Stone Energy Corp. in Lafayette reported second-quarter net income of $4.4 million, or 8 cents per share, on oil and gas revenue of $205.0 million, down from $39.0 million, or 78 cents per share, on oil and gas revenue of $243.5 million in the second quarter of 2013.
Earnings also were down from $25.9 million, or 52 cents per share, on oil and gas revenue of $222.6 million in the first quarter of 2014.
Stone attributed the reduced earnings to lower natural gas and natural gas liquids prices and a higher depreciation, depletion and amortization rate.
The company noted that it is on schedule with its Cardona/Cardona South development project; sanctioned its Amethyst development; spud a Utica shale test well; raised $226 million through an equity offering; and sold non-core conventional shelf assets for $200 million.
“Our deep-water development projects and steady Appalachia drilling underpin our projected production growth through 2016, while our deep-water portfolio, deep gas prospects and Utica position provide material exploration exposure into the future,” said
Chairman, President and Chief Executive Officer David Welch.