of $53.93 per barrel, down from $54.23 in the prior-year quarter, and natural gas for $6.43 per 1,000 cubic feet, down from $9.64 in the prior-year quarter.Full-year earnings totaled $26.2 million, or 71 cents per share, compared with a prior-year loss of $1.9 million, or 6 cents per share. Operating revenue rose to $97 million from $66.2 million.Parallel Petroleum shares rose 33 cents to $19.48 in the aftermarket.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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