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Article: Mariner Energy Inc. Announces First Quarter 1997 Results
- Article from:
- PR Newswire
- Article date:
- May 12, 1997
CopyrightCOPYRIGHT 1997 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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HOUSTON, May 12 /PRNewswire/ -- Mariner Energy, Inc. today reported EBITDA(1) of $10.7 million for the quarter ended March 31, 1997, compared with $10.2 million for the first quarter of 1996. Under full cost accounting rules, the Company elected to recognize a $28.5 million non-cash ceiling test impairment charge due to low product prices in March 1997, which resulted in a reported net loss of $27.6 million for the quarter, compared with net income of $2.7 million for the same quarter of 1996. Excluding the non-cash ceiling impairment charge, net income from recurring operations for the first quarter of 1997 was $0.9 million.
Average first quarter 1997 ...