Forest Oil Corporation (NYSE:FST) (Forest or the Company) today announced financial and operational results for the second quarter of 2013.
Forest noted the following results for the three months ended June 30, 2013:
- Average net sales volumes of 211 MMcfe/d; 41% liquids compared to 37% liquids in the first quarter of 2013, pro forma for divestitures
- Average net oil sales volumes of 6.6 MBbls/d increased 14% compared to the first quarter of 2013, pro forma for divestitures
- Adjusted net earnings of $7 million compared to $7 million in the corresponding 2012 period
- Adjusted EBITDA of $88 million compared to $122 million in the corresponding 2012 period
- Adjusted discretionary cash flow of $58 million compared to $89 million in the corresponding 2012 period
Patrick R. McDonald, President and CEO, stated, “We are pleased with the results of the second quarter as we continue to execute on our stated goal of better positioning Forest from both an operational and financial standpoint. Our transition to a more commodity balanced production profile is evident as second quarter average net oil sales volumes increased 14% over the previous quarter. We expect to see continued growth in our oil volumes throughout the second half of the year.
“Our Eagle Ford Shale asset took a significant step forward during the quarter as we announced a development agreement with an industry partner that allows us to build significant operational momentum. We recently ramped up our drilling activity further by adding a fourth drilling rig to the field. We are encouraged by recent well results as we implement ongoing technological refinements and enhancements to our drilling and completion process in an effort to optimize well results and costs. Gross production from the Eagle Ford continues to show robust growth, increasing 59% over first quarter sales volumes.
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