NEW YORK (AP) ¿ Panhandle Oil and Gas, Inc. said Wednesday that its fourth-quarter profit plunged by 96 percent as expanding supplies pushed energy prices lower.
The oil and natural gas producer, which has headquarters in Oklahoma City, reported net income of $343,376, or 4 cents a share in the three months that ended Sept. 30, compared with $8.78 million, or $1.04 a share in the same period of 2008.
Quarterly revenue dropped 55 percent to $10,983,290.
For the full year, Panhandle posted a loss of $2,405,021, or 29 cents per share, compared with a profit of $21,555,769, or $2.54 per share, in the 2008 fiscal year.Americans cut way back on energy use this year, and energy companies pumped expanding supplies into storage. The U.S. is now storing more natural gas than ever, according to the Energy Information Administration. In 2010, Panhandle said it plans to keep drilling in its Woodford and Fayetteville projects, and it said it would increase drilling operations in the Anadarko (Cana) Woodford project in Western Oklahoma. Panhandle stock rose 2 cents to $23.04 in after-hours trading.