Higher oil and gas production fueled Mariner Energy Inc.'s 16 percent rise in fourth-quarter net income.
The Houston exploration and production company reported net income of $50.2 million, or 58 cents per share, on revenue of $253.6 million, for the three months ended Dec. 31, 2007. That compared with net income of $43.2 million, or 50 cents per share, on revenue of $221.1 million, for the same period in 2006.
Total natural gas net production for the fourth quarter was 18.4 billion cubic feet compared with 18.2 Bcf for the fourth quarter of 2006. Total oil net production for the 2007 fourth quarter was 1.1 million barrels compared with 1 MMBbls for the same period in 2006, the company said.
For the year, Mariner (NYSE: ME) posted net income of $143.9 million, or $1.67 per share, on revenue of $874.7 million, compared with net income of $121.5 million, or $1.58 per share, on revenue of $659.5 million.
The Houston exploration and production company reported net income of $50.2 million, or 58 cents per share, on revenue of $253.6 million, for the three months ended Dec. 31, 2007. That compared with net income of $43.2 million, or 50 cents per share, on revenue of $221.1 million, for the same period in 2006.
Total natural gas net production for the fourth quarter was 18.4 billion cubic feet compared with 18.2 Bcf for the fourth quarter of 2006. Total oil net production for the 2007 fourth quarter was 1.1 million barrels compared with 1 MMBbls for the same period in 2006, the company said.
For the year, Mariner (NYSE: ME) posted net income of $143.9 million, or $1.67 per share, on revenue of $874.7 million, compared with net income of $121.5 million, or $1.58 per share, on revenue of $659.5 million.
Source: Houston Business Journal
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