Bill Barrett Slips To Loss Despite Revenue Growth

(RTTNews) - Oil and gas company Bill Barrett Corp (BBG) Thursday reported second-quarter net loss of $26.6 million or $0.55 per share, compared with net income of $14.3 million or $0.30 per share last year.

Results reflect a loss of $46.8 million on commodity derivative loss as well as higher per unit depreciation, depletion and amortization expenses.

Excluding items, adjusted loss for the quarter was $0.18 per share.

Revenue for the quarter was $145 million, compared with $142.3 million in the prior year.

Analysts polled by Thomson Reuters projected earnings of $0.04 per share on revenue of $132.4 million for the quarter. Analysts' estimates typically exclude special items.

Production for the quarter totaled 2.62 million barrels of oil equivalent (mmboe), down 3.8 MMBoe from last year, mainly due to the sale of a natural gas assets and production declines in the Gibson Gulch natural gas program.

For fiscal year 2014, the company expects production of 11 million 12.2 million Boe, before the effect of the expected sale of Powder Deep assets.