Stone Energy’s profit soars 40 percent to $27.2 million

Ray Tyson

Petroleum News Houston correspondent

Stone Energy, a small Louisiana-based exploration and production independent, saw its profit in the 2003 fourth quarter rocket 40 percent to $27.2 million or $1.02 per share, compared to $19.5 million or 74 cents per share for the quarter a year earlier.

Company production during the 2003 fourth quarter of 15.3 billion cubic feet of natural gas and 1.5 million barrels of oil was relatively flat to the year-ago period. For the comparable periods, however, commodity prices during the recent quarter soared with oil averaging $30.33 per barrel and gas $4.63 per thousand cubic feet.

Stone said it expects production during the first quarter of 2004 to be roughly flat with the 2003 fourth quarter, assuming no production from its new South Pelto wells or additional production from wells in the Gulf of Mexico.

Stone’s total proved reserves at year-end 2003 were estimated to be 816.3 bcf of gas equivalent, up 9 percent over the prior year’s estimates and a 167 percent replacement of 2003 production volumes.