The third-quarter earnings reports from two Lafayette-based energy companies reflect an improved environment for oil and gas companies.
Stone Energy Corp. turned a profit of $1.3 million, or 6 cents per share. The reorganized company said its results were not comparable to those before the company emerged from Chapter 11 bankruptcy.
PetroQuest Energy reduced its loss to $3.1 million, or 15 cents per share, compared to a loss of $23.3 million, or $1.31 per share, a year ago. The 2016 results included a paper loss of $8.7 million. The company cut its 2017 general and administrative expenses by $5.5 million.
Both companies outperformed Wall Street's expectations. Stock analysts surveyed by Zacks Investment Research expected Stone to lose 31 cents per share and PetroQuest to lose 17 cents per share.