BPZ Resources (BPZ) is higher Friday in step with sector gains despite disappointing results after the company said it turned to a loss in Q4, missing Street expectations with top and bottom lines.
Shares are up 2% at $2.53 near midday Friday, with a 52-week range of $1.58 – $2.73.
The company, which explores, develops, and produces oil and natural gas in Peru and Ecuador, reported a Q4 loss of $0.09 per share, compared with the prior-year period’s $0.12 earnings per share. Revenue was $12.07 million, down from $25.05 million in the same quarter last year.
Analysts polled by Capital IQ were expecting a loss per share of $0.08 on revenues of $12.85 million.
The company’s net oil production for the quarter from the Corvina and Albacora fields in Block Z-1 was approximately 128 thousand barrels (MBbls), or 1,389 barrels of oil per day (bopd), compared to pro forma net production 139 MBbls, or 1,516 bopd for the same period in 2012. BPZ attributed the decrease in net oil production to natural declines in oil production at both the Corvina and Albacora fields.
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