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Futures and Commodity Market News |
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Breaking financial news 24/7 courtesy of TradingCharts.com Inc. / TFC Commodity Charts |
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May 09, 2008 (Tulsa World - McClatchy-Tribune Information Services via COMTEX) -- Arena Resources Inc. reported Thursday that earnings jumped more than threefold in the first quarter on increased production and commodity prices. First-quarter net income was $18.32 million, or 51 cents per diluted share, compared with $5.71 million, or 18 cents per diluted share, in the first quarter of 2007. Analysts surveyed by Bloomberg News had expected earnings of 45 cents per share. Revenue from oil and gas was $45.31 million, a 172 percent increase from the first quarter of 2007. The Tulsa-based exploration and production company said it boosted production to 517,042 barrels of oil equivalent during the quarter. Oil production increased 54 percent over the first quarter of 2007 and 17 percent over the fourth quarter, the company said. Oil sales volumes were 453,056 barrels, compared with 282,538 barrels in the first quarter of 2007. Sales volumes of natural gas jumped 18 percent to 383,914 thousand cubic feet. Arena received higher average prices for both oil and gas during the quarter. The company received an average $92.10 per barrel of oil in the quarter. It received $51.71 in the 2007 quarter. The average price of natural gas was $9.34 per 1,000 cubic feet, compared with $6.28 during the same period a year earlier. To see more of the Tulsa World, or to subscribe to the newspaper, go to http://www.tulsaworld.com. Copyright (c) 2008, Tulsa World, Okla. Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA. |
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Jason Womack Copyright (C) 2008 Tulsa World, Okla. ********************************************************************** As of Monday, 05-05-2008 23:59, the latest Comtex SmarTrend® Alert, an automated pattern recognition system, indicated a DOWNTREND on 05-01-2 Please read the End User Agreement. News provided by COMTEX |
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