PetroQuest’s fourth-quarter loss narrows on smaller writedown of gas, oil reserves

PetroQuest posts smaller 4Q loss on lower charges

LAFAYETTE, La. — Independent petroleum company PetroQuest Energy Inc. on Wednesday reported a smaller fourth-quarter loss as it booked a smaller charge to write down the value of some of its oil and natural gas reserves.

The company reported a loss of $40.6 million for the quarter, or 66 cents per share, for the quarter ended Dec. 31 compared with a loss of $95.3 million, or $1.72 per share, for the fourth quarter of 2008.

The latest period included a write-down of $53 million versus a $247 million charge in the year-ago quarter.

Sales fell to $53.9 million during the quarter from $66.2 million in the fourth quarter of 2008. Production fell 20 percent during the quarter.

Analysts surveyed by Thomson Reuters expected PetroQuest to make 14 cents per share. Such estimates typically exclude charges.

For the year, the company reported a narrower loss of $95.3 million, or $1.72 per share, compared with $102.1 million, or $2.08 per share, in 2008. Sales fell 29 percent to $218.6 million from $308.6 million in 2008.

PetroQuest shares fell 6 cents to close at $4.95.