Pogo, a company engaged in oil and gas exploration and production, has reported a net loss of $45.9 million, or $0.79 per share, for the third quarter of 2007, on revenues of $201.1 million, compared to third quarter 2006 net income of $33.3 million, or $0.58 per share, on revenues of $232.1 million.
For the first nine months of 2007, Pogo’s net loss was $111.9 million, or $1.93 per share, on revenues of $635.5 million, compared to net income for the first nine months of 2006 of $462.7 million, or $8.04 per share, on revenues of $713.3 million. In the third quarter of 2007, Pogo reported a net loss from continuing operations of $0.3 million.
Total liquids production from continuing operations, including crude oil, condensate and plant products, during the third quarter and the first nine months of 2007 averaged 17,165 barrels per day (bpd) and 18,959 bpd, respectively, compared to Pogo’s average volumes of 21,025 bpd and 22,666 bpd produced during the same time periods of 2006. Average realized crude oil and condensate prices rose to $72.54 per barrel, up from $68.31 per barrel during the third quarter of 2006.
Pogo said that the decreases in natural gas and liquids production volumes from continuing operations in the third quarter and first nine months of 2007 compared to the corresponding 2006 periods were primarily due to its sale of its Gulf of Mexico, Texas panhandle and Gulf Coast properties during second quarter of 2007, as well as other producing properties in 2007.