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PetroQuest Energy (PQ) Reprts Q4 Loss of 7c/Share

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November 3, 2014 4:53 PM EST

PetroQuest Energy (NYSE: PQ) reported Q3 EPS of $0.07, may not compare to the analyst estimate of $0.11. Revenue for the quarter came in at $56.49 million versus the consensus estimate of $62.7 million.

4th Quarter 2014 Guidance

The Company previously initiated fourth quarter 2014 guidance assuming La Cantera facility work would be completed in September and total gross field production would be restored to approximately 110 MMcfe/d (16.5 MMcfe/d, net). Continued facility work has resulted in a reduction to fourth quarter estimated La Cantera volumes to 60 MMcfe/d (7.5 MMcfe/d, net). While La Cantera production volumes are forecasted to be reduced during the fourth quarter of 2014, the Company does not expect this to impact its original estimate for reserve recovery. In addition, initial production was later than expected on two recent pads in the Company's West Relay field. As a result, the Company provides the following update to fourth quarter guidance:

Guidance for

Description

4th Quarter 2014

Production volumes (MMcfe/d)

122 - 128

Percent Gas

70%

Percent Oil

10%

Percent NGL

20%

Expenses:

Lease operating expenses (per Mcfe)

$1.10 - $1.20

Production taxes (per Mcfe)

$0.10 - $0.15

Depreciation, depletion and amortization (per Mcfe)

$1.90 - $2.00

General and administrative (in millions) (1)

$6.0 - $6.5

Interest expense (in millions)

$7.0 - $7.5

(1) Includes non-cash stock compensation estimate of $1.1 million.

For earnings history and earnings-related data on PetroQuest Energy (PQ) click here.


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