Stone Announces Record Income for 2005

Stone Energy announced record 2005 net income of $136.8 million, or $5.02 per share, on revenue of $636.2 million.

In comparison, the Lafayette, La.-based independent's reported restated net income for 2004 was $119.7 million, or $4.45 per share, on revenue of $544.2 million. For the fourth quarter of 2005, net income totaled $26.4 million, or $0.96 per share, on oil and gas revenue of $135.6 million. For the restated fourth quarter of 2004, the company reported net income of $34.5 million, or $1.28 per share, on oil and gas revenue of $140.1 million. All per share amounts are on a diluted basis.

Stone's net daily production volumes for 2005 averaged 228 million cubic feet of gas equivalent (MMcfe), or five percent less than the 241 MMcfe per day produced during 2004. Net daily production volumes during the fourth quarter of 2005 averaged 157 MMcfe, or 26 percent lower than the average daily production of 211 MMcfe produced during both the third quarter of 2005 and the fourth quarter of 2004.

The decline in fourth quarter and full year 2005 production volumes was due to the impact of extended shut-ins caused by hurricanes Katrina and Rita. Stone estimates the hurricanes' impact on production volumes was approximately 10 billion cubic feet of gas equivalent (Bcfe) in the fourth quarter of 2005 and approximately 16 Bcfe for the year 2005.

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