Kodiak Oil & Gas Q2 Profit Falls

(RTTNews) - Kodiak Oil & Gas Corp. (KOG) reported net income for the second quarter of $44.3 million or $0.17 per share, compared to $93.1 million or $0.35 per share for the year-ago quarter.

Net income for the second quarter 2013 includes an unrealized gain of $20.9 million related to the mark-to-market of derivative instruments used for commodity hedging. The net effect, after-tax, of the non-cash hedging activities increased Kodiak's reported net income for the second quarter 2013 by $0.05 per share. The net income for the second quarter 2012 included unrealized derivative gains of $91.7 million attributed to the mark-to-market of derivative instruments, which increased Kodiak's reported net income for the quarter by $0.25 per share.

Oil and gas sales for the second quarter rose to $173.5 million from $85.8 million a year ago.

Analysts polled by Thomson Reuters expected the company to earn $0.13 per share on revenue of $180.28 million for the second quarter.