BRIDGEPORT, W.Va. (AP) - Oil and natural gas producer Petroleum
Development lost nearly $14 million in the first quarter on bad
Petroleum Development's latest quarterly report to the
Securities and Exchange Commission says it lost $13.92 million, or
95 cents per share, in the first three months of the year. The
Bridgeport-based company earned $2.5 million, or 17 cents per
share, in the same period last year.
Revenue rose to $58 million in the quarter from $57.9 million in
Analysts polled by Thomson Financial had expected a profit of 91
cents a share on revenue of $98.77 million.
Petroleum Development is blaming unrealized losses of $39.9
million on hedges against big oil and gas price movements for the
poor first quarter.