Endeavour shares soar on smaller 4Q loss
HOUSTON (AP) — Shares of Endeavour International Corp. soared by nearly 30 percent Wednesday after the oil and gas exploration company said its fourth-quarter loss narrowed as its sales volumes surged, and its revenue beat Wall Street expectations.
For the quarter ended Dec. 31, Endeavour had a loss of $6.9 million, or 15 cents per share, compared with a loss of $45.1 million, or $1.15 per share, in the same quarter the year before.
Excluding one-time items, the company posted an adjusted loss of $7.7 million compared with an adjusted loss of $5.8 million a year ago. Endeavour did not give adjusted per-share figures.
Revenue increased nearly six-fold to $97.6 million from $16.6 million.
Analysts, on average, expected a loss of 1 cent per share on $84.3 million in revenue, according to FactSet.
Sales volumes more than doubled to 11,541 barrels of oil equivalent per day, while the company's average price also more than doubled to $91.94 per barrel of oil equivalent.
In afternoon trading Endeavour shares jumped 81 cents, or 29.6 percent, to $3.55, after peaking at $3.97 earlier in the day. Over the past 52 weeks, the stock has traded between $2.36 and $13.48.
Over the past year, Endeavour shares have lost about 75 percent of their value.