When comparing the third quarter of 2007 to the third quarter of 2006, oil and gas operating revenues increased approximately 12% to $29.5 million and total costs and expenses increased around 9% to $18.2 million, which increased operating income by about 18% to $11.3 million.
For the nine months ended September 30, 2007, Parallel reported net income of $3.7 million, or $0.09 per diluted share. Included in net income was an $11.2 million pre-tax loss on derivatives, which included settlements of $9.9 million.
When comparing the nine months ended September 30, 2007, to the nine months ended September 30, 2006, oil and gas operating revenues increased by about 9% to $80 million and total costs and expenses increased around 16% to $48.3 million, which increased operating income approximately 1% to $31.6 million.
When comparing the nine months ended September 30, 2007, to the nine months ended September 30, 2006, net cash provided by operating activities increased approximately 16% to $51.5 million, net cash used in investing activities decreased around 24% to $121.3 million, and net cash provided by financing activities decreased approximately 36% to $69.2 million.
