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Increased total daily production by 39 percent versus 2012 and 6 percent quarter-over-quarter
Achieved 54 percent growth in Eagle Ford production with 70 percent growth in daily oil production versus 2012
Announced entry into Permian's Delaware Basin and raised over $1 Billion in capital
HOUSTON, May 6, 2013 (GLOBE NEWSWIRE) -- Rosetta Resources Inc. (Nasdaq:ROSE) ("Rosetta" or the "Company") today reported first quarter 2013 net income of $53.5 million, or $1.01 per diluted share, versus net income of $22.3 million, or $0.42 per diluted share, for the same period in 2012. Adjusted net income (non-GAAP) for the quarter was $62.5 million, or $1.18 per diluted share, excluding an unrealized loss on derivatives of $14.0 million, or $9.0 million after-tax, versus $0.64 per diluted share in 2012. The income increase was due to production growth 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.
"Rosetta's first quarter results reflect a strong start in 2013 with record levels of production. We will continue to focus on efficient operational execution as we further expand the development of our Eagle Ford program," said Jim Craddock, Rosetta's Chairman, CEO and President. "Rosetta will also add significant oil-rich capital project inventory from our pending entry into the Permian Basin which will be our second core area. With an anticipated close date on or before May 14, Rosetta will work to quickly integrate these assets and move forward with our development program. We are well-positioned to continue to deliver double-digit production growth and competitive returns to our shareholders in the years ahead."
2013 First Quarter Results
Rosetta's total production for the quarter averaged an all-time record of 47.0 thousand barrels of oil equivalent per day ("MBoe/d"), up 39 percent from the same period in 2012 and 6 percent from the prior quarter. The increase was a result of continued production growth from the Eagle Ford assets. Oil production was 12.4 thousand barrels ("MBbls") per day, an increase of 67 percent from the prior year and 6 percent over the fourth quarter daily production rate. Oil and natural gas liquids ("NGLs") production both reached all-time high levels for the quarter. Total production for the quarter was 62 percent liquids, up from 52 percent in 2012. A summary of the Company's production results and average sales prices by commodity is included in the attached "Summary of Operating Data" table.