Rosetta Resources swings to 3Q profit

AP News
Posted: Nov 06, 2009 5:40 PM

Rosetta Resources Inc. said Friday its revenue fell by nearly half due to lower natural gas prices.

The exploration and production company said it earned $5.7 million, or 11 cents per share, in the quarter ended Sept. 30. That compared with a loss of $99.4 million, or $1.96 per share, in the same period last year, when it took a charge of $129.1 million to write down oil and gas properties.

Revenue was $64.5 million compared with $130 million a year ago.

Analysts surveyed by Thomson Reuters expected the company to earn 10 cents per share last quarter on revenue of $63.7 million.

Production fell 14 percent, mostly due to declines in the Gulf of Mexico and off the Texas shore. But realized gas prices fell by nearly half, further depressing revenue.

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Rosetta shares rose 8 cents to $14.15 in regular trading, then fell 30 cents, or 2.1 percent, to $13.85 in extended trading after release of the financial results.