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Earthstone's Bakken Shift Pulls Down Income
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Earthstone Energy Inc. reported net income of $370,000, $0.22 per diluted share, on revenue of $2.8 million for the third quarter of fiscal 2013 compared to net income of $1,152,000, $0.68 per diluted share, on revenue of $3.9 million for the third quarter of fiscal 2012.
For the nine months ending December 2012, the Company reported net income of $1,126,000, $0.65 per diluted share, on revenue of $8.0 million compared to net income of $2,545,000, $1.49 per diluted share, on revenue of $8.9 million for the same period ended December 2011. Total revenue and net income decreased $1,032,000 (27%) and $782,000 (68%), respectively, from the comparable three month prior year period. These results were due to both decreases in oil and gas prices and oil and gas sales volumes in 2013 as compared…
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