Isramco Releases Third Quarter 2009 Earnings

Isramco reported today that third quarter 2009 revenues were $7,810,000, compared to $17,866,000 in the third quarter of 2008, a decrease of approximately 56.3%. The largest components of revenue in the third quarter of 2009 were oil and gas sales, which decreased by approximately 57% when compared to same period of 2008, due to lower natural gas, oil and natural gas liquids commodity prices.

The Company reported net loss of $2,018,000 or ($0.74) per share for the third quarter of 2009 compared to net income of $34,488,000 or $12.69 per share for the same period in 2008. The decrease in the net loss recorded during the three months ended September 30, 2009, as compared to the net income recorded for the same period in 2008, is primarily attributable to a $49,008,000 decrease in gain on swap transactions, a $10,056,000 decrease in revenues and a $1,033,000 increase in depreciation, depletion and amortization expense. This was partially offset by a $2,553,000 decrease in lease operating expenses, transportation and taxes, a $18,302,000 increase in income tax benefit and an impairment of oil and gas properties in amount of $3,088,000 that was recorded in 2008.

The Company reported net loss of $8,242,000, or ($3.03) per share, for the nine months ended September 30, 2009, as compared to a net loss of $5,346,000, or ($1.97) per share, for the comparable nine month period in 2008. The increase in the loss recorded during the nine months ended September 30, 2009 is primarily attributable to a $22,253,000 decrease in revenues, a $5,764,000 increase in depreciation, depletion and amortization expense and a $1,396,000 increase in general and administrative expense. In addition, the results for the nine months ended September 30, 2009 fully reflected operations related to the GFB Acquisition, while the comparable period in 2008 only reflected six months of such operations. These factors were in turn partially offset by a $18,062,000 decrease in loss (gain) on swap transactions, a $4,086,000 decrease in lease operating expenses, transportation and taxes, a $1,929,000 increase in income tax benefit and an impairment of oil and gas properties in amount of $3,137,000 that was recorded in 2008.

There are currently 2,717,691 shares of Common Stock issued and outstanding.


 

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