Low energy prices rock Stone's performance
LAFAYETTE, La. (AP) — Plunging energy prices slashed the value of Stone Energy Corp.'s oil and gas properties and sent the Lafayette-based company to a first-quarter paper loss of $327.4 million, or $5.93 per share.
The first-quarter results included a $314.5 million after-tax write-down of its oil and gas properties. Without that charge, Stone lost $12.9 million, or 23 cents per share, on revenue of $148.2 million. A year earlier, the company reported a profit of $25.9 million, or 52 cents per share, on revenue of $222.6 million.
Stone reported its earnings after the market closed Monday. The company sold its oil for an average of $66.28 per barrel, $20.97 more than the actual market price — during the first quarter.