Bill Barrett 3Q profit, sales skyrocket

DENVER - Natural gas and oil explorer Bill Barrett Corp. said Wednesday its third-quarter profit skyrocketed as revenue and production surged.

For the period ended Sept. 30, the company posted net income of $36.1 million, or 80 cents per share, compared with net income of $233,000, or a penny per share, in the year-ago period.

Revenue nearly doubled to $164.4 million from $82.3 million

Analysts polled by Thomson Reuters expected, on average, earnings of 57 cents per share on revenue of $149 million. Analyst estimates typically exclude one-time charges.

Production rose 33 percent from the year-ago period to 19.6 billion cubic feet equivalent.

Meanwhile, the company said it made a significant shale gas discovery in southwest Colorado.

Shares rose $1.84, or 8.8 percent, to $22.79 in afternoon trading. The stock has traded between $15.01 and $66.96 in the past 52 weeks.

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