LAFAYETTE — Independent petroleum producer PetroQuest Energy Inc. took a second-quarter loss Thursday as it reduced the estimated value of its natural gas assets.
For the quarter ending June 30, PetroQuest lost $3 million, or 5 cents per share, on revenue of $42 million. In the year-ago second quarter, the company earned $5.2 million, or 8 cents per share on revenue of $42 million.
In the latest quarter, the company said it reduced the estimate value of its gas assets by just under $13 million. That was a non-cash charge for PetroQuest.
During the second quarter, PetroQuest realized an average oil price of $112.27 per barrel, up from $77.20 a year ago. But natural gas prices for the company dropped to $3.58 per thousand cubic feet from $4.40 the year before.
Oil sales totaled $15.6 million, up from $11.9 million a year ago. Gas sales dropped to $21.5 million from $25.6 million, even though production increased slightly, the company said.
Hornbeck blames moratorium for loss
NEW ORLEANS — Offshore vessel provider Hornbeck Offshore Services Inc. posted its second consecutive quarterly loss Thursday, blaming it on the moratorium-driven slowdown in Gulf of Mexico petroleum activity.
In the meantime, the Covington-based company’s head said that Hornbeck has increased its work in Brazil and Mexico and plans more as the Gulf slowly recovers from last year’s drilling ban in the wake of the BP oil leak.
For the April-through-June period, Hornbeck lost $7 million, or 26 cents per share, on revenue of $80.8 million. In the year-ago second quarter, the company earned $13 million, or 48 cents per share, on revenue of $111.9 million. The company reduced its red ink from the first quarter, when it lost $9 million, or 34 cents per share, on revenue of $72.3 million.
Hornbeck said Gulf activity is picking up, though vessel rates remain soft.
In the meantime, Hornbeck said the company recently received two contracts for its modern multi-purpose service vessels to Gulf operators and has the prospect of obtaining two more.
Tidewater’s profits off 38% over last year
NEW ORLEANS — The future of Tidewater Inc., which provides vessel transport for the offshore petroleum industry, lies in international markets and away from its roots in the Gulf of Mexico, the company’s chief executive said Thursday.
Tidewater’s fiscal first-quarter profit fell 38 percent from a year ago. CEO Dean Taylor said he believed the company had reached the bottom of a business cycle, and he expects revenue to increase as new vessels commanding higher rates come into service.
Tidewater has been on a decade-long drive to modernize its fleet, which now consists of 373 vessels. During the latest quarter, Tidewater reported 262 vessels in active service, down 10 from a year ago.
For the three months ending June 30, New Orleans-based Tidewater earned $24.6 million, or 48 cents per share, on revenue of $254.6 million. In the year-ago quarter, Tidewater earned $39.8 million, or 77 cents per share, on revenue of $262.5 million.
Taylor said offshore drilling was increasing internationally. Tidewater, he said, will bring on a string of new vessels and try to push up rates. The company said that each new vessel might be a drag on earnings for a quarter or so before making more revenue.
Although Taylor said he expects revenue to rise, the company did not offer either revenue or profit guidance.