Rosetta Resources Shares Rise On Financial Update

HOUSTON (AP) — Shares of Rosetta Resources Inc. rose on Friday a day after the oil and gas company affirmed its full-year capital budget, said it expects to build cash during the year and maintained its full-year production outlook.

The company's stock climbed $1, or 7.5 percent, to $14.43 in morning trading.

Rosetta affirmed its 2009 capital program at about $115 million and said it would be funded entirely from internally generated cash flow.

The company said it expects cash to build as it includes proceeds from noncore asset sales. Rosetta said it recently generated additional sale proceeds of $3.4 million, bringing this year's total to over $19 million. Total liquidity stands at about $240 million, which includes cash and undrawn capacity on bank lines.

Rosetta also held to its full-year production volume outlook of between 130 million and 140 million cubic feet equivalent per day.