LAFAYETTE — Independent petroleum producer Stone Energy Corp. more than doubled its second-quarter earnings as the company enjoyed sharply higher oil prices, the company reported Tuesday.
During the quarter ending June 30, Stone earned $57.2 million, or $1.17 per share, on revenue of $231.9 million. In the second quarter of 2010, Stone’s profit totaled $27.9 million, or 57 cents per share, on revenue of $27.9 million.
Oil production rose 12.5 percent from a year ago, while natural gas production dropped 5 percent, the company said.
Stone realized an average oil price of $113.79 per barrel, up from $76.16 a year ago, and a natural gas price of $4.96 per thousand cubic feet, up from $4.51.
The company has been pursuing a strategy of using conventional production on the shallow shelf of the Gulf of Mexico to fund growth exploration areas in Appalachia, the Rockies and the deep-water Gulf regions.
The results were released after financial markets closed.
In Tuesday trading, Stone shares fell $1.47, or 4.5 percent, to close at $30.88.
The shares have traded in a 52-week range of $10.59 to $35.94.
Shaw signs contract for pipe fabrication
Shaw Group Inc., of Baton Rouge, has signed a multi-year contract with a private company to provide pipe fabrication services for a new $1 billion domestic manufacturing facility.
The private company’s name was not released.
Shaw will include the contract, valued at more than $100 million, in its backlog of unfilled orders in the fourth quarter of fiscal year 2011.
Some rules waived to haul hay to Texas
Louisiana’s agriculture and forestry commissioner said that oversized loads of hay going to Texas don’t have to meet the usual size restrictions or pay permit fees through Sept. 30.
Mike Strain said that will let Louisiana farmers send more hay at the lowest possible cost to help drought-stricken cattle farmers in Texas.
He said Louisiana’s departments of Transportation and Development, Public Safety, and Revenue will allow securely bound, round hay bales side-by-side on trailers up to 12 feet across and 14 feet high.
Carriers, owners and drivers must verify beforehand that the loads’ dimensions and weight are acceptable for all routes traveled, and are within weight limits for bridges and other structures.
Vehicles must have proper mirrors, and the oversize vehicles may only travel during daylight.
BR firm OK’d to sell mitigation credits
Resource Environmental Solutions LLC, of Baton Rouge, has won federal approval to sell credits from two of its mitigation banks in southwest Louisiana, the Bayou St. Clair Mitigation Bank near Breaux Bridge and Petit Bois Mitigation Bank in Calcasieu Parish.
“Economic development and infrastructure projects along Louisiana’s Gulf Coast all require permits when development activities that impact environmentally sensitive areas like wetlands,” Chief Executive Officer Elliot Boullion said in a news release. “RES is uniquely positioned to supply wetland offsets for commercial and government clients across the entire state of Louisiana.”
The U.S. Army Corps of Engineers, New Orleans district, approved the mitigation banks’ development and operation.
BR accounting firm buys Texas business
Baton Rouge accounting firm Planche, Politz, Ledet LLC has acquired Woodlands Bookkeeping Solutions in The Woodlands, Texas, PPL managing partner Patrick Planche said Monday in a news release.
Terms of the transaction were not disclosed.
PPL opened an office in The Woodlands in 2010. Tracy Gibson, the owner of Woodlands Bookkeeping Solutions, will join the staff in PPL’s office.
“We are pleased to count as part of our team the clients of Woodlands Bookkeeping Solutions whom Tracy has so ably served over the past five years,” Planche said in a statement.
Iberiabank plans to repurchase stock
Iberiabank Corp. announced plans to repurchase up to 900,000 shares, or roughly 3 percent, of the company’s outstanding common stock.
Stock repurchases will be made from time to time on the open market or in privately negotiated transactions at the discretion of the Lafayette company’s management and based on market conditions.
The program could last up to a year, Iberiabank said.