Goodrich Petroleum Corp. reported a net loss of $25.2 million, or 44 cents per share, compared to a loss of $87.1 million, or $1.96 per share, a year ago.
The company said its results were affected by the sale of production in the Eagle Ford Shale, as well as a field in east Texas.
Stock analysts surveyed by Zacks Investment Research had forecast a loss of 21 cents per share.
Goodrich is one of the few companies targeting the Tuscaloosa Marine Shale, a formation thought to contain as much as 9 billion barrels of oil. The shale stretches across Louisiana into Mississippi. But well costs in the developing formation remain among the most expensive in the country, a huge problem given the drop in oil prices.
Goodrich’s stock has fallen to less than $1 per share. Earlier this year Goodrich reported it would not renew leases on 50,000 of its 300,000 acres.
Goodrich said it will continue to focus on reducing its expenses. The company has cut its debt by $198 million since the end of the second quarter.