This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Abraxas Petroleum Comes up Short

NEW YORK ( TheStreet) -- Abraxas Petroleum (AXAS - Get Report) came up short in its third quarter earnings released after the market close on Monday, and reined in its previous guidance for the full year.

Content on this page requires a newer version of Adobe Flash Player.

Get Adobe Flash player

The drilling play reported a loss of one cent on revenue of $14 million. The Street consensus was for revenue of $17 million and a gain of two cents.

Abraxas Petroleum said it won't meet its previous 2010 guidance goal of 15% earnings growth.

Abraxas Petroleum shares reached a 52-week high last week. Abraxas shares were down 4% in after-hours trading on Monday.

"Due to the timing delays of bringing wells on-line, principally due to the lack of service equipment in the Williston Basin, and the non-core divestiture program, the previously issued guidance is overstated by approximately 15%," the company said

At the same time, Abraxas is increasing spending for 2011 to $40 million, a 33% increase over 2010. Approximately 50% of the 2011 budget will be spent on horizontal oil wells in the Bakken/Three Forks and Niobrara plays in the Rocky Mountain region. The other 50% of the spending increase will target conventional oil in the Permian Basin and onshore Gulf Coast regions of the United States and central Alberta in Canada.

-- Written by Eric Rosenbaum from New York.

>To contact the writer of this article, click here: Eric Rosenbaum.

>To follow the writer on Twitter, go to Eric Rosenbaum.

>To submit a news tip, send an email to:

Copyright 2009 Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
AXAS $3.30 0.00%
YHOO $44.13 0.00%
TSLA $187.59 0.00%
AAPL $124.25 0.00%
FB $81.66 0.00%


DOW 17,698.18 -77.94 -0.44%
S&P 500 2,059.69 -8.20 -0.40%
NASDAQ 4,880.2280 -20.6570 -0.42%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs