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Grew annual daily production and proved reserves by 34 percent and 39 percent, respectively, versus 2012
Replaced 528 percent of production from all sources; 402 percent through drill bit
Increased total project inventory by 59 percent to 790 MMBoe
Added two additional Upper Eagle Ford pilot test areas
Reaffirms 2014 capital, volume and expense guidance
HOUSTON, Feb. 24, 2014 (GLOBE NEWSWIRE) -- Rosetta Resources Inc. (Nasdaq:ROSE) ("Rosetta" or the "Company") today reported fourth quarter 2013 net income of $29.5 million, or $0.48 per diluted share, versus net income of $42.3 million, or $0.80 per diluted share, for the same period in 2012. Adjusted net income (non-GAAP) for the quarter was $51.0 million, or $0.83 per diluted share, versus $42.0 million, or $0.79 per diluted share in 2012. The increase in non-GAAP net income was primarily due to production growth in core areas.
For the year ended December 31, 2013, Rosetta reported net income of $199.4 million, or $3.39 per diluted share, versus net income of $159.3 million, or $3.01 per diluted share, for the same period in 2012. Adjusted net income (non-GAAP) for the year was $227.9 million, or $3.87 per diluted share, versus $2.77 per diluted share in 2012. Adjusted net income increased versus 2012 primarily due to increased production and higher oil and gas prices. A summary of the adjustments made to calculate adjusted net income is included in the attached "Non-GAAP Reconciliation Disclosure" table.
"In 2013, Rosetta was successful in expanding our operations into a new basin that added a significant number of future growth locations to our project inventory. Our entry into the Delaware Basin provides a core asset in an oil-rich unconventional resource area that is complementary to our core Eagle Ford position, and we are accelerating development programs in both areas," said Jim Craddock, Rosetta's Chairman, CEO and President. "As we grow our operations, project execution and financial discipline will be a priority which will position Rosetta to continue to deliver strong returns and long-term shareholder value."