Constellation Energy Partners LLC said Friday its third-quarter net income skyrocketed as production and revenue surged amid high energy prices.
For the period ended Sept. 30, the oil and natural-gas producer posted net income of $26.9 million, or $1.21 per share, up from $6.9 million, or 37 cents per share, a year ago.
The company recorded a $22 million mark-to-market gain related to natural-gas hedges.
Revenue more than doubled to $59.7 million from $26.2 million.
Analysts polled by Thomson Reuters, on average, expected earnings of 28 cents per share on revenue of $36.4 million. Analysts typically exclude one-time items.
Production rose 42 percent to 4.5 million of cubic feet equivalent per day.
"We have demonstrated that our projections and expectations for well costs and performance are reasonable and the current level of maintenance capital spending is maintaining our production levels and offsetting decline rates," Stephen R. Brunner, president and chief executive, said in a statement.
Constellation Energy Partners, which is 28 percent owned by Constellation Energy Group Inc., was formed in June 2005 and conducted an initial public offering five months later.
Last month, Warren Buffett's Berkshire Hathaway Inc. unit MidAmerican Energy said it would pay about $4.7 billion for Baltimore-based Constellation Energy Group, which is the nation's largest power wholesaler.
Shares of Constellation Energy Partners fell 32 cents, or nearly 4 percent, to $7.74 in midmorning trading. The stock has traded between $6.48 and $35.90 in the past 52 weeks.
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