Boston, MA 03\/12\/2014 (wallstreetpr) \u2013 Companies in the oil sector have managed to turn in some good results on the back of steady crude oil prices and rising demand. Petroquest Energy Inc (NYSE:PQ)<\/b> also had a good year in 2013 and the recent events may have a positive impact in 2014 revenues and profits.<\/p>\n
The year in perspective:<\/b><\/p>\n
Petroquest Energy Inc (NYSE:PQ) saw losses pile up in 2012. It made $137 million loss in the year translating to $2.20 per share. However, it managed to turn in profit in 2013 on the back of several measures taken by the company. Steady and high prices of crude oil in the international markets as well as sustained demand also helped. Petroquest declared net income of $0.14 per share in 2013. Not only this, the total oil production also grew by 31% and NGLs by 41%. Revenues also increased by 29%. Production was also higher in the fourth quarter as well as for the full year by 15% and 12% respectively.<\/p>\n
Apart from these results, the company also completed the acquisition of certain properties in the Gulf of Mexico. \u00a0The deal worth approximately $189 million was financed through issuance of $200 million worth of senior notes due in 2017.<\/p>\n
The Future:<\/b><\/p>\n
Though a lot depends upon the future macroeconomic trends, some recent developments are very positive for Petroquest Energy Inc (NYSE:PQ). The political standoff in Ukraine is stretching on and creating uncertainties about the prices of both crude oil as well as natural gas. Demand for both crude oil as well as natural gas is low during the current quarter as the winter season withdraws across the globe.\u00a0\u00a0 In fact several OPEC countries have taken steps to reduce production. The situation in Ukraine and the standoff between Russia and the U.S. could change all that. The U.S. has already threatened to impose sanctions on Russia. If this happens, crude oil and natural gas supplies from Russia to Europe could get affected. Europe is also expected to follow U.S. steps in imposing sanctions. Europe will have to depend upon the U.S. to make up for the shortfall.<\/p>\n
This could spell a windfall for companies like Petroquest Energy Inc (NYSE:PQ).<\/p>\n","protected":false},"excerpt":{"rendered":"
Boston, MA 03\/12\/2014 (wallstreetpr) \u2013 Companies in the oil sector have managed to turn in some good results on the back of steady crude oil […]<\/p>\n","protected":false},"author":12,"featured_media":17127,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"twitter_2902945987_2902945987":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[2236],"tags":[5093,5092],"stock_ticker":[],"class_list":["post-17123","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-nysepq","tag-petroquest-energy-inc-nysepq","entry"],"acf":[],"yoast_head":"\n