Delta Petroleum's Net Loss Widens

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On March 3, 2009, Delta Petroleum ( DPTR) reported that its Q4 FY08 net loss widened, hurt largely by impairments related to oil and gas properties and dry hole costs. Net loss stood at $459.66 million or $4.56 per share from $28.48 million or $0.44 per share in the prior year's quarter. The most recent consensus estimate was a loss of $0.16 per share.

Total revenue for the latest fourth quarter slipped 0.9% to $53.54 million from $54.05 million a year ago, due to lower oil and gas revenue. Looking at the company's business segments, revenue from oil and gas fell 11.8% to $34.45 million from $39.06 million, owing to declining average prices. Total oil and gas production increased 35.6% to 6,817 million cubic feet equivalent (Mmcfe) from 5,028 Mmcfe. Additionally, average oil price plunged 39.2% to $49.62 per barrel from $81.66 per barrel and average gas price decreased 15.4% to $4.22 per million cubic feet (Mcf) from $4.99 Mcf in the year-ago quarter. Furthermore, revenue from contract drilling and trucking fees increased 60.6% to $19.09 million from $11.89 million on a year-over-year basis due to a decreased average number of rigs working for Delta.

During the quarter under review, Tracinda Corporation decided not to proceed with its previously announced tender offer for 14.00 million shares of Delta Petroleum Corp. common stock.

For FY08, total revenue escalated 39.1% to $271.18 million from $194.94 million in the previous year. Net loss for the year widened to $452.00 million or $4.73 per share from $147.19 million or $2.40 per share in FY07.

Looking forward to FY09, the company expects production to be relatively flat over FY08 levels. In addition, the company anticipates drilling capital expenditure to be approximately $52.00 million.

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