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Rosetta Resources Inc. Announces 2013 Second Quarter Financial And Operational Results

Stocks in this article: ROSE

  • Completed acquisition of new core area in Permian's Delaware Basin
  • Expanded ownership interest in Gates Ranch leasehold
  • Successfully delineated new productive Eagle Ford acreage in northern LaSalle and Live Oak Counties
  • Increased total daily production by 46 percent versus 2012 and by 4 percent quarter-over-quarter
  • Reaffirmed 2013 annual guidance for capital, production, and expenses

HOUSTON, Aug. 5, 2013 (GLOBE NEWSWIRE) -- Rosetta Resources Inc. (Nasdaq:ROSE) ("Rosetta" or the "Company") today reported second quarter 2013 net income of $75.4 million, or $1.27 per diluted share, versus net income of $77.0 million, or $1.46 per diluted share, for the same period in 2012. Adjusted net income (non-GAAP) for the quarter was $52.3 million, or $0.88 per diluted share, versus $30.6 million, or $0.58 per diluted share in 2012. The increase in non-GAAP net income was primarily due to production growth in core areas. A summary of the adjustments made to calculate adjusted net income is included in the attached "Non-GAAP Reconciliation Disclosure" table.

"Rosetta's results in the second quarter exhibit our ongoing success in developing our portfolio of unconventional resource assets. Successful execution of our business and operational plan is one of our key strategic focus areas and we continue to deliver on that long-term charge," said Jim Craddock, Rosetta's Chairman, CEO and President. "On July 31st, we assumed full operations of our recently acquired Permian Basin position and the current quarter includes results since the transaction close date on May 14th. Rosetta has core asset positions in two of the premier unconventional resource basins in the U.S. which will allow us to further expand our project inventory and efficiently execute our development plans to generate favorable growth and returns in 2013 and beyond."

2013 Second Quarter Results

Rosetta's total production for the quarter averaged 48.8 thousand barrels of oil equivalent per day ("MBoe/d"), up 46 percent from the same period in 2012 and four percent from the prior quarter. The increase was a result of continued production growth from the Eagle Ford assets and the addition of newly acquired Permian assets at mid-quarter. Total production for the quarter was 62 percent liquids, up from 59 percent in 2012. Natural gas liquids ("NGLs") production reached an all-time high level for the quarter. Oil production was 12.2 thousand barrels ("MBbls") per day, an increase of 52 percent from the prior year and down two percent from the first quarter daily oil production rate.

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