LAFAYETTE — Stone Energy Corp. reported fourth-quarter net income of $44.2 million, or 89 cents per share, down from $45.5 million, or 93 cents per share, a year earlier.
The Lafayette company’s fourth-quarter revenue totaled $254.9 million compared with $223.6 million for fourth-quarter 2011.
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.
Chief Executive Officer David Welch noted that the company increased production and reserves for the third consecutive year.
He attributed that to production and reserve growth in the Marcellus Shale, deep water and deep gas areas and Stone’s diversification of its reserves mix.
Copyright © 2015, Capital City Press LLC • 7290 Bluebonnet Blvd., Baton Rouge, LA 70810 • All Rights Reserved