The decrease in net earnings, EBITDA, and discretionary cash flow, each as adjusted, was primarily due to lower average natural gas prices (including the effects of derivatives) and net sales volumes, partially offset by higher oil and natural gas liquids prices (including the effects of derivatives).
FOREST REMAINCO SECOND QUARTER 2011 EARNINGS
The information contained throughout the remainder of this press release, unless otherwise indicated, relates only to Forest on a pro forma basis and excludes the operations of Lone Pine (hereinafter referred to as Forest Remainco).
Forest Remainco reported the following highlights for the three months ended June 30, 2011:
- Equivalent net sales volumes of 335 MMcfe/d, including liquids net sales volumes of 15,500 Bbls/d
- Adjusted net earnings of $33 million, or $.29 per diluted share
- Adjusted EBITDA and discretionary cash flow of $142 million and $107 million, respectively
- The non-cash effect of net unrealized gains on derivative instruments totaling $36 million ($23 million net of tax)
- A legal proceeding settlement of $7 million ($4 million net of tax)
- The Canadian dividend tax totaling $29 million ($18 million net of tax) associated with the restructuring of Forest’s Canadian business immediately prior to the initial public offering of Lone Pine
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV