- Achieved quarterly and annual all-time records in production and proved reserves
- Attained double-digit growth in Eagle Ford production and reserves for all products versus 2011
- Exited 2012 with self-funding Eagle Ford program
- Updated 2013 capital estimate to reflect lower Eagle Ford well costs
- Released higher 2013 volume guidance
HOUSTON, Feb. 25, 2013 (GLOBE NEWSWIRE) -- Rosetta Resources Inc. (Nasdaq:ROSE) ("Rosetta" or the "Company") today reported fourth quarter 2012 net income of $42.3 million, or $0.80 per diluted share, versus net income of $32.2 million, or $0.61 per diluted share, for the same period in 2011. Adjusted net income (non-GAAP) for the quarter was $42.0 million, or $0.79 per diluted share, excluding an unrealized gain on derivative activities of $0.6 million, or $0.4 million after-tax. Fourth quarter earnings also include a $0.14 per diluted share impact related to stock-based compensation.
For the year ended December 31, 2012, Rosetta reported net income of $159.3 million, or $3.01 per diluted share, versus a net income of $100.5 million, or $1.91 per diluted share, for the same period in 2011. Adjusted net income (non-GAAP) for the year was $146.7 million, or $2.77 per diluted share, excluding an unrealized gain on derivative activities of $19.7 million, or $12.6 million after-tax, versus $1.90 per diluted share in 2011. Adjusted net income increased versus 2011 primarily due to increased production and a higher liquids mix. A summary of the adjustments made to calculate adjusted net income is included in the attached "Non-GAAP Reconciliation Disclosure" table.
"The momentum of our Eagle Ford development activities accelerated during 2012 as we achieved record levels of production, reserves, and cash flow, and ended the year with a fully self-funding Eagle Ford program," said Randy Limbacher, Rosetta's chairman, CEO and president. "Rosetta is on track to deliver another year of double-digit production growth. In addition, we continue to advance our efforts to capture new opportunities and further expand our substantial inventory of projects."