Seeking Alpha

Endeavour -22% as losses, expenses mount

  • Endeavour International (END -22.7%) plunges to an all-time low after its adjusted net loss widened during Q1 and warning that production during the current quarter could trail Q1 levels following an unexpected shutdown at one of its North Sea platforms.
  • END says Q2 production could fall by as much as 4.7% Q/Q to 9K bbbl/day following a month-long shutdown beginning in late March at its Scott platform in the North Sea, requiring the three fields flowing across the platform to be shut-in until repairs could be completed.
  • While Q1 revenues rose 63% Y/Y to $94.2M, expenses jumped 56% to $76.9M.
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