Stone Energy 3Q12: Income Down, Revenue Up, Marcellus Expands
Stone Energy reported third quarter results yesterday. The company’s 3Q12 net income was down about half of what it was in 3Q11 (to $23.7 million), but overall revenue was higher—$226.7 million in 3Q12 vs. $209.3 million for 3Q11. The company reports drilling a total of 59 horizontal wells in the Marcellus Shale so far, 17 of them this year (in West Virginia). Of the 59 wells, 35 of them are currently producing.
Highlights from the Stone 3Q12 report: