Mariner Energy reported second quarter 2009 operating and financial results. The company reported net income of $17.2 million for the three-month period ended June 30, 2009, with fully diluted earnings per share (EPS) of $0.19. For the same period in the prior year, Mariner reported net income of $123.4 million with fully diluted EPS of $1.39.
Highlights for the second quarter 2009 include:
"During the second quarter we increased production from first quarter 2009 and proactively fortified our balance sheet. We are in the enviable position of strong cash flow and excellent liquidity, enabling us to weather events outside our control and capitalize on opportunities that may develop in this challenging environment," said Scott D. Josey, Mariner's Chairman, Chief Executive Officer and President.
SECOND QUARTER 2009 RESULTS
For the three-month period ended June 30, 2009, Mariner reported net income of $17.2 million, or $0.19 per basic and fully-diluted share. This compares with net income of $123.4 million and basic and fully-diluted earnings per share of $1.40 and $1.39, respectively, for the same three-month period in the prior year. The lower year-over-year results are due primarily to lower commodity prices and decreased production volumes.
Net production for second quarter 2009 was 32.9 billion cubic feet of natural gas equivalent (Bcfe), compared with 36.4 Bcfe for second quarter 2008. Total natural gas net production for second quarter 2009 was 23.8 billion cubic feet (Bcf), compared with 24.4 Bcf for the same period in the prior year. Total net oil production for second quarter 2009 was 1.2 million barrels (MMBbls), compared with 1.5 MMBbls for the same period in 2008. Natural gas liquids (NGL) net production for second quarter 2009 was 0.3 MMBbls, compared with 0.5 MMBbls for second quarter 2008.
For second quarter 2009, Mariner's average realized natural gas price was $5.98 per thousand cubic feet (Mcf) compared with $10.27 per Mcf for the same period in 2008. Mariner's average realized oil price was $66.91 per barrel (Bbl) for second quarter 2009, compared with $96.24 per Bbl for second quarter 2008. The average realized NGL price was $24.68 per Bbl for second quarter 2009, compared with $64.69 per Bbl for the same period in 2008. Average realized prices reflect settlements during the period under Mariner's hedging program.
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