Stone Energy 2012: Profits Down but Revenue & Production Up
Stone Energy released fourth quarter and full year 2012 financials and an operations update yesterday. The company reported net income for 2012 totaled $149.4 million, or $3.03 per share, on revenue of $951.5 million compared with 2011 net income of $194.3 million, or $3.97 per share, on revenue of $869.9 million. CEO David Welch noted the company increased production and reserves for the third consecutive year. Welch said production and reserves are up mostly because of the Marcellus Shale.
Select portions of the Stone press release/update dealing with the Marcellus: