NEWS

US independent, Stone Energy Corporation, announced that net profit for 2012 was $149.4 million, down 23% YoY despite higher revenue and production.

2012

• Net profit of $149.4 million, down 23%
• Revenue of $951.5 million, up 9% YoY
• Production was 42 MBOE/d, up 14% YoY
• Estimated year-end 1P reserves were 129 MMBOE or 773 Bcfe, up 28%; reserve replacement ratio was 285%

Q4-2012

• Net profit was marginally lower at $44.2 million
• Revenue of $255 million, down 14% YoY
• Production of 45 MBOE/d, up 25% YoY

Stone Energy announced the appointment of David Lawrence as Director with effect from 9-Oct-2013. Mr. Lawrence will also serve on the Audit, Nominating & Governance and Reserves Committees of the Board of Directors.

Mr. Lawrence has extensive global experience across the upstream business, having previously served as EVP-Exploration and Commercial at Shell, and Functional Head of Global Exploration for Shell worldwide from Jun-2009 until his retirement in Apr-2013.

Mr. Lawrence holds a Ph.D. in Geology and Geophysics from Yale University in 1984, and a B.A. in Geology from Lawrence University in 1977.

View Stone Energy press release

Stone Energy Corp announced its financial and operational results for Q2-2012 and provided updated guidance.

Financial Highlights:

• Net income of $30.5 million, down 47% YoY
• Capex of $208.9 million in the quarter

2012 Guidance:

• Q3 production of 41-43 MBOE/d
• 2012 capex of $625 million

Operational Highlights:

• Production of 40.5 MBOE/d, up 4% YoY
• Drilled the successful deep gas La Cantera #2 delineation well, extending the known limits of the reservoir
• Acquired the remaining 25% interest in the deep water Pompano field from Anadarko and began well-work projects
• Submitted the high bid on 26 offshore blocks totaling $35.8 million at the June BOEM lease sale.
• Spudded the Parmer deep water appraisal well in the second quarter, which is expected to reach total depth in the third quarter.
• Drilled 11 wells and completed 19 wells in the condensate rich Mary and Heather fields in the Marcellus shale during H1-2012.

Stone Energy Corporation announced operational results for Q3-2012.  

Operational Update:

• Produced an average of 41.8 MBOE/d (251 MMcfe/d); 18% increase from Q3-2011
• Brought the second La Cantera delineation well on line in September; current net production from the two well field: 13 MMcf of gas, 600 bbl of NGLs and 260 bbl/d
• Entered into a JV deal with Conoco on four deep-water GoM prospects
• Reached TD on the Parmer deep-water appraisal well and encountered ~240 net ft of gas pay in a new zone
• Drilled 17 wells and completed 21 wells in the condensate rich Mary and Heather fields in the Marcellus shale during the first nine months of 2012; current net daily production: ~53 MMcfe in Appalachia

Stone Energy reported a 36% YoY decrease in Q1-2014 net profit to $26 million, owing mainly to a lower realized oil price.

Q1-2014 financial highlights

• Revenue of $224 million, down 4% YoY; lower oil revenue offset by higher gas and NGL revenue
• Oil revenue of $138 million, down 26% YoY, due mainly to a 13% YoY fall in average realized oil price
• Gas revenue of $56 million, up 53% YoY and NGL revenue of $30 million, up 205% YoY, boosted by higher prices
• Capex of $254 million, up 123% YoY

Q1-2014 operational highlights

• Total production of 44.8 MMBOE/d (48% liquids), up 12% YoY
• Hydrocarbons encountered at the Cardona and Cardona South wells in the Pompano field (Mississippi Canyon area)
• Discoveries made at the Amethyst and Tomcat exploration wells in the Mississippi Canyon and West Cameron areas respectively in the Gulf of Mexico
• Nine wells drilled in the Marcellus shale play; average Marcellus production of 87 MMcfe/d

View Stone Energy press release