Oil and gas operator's first quarter earnings are up significantly over the first quarter of 2012, which included a non-cash ceiling test impairment of $20 million. Lafayette-based PetroQuest Energy Inc. (NYSE: PQ) Tuesday announced net income of $2.6 million, or 4 cents per share, for the first quarter of 2013, compared to a first quarter 2012 net loss of $18 million, or 30 cents per share. The 2012 period included a non-cash ceiling test impairment of $20 million.
The exploration and production company's discretionary cash flow for the first quarter of 2013 was $18.6 million, compared to $19.6 million for the comparable 2012 period.
Oil and gas sales during the first quarter of 2013 were $35.9 million, on par with the $36 million in the first quarter of 2012.