Adjusted net income for the second quarter totaled $145 million or $0.77 per share diluted. Excluded from adjusted net income were unrealized gains from commodity hedges and 2 domestic asset impairments related to commodity prices. As previously announced, we have recorded $118 million pretax in exploration expense related to the Deep Blue project, which reduced earnings this quarter by approximately $0.42 a share.
Revenues from continuing operations were $966 million for the quarter. That's up 15% from the second quarter last year, with a big driver in the growth being crude and condensate revenue, which was up 57%. Our total sales volumes for the quarter, including sales from discontinued operations, were 231,000 barrels of oil equivalent per day, which was near the upper end of our second quarter guidance range. As expected, total sales were down from the first quarter due to planned maintenance early in the quarter at the Atwood plant, as well as reduced gas sales in Israel where we continue to manage reservoir depletion.
In addition, we experienced an impact in the DJ basin of approximately 4,000 barrels a day equivalent as a result of third-party processing downtime and hot weather. Over 85% of the volume decrease from the first quarter was in natural gas sales, with the remaining decrease in natural gas liquids. Crude oil volumes were actually up 2% over the first quarter. Sales from continuing operations averaged 224,000 barrels of oil equivalent per day. Of that amount, sales of crude and condensate represented 86,000 barrels a day, which is a 62% increase over the second quarter last year.
Domestic sales totaled 134,000 barrels of oil equivalent per day and benefited from the first full quarter of production from South Raton, as well as the start up of Galapagos near the end of the quarter, as well as strong results from the horizontal drilling programs in the Marcellus and the Wattenberg and the Niobrara. Internationally, sales volumes were 90,000 barrels of oil equivalent per day. We brought Alba back to full production after completing maintenance early in the second quarter and delivered another very strong quarter of production from Aseng.Read the rest of this transcript for free on seekingalpha.com
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