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HOUSTON — Oil and gas company Petrohawk Energy Corp. on Tuesday reported a narrowed second-quarter loss, due to lower drilling costs and increased production.
The company posted a loss of $22 million, or 8 cents per share, compared with a loss of $92.8 million, or 45 cents per share, in the year ago quarter.
Excluding losses on commodity contracts, net income for the quarter was 10 cents per share.
Revenue fell 25 percent to $227.3 million as commodity prices sank.
Analysts surveyed by Thomson Reuters expected a profit of 5 cents per share on revenue of $258.2 million. Analysts generally exclude one-time gains and losses from their estimates.
It also said it plans to offer up to 25 million shares in a public offering. Underwriters have a 30-day option to buy 3.75 million extra shares.
Net proceeds are expected to fund potential acquisitions, part of the company's capital budget and debt repayment.
Shares fell $1.35, or 5.4 percent, to $23.83 in aftermarket trading.
