PetroQuest 3rd-quarter profit more than doubles

LAFAYETTE, La. - PetroQuest Energy Inc., an independent petroleum producer, on Tuesday reported its third-quarter profit more than doubled on higher revenue, but fell short of analysts' forecasts.

For the three months ended Sept. 30, PetroQuest posted earnings of $16.8 million, or 32 cents per share, compared with year-earlier earnings of $8 million, or 16 cents per share. All figures are after payment of dividends to preferred stock.

Revenue rose 20 percent to $78.4 million from $65.5 million a year earlier.

Analysts surveyed by Thomson Reuters had forecast per-share earnings of 34 cents and revenue of $88.1 million for the latest quarter.

Oil and gas sales increased 20 percent to $77 million from $64 million in the year-earlier quarter.

Production in the third quarter was relatively flat compared to the previous year due to roughly 1.2 billion cubic feet of production being deferred as a result of Hurricanes Ike and Gustav.

The company registered a 32 percent increase in lease operating expenses brought on by higher costs of materials, transportation, fuels and deferred production.

Shares of PetroQuest fell 8 cents to close at $9.48.

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