March 12, 2012 / 12:52 PM / 6 years ago

UPDATE 1-C&C Energia posts loss on tax expense, hedging

March 12 (Reuters) - Canadian oil and gas company C&C Energia posted a loss for the fourth quarter hurt by commodity hedging losses and a deferred tax expense.

Colombia-focused C&C Energia’s quarterly loss was $11.8 million, or 19 cents a share, compared with a profit of $5.8 million, or 11 cents a share a year ago.

The company’s unrealized loss on commodity hedges was $21.2 million for the quarter and the deferred tax expense was $10.7 million.

Revenue, net of royalties, nearly doubled to $73.6 million on increased production and higher oil prices.

Production rose 64 percent to 10,493 barrels of oil per day (bopd) during the quarter.

U.S. crude oil prices rose 17 percent to average about $92.39 per barrel in October-December.

C&C Energia also backed its 2012 production outlook of between 10,000 bopd and 10,500 bopd, and its capital budget of $140 million to $150 million.

The company’s shares, which have gained nearly a third in the last three months, closed at C$9.11 on Friday on the Toronto Stock Exchange.

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below