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Increased quarterly total daily equivalent production by 37 percent versus 2012 and by four percent quarter-over-quarter
Grew quarterly daily oil production by 38 percent versus 2012 and by 25 percent quarter-over-quarter
Successfully completed first operated Delaware Basin horizontal well
HOUSTON, Nov. 6, 2013 (GLOBE NEWSWIRE) -- Rosetta Resources Inc. (Nasdaq:ROSE) ("Rosetta" or the "Company") today reported third quarter 2013 net income of $41.0 million, or $0.67 per diluted share, versus net income of $17.7 million, or $0.33 per diluted share, for the same period in 2012. Adjusted net income (non-GAAP) for the quarter was $61.7 million, or $1.01 per diluted share, versus $40.3 million, or $0.76 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 third quarter production results continued on a record pace and demonstrate our ability to maintain development of our core Eagle Ford position while integrating the Permian Basin assets into our operations. We have made significant progress in evaluating our newest core asset and refining the plan to deliver long-term future growth," said Jim Craddock, Rosetta's Chairman, CEO and President. "We are moving forward with the execution of our Delaware Basin horizontal program and recent industry well results in the area lend support to our assessment. Rosetta is well-positioned to execute our growth strategy in both of our core areas and further develop our portfolio of liquids-rich projects."
2013 Third Quarter Results
Rosetta's total production for the quarter averaged 50.9 thousand barrels of oil equivalent per day ("MBoe/d"), up 37 percent from the same period in 2012 and four percent from the prior quarter. The increase was a result of production growth from the core Eagle Ford assets and a full quarter of production from the acquired Permian Basin assets. Total production for the quarter was 65 percent liquids, up from 60 percent in 2012. Oil production reached an all-time high level for the quarter at 15.2 thousand barrels ("MBbls") per day, an increase of 38 percent from the prior year and 25 percent from the prior quarter. Natural gas liquids ("NGLs") daily production also increased by 59 percent compared to the prior year, but decreased by one percent versus the prior quarter. A summary of the Company's production results and average sales prices by commodity is included in the attached "Summary of Operating Data" table.