Energen Corp. (EGN) reported a second quarter loss From continuing operations of $111.6 million compared to a loss of $3.1 million, a year ago. Loss per share from continuing operations was $1.52 compared to a loss of $0.04. Adjusted income totaled $7.7 million, or $0.10 per share.
On average, 21 analysts polled by Thomson Reuters expected the company to report profit per share of $0.22 for the quarter. Analysts' estimates typically exclude special items.
Revenue decreased to $168.3 million from $271.0 million last year. Analysts expected revenue of $273.68 million for the quarter. The company reported that its production totaled 63,800 boepd, for the second quarter.
Energen's estimate of 2015 production, excluding volumes from the company's San Juan Basin divestiture, has been revised upward by 500,000 BOE. Production for the year is now estimated to range from 22.2-23.2 MMBOE (60,820-63,560 boepd), with a midpoint of 22.7 MMBOE (62,215 boepd). Energen increased its 2015 capital budget slightly to $1.1 billion.
Energen said its production midpoint in the third quarter of 2015 is estimated to be 5.8 MMBOE (62,815 boepd). This is down slightly from the prior estimate of 5.9 MMBOE (64,239 boepd).
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