Petroleum Development blames price hedges for $14M loss May 13, 2008 10:15 AM
BRIDGEPORT, W.Va.
Oil and natural gas producer Petroleum Development lost nearly $14 million in the first quarter on bad price bets.
Petroleum Development's latest quarterly report to the Securities and Exchange Commission says it lost $13.92 million, or 95 cents per share, in the first three months of the year. The Bridgeport-based company earned $2.5 million, or 17 cents per share, in the same period last year.
Revenue rose to $58 million in the quarter from $57.9 million in first-quarter 2007.
Analysts polled by Thomson Financial had expected a profit of 91 cents a share on revenue of $98.77 million.
Petroleum Development is blaming unrealized losses of $39.9 million on hedges against big oil and gas price movements for the poor first quarter.
Send email to news@wchstv.com for information or comments concerning WCHS-TV Eyewitness News.
