A month after revising its proven oil and natural gas reserves downward, Stone Energy Corp. said Wednesday it will restate financial results between 2001 and 2Q2005 because of possible lapses in reserves bookings. Stone, which expects to file amended reports by Monday (Nov. 14) said an independent review suggests “inadequate training and understanding” of regulatory requirements and “a tone of optimism and aggressiveness set by management regarding reserve booking.”
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Industry Briefs
El Paso Corp. plans to restate its 4Q2003 and year-end 2003 consolidated statement of income to reclassify a deferred tax benefit related to its discontinued Canadian exploration and production operations. The restatement will not impact 2003 net income, earnings before income and taxes or cash flow, and will have no impact on financial statements for 2002 and 2004. It does increase the loss per share from continuing operations to $1.01/share from 87 cents/share. The Canadian E&P operations were classified as discontinued operations in 2004, and under generally accepted accounting principles, the financial statements for 2003 and 2002 were revised to reclassify revenue and expenses for these operations from continuing to discontinued operations. The revision, said El Paso, should have included an additional $82 million of deferred tax benefits associated with the sale that was reported in continuing operations in El Paso’s recently filed 2004 annual report on Form 10-K.
Industry Briefs
El Paso Corp. plans to restate its 4Q2003 and year-end 2003 consolidated statement of income to reclassify a deferred tax benefit related to its discontinued Canadian exploration and production operations. The restatement will not impact 2003 net income, earnings before income and taxes or cash flow, and will have no impact on financial statements for 2002 and 2004. It does increase the loss per share from continuing operations to $1.01/share from 87 cents/share. The Canadian E&P operations were classified as discontinued operations in 2004, and under generally accepted accounting principles, the financial statements for 2003 and 2002 were revised to reclassify revenue and expenses for these operations from continuing to discontinued operations. The revision, said El Paso, should have included an additional $82 million of deferred tax benefits associated with the sale that was reported in continuing operations in El Paso’s recently filed 2004 annual report on Form 10-K.
Northeast Utilities Restates Financials; Reduces 2004 Guidance
Citing a change in accounting for some contracts, Berlin, CT-based Northeast Utilities (NU) announced that it will restate its second and third quarter 2004 financial statements and is lowering its previous 2004 earnings guidance.
Northeast Utilities Restates Financials; Reduces 2004 Guidance
Citing a change in accounting for some contracts, Berlin, CT-based Northeast Utilities (NU) announced that it will restate its second and third quarter 2004 financial statements and is lowering its previous 2004 earnings guidance.
El Paso to Restate Financials for 1999-2003, Higher Charges Expected on Reserves Revision
El Paso Corp. CEO Doug Foshee on Friday issued a report card on the progress the Houston-based company has made in the past few months, and though it’s not in line for valedictory status at this point, the company expects to achieve its production target this year. And, he said, there’s been above-average progress in asset sales and in reducing expenses.
El Paso to Restate Financials for 1999-2003, Higher Charges Expected on Reserves Revision
El Paso Corp. CEO Doug Foshee on Friday issued a report card on the progress the Houston-based company has made in the past few months, and though it’s not in line for valedictory status at this point, the company expects to achieve its production target this year, and he said there’s been above-average progress in asset sales and in reducing expenses. However, the company’s CFO also warned that the 41% proved reserves cut announced in February may result in pre-tax charges higher than $1 billion it estimated in March. NGI Feb. 23