Net Income Increases for Mariner 19%
Mariner Energy reported that fourth quarter 2007 net income was $50.2 million, compared to $43.2 million (including a non-cash hedging gain of $6.6 million) for the fourth quarter 2006. Basic and fully-diluted earnings per share (EPS) for the fourth quarter 2007 was $0.59 and $0.58, respectively, compared to $0.51 basic and $0.50 fully-diluted EPS in the fourth quarter of 2006.
For the fourth quarter 2007, Mariner's average realized natural gas price was $8.07 per thousand cubic feet (Mcf), compared to $7.82 per Mcf for the same period in 2006. Mariner's average realized oil price was $79.64 per barrel (Bbl) for the fourth quarter 2007, compared to $63.67 per Bbl for the same period in 2006. The fourth quarter 2007 average realized NGL price was $55.32 per Bbl, compared to $48.73 per Bbl for the fourth quarter 2006. Average realized prices reflect settlements during the period under Mariner's hedging program.
Mariner reported full-year 2007 net income of $143.9 million, representing a 19% increase over net income of $121.5 million reported in 2006. Basic EPS was $1.68 for 2007 versus $1.59 in 2006. Fully-diluted EPS was $1.67 for 2007 versus $1.58 in 2006. Operating cash flow was $622.6 million for the year 2007, up 27% from 2006.
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