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PetroQuest Energy -9% premarket after wide Q4 earnings miss

Mar. 08, 2017 8:23 AM ETPetroQuest Energy Inc. (PQ) StockPQBy: Carl Surran, SA News Editor
  • PetroQuest Energy (NYSE:PQ) -8.7% premarket after reporting a wider than expected Q4 loss and a 29% Y/Y drop in revenues.
  • PQ says Q4 lease operating expenses were $1.43/Mcfe vs. $1.19/Mcfe in the year-ago quarter, and were $1.21/Mcfe for FY 2016 vs. $1.17 for the previous year; the company says the increases were due mostly to the Arkoma assets sales, which included properties with a lower relative per unit cost, as well as normal production declines due to lack of capital spending.
  • PQ says it recently achieved its targeted production rate at Thunder Bayou in Louisiana, and the well is flowing at ~61K Mcfe/day.

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