NEWS

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

Stone Energy Corporation, in its 2013 guidance, announced a capex budget of $650 million.

The company expects net daily production to average 41-44 MBOE/d or 245-265 MMcfe/d (48%-50% liquids).

Capex highlights

• Marcellus Shale: $215 million (33%) to be spent on development drilling, infrastructure and acquisition of additional interests; includes funds for one horizontal rig program and drilling and fracturing of 26-32 wells
• Deep-water: Allocated ~$189 million (29%); focused mainly on exploration drilling and preparation work to accommodate a rig at the Pompano platform; the company is targeting 2-4 non operated exploration wells for 2013
• GoM conventional shelf: Approximately $175 million (27%) allocated to development drilling and other activities; 3-5 development wells to be drilled around Ship Shoal 113 field, onshore South Louisiana
• Deep gas: Allocated ~$52 million (8%) for a third well at the La Cantera field and one to three possible exploration wells which may include the onshore La Montana prospect and the offshore Tom Cat prospect

In its Aug-2012 presentation, Stone Energy reported:

• 2012 capital expenditure budget of ~$625 million
• 2012 production guidance of 40 MBOE/d - 46 MBOE/d
• La Cantera #1 well commenced production and was successful
• Mary field production increased
• 2012 estimated average production of 45 MMcfe/d and 2012 exit rate of ~60 MMcfe/d from Marcellus play