Boston, MA 02/27/2014 (wallstreetpr) – Forest Oil Corporation (NYSE:FST) had a torrid trading session after reporting weak earnings that fell below estimates causing the company’s stock to plummet by highs of 38%. Fourth quarter earnings per share came in at 2 cents excluding non-recurring items and below consensus estimates of 3 cents. This was a massive decline compared to a year ago same period earnings of, 14 cents. Full year earnings also fell short of consensus estimates of 18 cents at 17 cents, a massive dip when compared to F2012 earnings of 41 cents.
Forest oil Q4 and F2013 Revenue
Total revenue for the quarter was also a decline coming in at $88.5 million compared to a year ago revenues of $154.9 million that was also below consensus estimates of $97 million. Full year revenue clocked in at $441.7 million against F2012 revenue of $605 .7 million also falling short of consensus estimates of $457 million.
Production
Forest Oil Corporation (NYSE:FST) net sales volume for the quarter shrunk by 21.26 % compared to the same quarter a year ago, to come in at 164.7 million cubic feet equivalent per day. Oil net sales volume for the quarter stood at 5.3 thousand barrels per day with Natural gas sales volume coming in at 101.8 MMcf/d a year earlier same quarter volumes of 125.7 MMcf/d. The close of business in 2013 saw the company register oil and gas reserves worth 625 billion cubic feet
Forest oil Expenses
Forest Oil Corporation (NYSE:FST) production expenses for the quarter surged by 16.3% to 1.50 per Mcfe with positive news in this case being a drop of 14.3% on general and administrative expenses
Forest oil financial position
Forest Oil Corporation (NYSE:FST) as of the end of the fourth quarter had cash and cash equivalents amounting to $1.1 million with a long term debt of $733.8 million
The weak financial results saw Forest Oil Corporation (NYSE:FST)’s stock slip by 38% to close the day at a low of $2.01.
