PetroQuest Energy Posts 1Q Loss

NEW ORLEANS (AP) — PetroQuest Energy Inc., an independent petroleum exploration and production company, on Tuesday posted a first-quarter loss driven by a hefty write-down related to deteriorating natural gas prices.

The Lafayette, La.-based company reported a net loss of $67 million, or $1.36 per share, compared with earnings of $14.2 million, or 28 cents per share in the prior-year period.

First-quarter results include a $104 million write-down resulting from the continued decline in natural gas prices.

Analysts surveyed by Thomson Reuters predicted an average revenue of 4 cents per share. Analysts typically exclude one-time items.

Revenue slid 22 percent to $59.5 million, down from the $76.6 million earned in the first quarter last year. Analysts expected revenue of $59.2 million, on average.

First-quarter production totaled 10.1 billions of cubic feet equivalent, a company record and a 28 percent increase compared to the prior-year period.

For the full year, the company expects production of 90 million to 100 million cubic feet equivalent per day. It plans to spend between $60 million and $90 million on capital projects for 2009.

PetroQuest also noted that in the second quarter it sold its East Texas Palmer and Hogan prospects to a private company for about $4.3 million. These properties represented about 1.3 million cubic feet equivalent per day of production during the first quarter of 2009.

Shares of the company fell 87 cents, or 20 percent, to $3.51 in afternoon trading.