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Article: ST. MARY ANNOUNCES INCREASED PRODUCTION AND EARNINGS
- Article from:
- PR Newswire
- Article date:
- November 8, 1994
CopyrightCOPYRIGHT 1994 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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DENVER, Nov. 8 /PRNewswire/ -- St. Mary Land & Exploration Company (Nasdaq: MARY) today reported third quarter earnings of $2,781,000, or $0.32 per share, versus net income of $1,702,000, or $0.19 per share, in the comparable 1993 quarter. Domestic oil and gas production increased 20 percent, but the prices of hydrocarbons declined 15 percent year to year. Net proceeds from a gas contract settlement of $4.0 million more than offset a $1.7 million increase in exploration expense and a $717,000 rise in lease operating expenses associated with well workover charges.
The Company earned $5,681,000, or $0.65 per share, in the nine months ended September 30, 1994 as compared to ...