Petrohawk Energy Corp. on Tuesday posted a net loss of $79.6 million (minus 26 cents/diluted share) for 4Q2010, compared with net income of $36.5 million (12 cents) for 4Q2010. The company attributed the 4Q2010 loss to future derivative contracts, discontinued operations resulting from the write-down of Fayetteville Shale midstream assets and various noncash charges and deferred income tax adjustments.
The Houston-based company generated revenues of $402 million for 4Q2010 and $1.6 billion for all of 2010. By comparison, it generated $354.9 million in revenues during 4Q2009 and more than $1 billion for 2009. Cash flow from operations before changes in working capital was $211.3 million (70 cents/share) for 4Q2010 and $745.9 million ($2.47) for all of 2010.
Petrohawk is mainly active in the Haynesville Shale play in North Louisiana and Eagle Ford Shale in South Texas.
“Petrohawk is positioned well for outstanding performance in 2011 and 2012,” said CEO Floyd Wilson. “Our year-end results reflect a cleaner, more concentrated and higher-performing company than at any other time in our history. We generated strong cash flows in 2010, and looking ahead, we expect our premium assets will offer years of economic project inventory to fuel future growth.”
The company produced an average of 562 MMcfe/d during 2010, pro forma for approximately 113 MMcfe/d divested during the year. Total reported production for 4Q2010 was 70.1 Bcfe, which includes 65.1 Bcf of natural gas and 820,000 bbl of oil and natural gas liquids. Petrohawk posted a 136% increase in oil and natural gas liquid production over 4Q2009, when it produced 348,000 bbl.
Petrohawk charted 50% pro forma year-over-year reserves growth last year, ending 2010 with 3.4 Tcfe of estimated proved reserves, the company recently said (see Shale Daily, Feb. 2). Shale plays led the charge, particularly with a 100% increase in production from the Haynesville and Bossier shales and a whopping 235% increase in the Eagle Ford in South Texas.
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