This Day On The Street
Continue to site
ADVERTISEMENT
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

Forest Oil Announces Second Quarter 2011 Results

The historical financial information of Forest set forth below has been derived from the historical unaudited consolidated financial statements of Forest and the Quarterly Report that will be filed on Form 10-Q for the quarter ended June 30, 2011.

The unaudited pro forma statements of operations presented do not purport to represent what the results of operations or financial position of Forest Remainco would actually have been had the spin-off of Lone Pine occurred at the beginning of each period presented, or to project the results of operations or financial position of Forest for any future periods. Management believes this information allows for a more comprehensive comparison of Forest Remainco’s results in 2011 and 2010.

FOREST OIL CORPORATION

Pro Forma Statements of Operations

(Unaudited)

                                                 
Pro Forma Forest Remainco Total Company
Three Months Ended June 30,
  2011     2010     2011     2010  
(In thousands, except per share amounts)
 
Revenues:
Oil, gas, and NGL sales $ 186,593 $ 169,699 $ 237,848 $ 207,954
Interest and other   278     138     286     141  
Total revenues 186,871 169,837 238,134 208,095
 
Costs, expenses, and other:
Lease operating expenses 23,483 22,479 32,463 28,422
Production and property taxes 12,655 11,862 13,278 12,487
Transportation and processing costs 3,415 3,271 7,805 6,020
General and administrative (including stock-based compensation of $3,057, $5,078, $2,961, and $5,457, respectively) 13,153 15,755 15,737 17,781
Depreciation, depletion, and amortization 52,360 46,072 73,322 62,446
Interest expense 36,516 35,332 38,842 37,109
Realized and unrealized gains on derivative instruments, net (40,917 ) (25,031 ) (46,047 ) (25,031 )
Other, net   8,835     3,282     12,052     14,549  
Total costs, expenses, and other   109,500     113,022     147,452     153,783  
 
Earnings before income taxes 77,371 56,815 90,682 54,312
 
Income tax expense   43,986     20,684     51,708     21,058  
 
Net earnings $ 33,385   $ 36,131   $ 38,974   $ 33,254  
 
Less: net earnings attributable to noncontrolling interest   -     -     64     -  
 
Net earnings attributable to Forest Oil Corporation $ 33,385   $ 36,131   $ 38,910   $ 33,254  
 
Weighted average number of common shares outstanding:
Basic   111,636     110,660     111,636     110,660  
Diluted   112,028     111,314     112,176     111,456  
 
Basic earnings per common share attributable to Forest Oil Corporation $ 0.29   $ 0.32   $ 0.34   $ 0.29  
 
Diluted earnings per common share attributable to Forest Oil Corporation $ 0.29   $ 0.32   $ 0.34   $ 0.29  
 




6 of 12

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
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,162.99 +121.45 0.67%
S&P 500 2,123.48 +19.28 0.92%
NASDAQ 5,106.5930 +73.8420 1.47%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs