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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Forest Oil Announces Fourth Quarter And Year-End 2012 Results

Forest Oil Corporation (NYSE:FST) (Forest or the Company) today announced financial and operational results for the fourth quarter and full-year 2012 and provided year-end estimated proved reserves. References to pro forma results excludes asset sales completed during 2012 and the South Texas divestiture that closed on February 15, 2013.

Forest noted the following results for the three months ended December 31, 2012:

  • Average net sales volumes of 309 MMcfe/d; at the mid-point of previously provided guidance
  • Average oil net sales volumes of 8.7 MBbls/d; pro forma increase of 47% from the fourth quarter of 2011
  • Average liquids net sales volumes of 17.9 MBbls/d; pro forma increase of 21% from the fourth quarter of 2011
  • Adjusted net earnings of $17 million compared to $20 million in the corresponding 2011 period
  • Adjusted EBITDA of $132 million compared to $139 million in the corresponding 2011 period
  • Adjusted discretionary cash flow of $93 million compared to $104 million in the corresponding 2011 period

Due primarily to a non-cash ceiling test write-down of $279 million and debt extinguishment costs of $36 million, Forest reported a net loss of $287 million, or $(2.48) per share, for the three months ended December 31, 2012.

Patrick R. McDonald, President and CEO, stated, “Forest has made measurable progress in executing a strategic realignment of operational and financial priorities. On a pro forma basis, fourth quarter oil volumes increased 47% compared to the fourth quarter of 2011, liquids made up approximately 35% of our equivalent volumes, and we expect continued oil and liquids growth in 2013. Our estimated oil reserves increased 27% during 2012 and comprise 15% of estimated proved reserves at year-end 2012 as compared with 9% at year-end 2011 pro forma for divestitures.

1 of 14

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

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.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
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!
DOW 16,912.11 -70.48 -0.42%
S&P 500 1,969.95 -8.96 -0.45%
NASDAQ 4,442.6980 -2.2110 -0.05%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs