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Apache Authors: Dana Gardner, Liz McMillan, Mohamed El-Refaey, Ajay Budhraja, Don MacVittie

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Stone Energy Corporation Announces Fourth Quarter and Year-End 2012 Results

LAFAYETTE, La., Feb. 25, 2013 /PRNewswire/ -- Stone Energy Corporation (NYSE: SGY) today announced financial and operational results for the fourth quarter and year-end of 2012. Some of the highlights include:

  • Net income was $149.4 million, or $3.03 per share for the year ended December 31, 2012;
  • Net daily production for 2012 was 42 MBoe (252 MMcfe) per day, a 15% annual increase compared to 2011; and
  • Estimated proved reserves as of December 31, 2012 increased to 129 MMboe or 773 Bcfe from year-end 2011, representing an annual increase of 28% and a production replacement of 285%.

Financial Results

Stone reported fourth quarter 2012 net income of $44.2 million and full year 2012 net income of $149.4 million. The full year 2012 net income of $149.4 million, or $3.03 per share, on revenue of $951.5 million compared with 2011 net income of $194.3 million, or $3.97 per share, on revenue of $869.9 million.  The fourth quarter 2012 net income of $44.2 million, or $0.89 per share, on revenue of $254.9 million compared with net income of $45.5 million, or $0.93 per share, on revenue of $223.6 million for the fourth quarter of 2011.

Discretionary cash flow for 2012 totaled $619.0 million, compared to $637.7 million during 2011.  Discretionary cash flow for the fourth quarter of 2012 of $153.9 million compared to $163.8 million during the fourth quarter of 2011.  Please see "Non-GAAP Financial Measure" and the accompanying financial statements for a reconciliation of discretionary cash flow, a non-GAAP financial measure, to net cash flow provided by operating activities.

Chief Executive Officer David Welch stated, "We are excited to show both production and reserves increasing for the third consecutive year.  This achievement was driven by production and reserve growth in our Marcellus Shale, Deep Water and Deep Gas areas, highlighting the success of our diversification strategy as our proved reserves mix on a volume equivalent basis is now 44% Appalachia, 34% Deep Water, and 22% Conventional Shelf/Deep Gas with an estimated reserve life of over 8 years. Production and revenues from our lower risk, condensate rich Marcellus shale program and our successful Deep Gas program, combined with our legacy conventional shelf assets provide a base from which to launch our exploration efforts in the Deep Water area.  In 2013, we expect to participate in several deep water exploration wells with working interests ranging from 20 to 40 percent, signifying a significant acceleration of our deep water exploration activity".  

Net daily production volumes for 2012 averaged 42 thousand barrels of oil equivalent (MBoe) per day (252 million cubic feet of gas equivalent (MMcfe) per day), compared with net daily production of 37 MBoe (219 MMcfe) per day in 2011. Net daily production volumes for the fourth quarter of 2012 averaged 45 MBoe (270 MMcfe) per day, compared with net daily production of 36 MBoe (214 MMcfe) per day in the fourth quarter of 2011. The production mix for 2012 was 47% oil, 7% natural gas liquids (NGLs) and 46% natural gas. 

Average daily production for the first quarter of 2013 is expected to be 38-40 MBoe (230-240 MMcfe) per day. Production for the first quarter of 2013 has been negatively impacted by unplanned third party pipeline downtime in Appalachia, affecting approximately 60 MMcfe per day of projected volumes for January and most of February.  The third party pipeline, which was damaged by land slips due to heavy precipitation in late December 2012, has been repaired and volumes from the Mary field are being restored.  Please see "Operational Update - Appalachian Basin (Marcellus Shale)."  Updated production guidance for the full year 2013 is now 40-43 MBoe (240-255 MMcfe) per day with just over 50% projected as natural gas.  Please see "2013 Guidance."

Prices realized during the year ended December 31, 2012 averaged $106.70 per barrel (Bbl) of oil, $41.70 per Bbl of NGLs and $3.17 per thousand cubic feet (Mcf) of natural gas as compared to $103.31 per Bbl of oil, $59.28 per Bbl of NGLs and $4.44 per Mcf of natural gas realized during the year ended December 31, 2011.  Prices realized during the fourth quarter of 2012 averaged $106.48 per Bbl of oil, $35.96 per Bbl of NGLs and $3.79 per Mcf of natural gas, as compared with the fourth quarter 2011 average realized prices of $110.39 per Bbl of oil, $61.12 per Bbl of NGLs and $4.11 per Mcf of natural gas.  All unit pricing amounts include the cash settlement of effective hedging contracts.  

During the fourth quarter and full year 2012, effective hedging transactions increased the average price received for natural gas by $0.39 and $0.52 per Mcf, respectively. Realized oil prices during the fourth quarter and full year 2012 were increased due to hedging by $4.04 and $1.20 per Bbl, respectively.  Hedging transactions increased realized gas prices during the fourth quarter and full year 2011 by $0.68 and $0.51 per Mcf, respectively. Realized oil prices during the fourth quarter and full year 2011 were decreased due to hedging by $4.09 and $5.09 per Bbl, respectively.  

Lease operating expenses incurred during 2012 totaled $215.0 million ($13.97 per Boe or $2.33 per Mcfe), compared to $175.9 million ($13.18 per Boe or $2.20 per Mcfe) during 2011. The increase in lease operating expenses for 2012 was primarily associated with the Pompano field, which was acquired in December 2011. Additionally, 2012 was impacted by Hurricane Isaac expenses. For the three months ended December 31, 2012 and 2011, lease operating expenses were $58.0 million ($14.01 per Boe or $2.33 per Mcfe) and $45.4 million ($13.87 per Boe or $2.31 per Mcfe), respectively.

Transportation, processing and gathering expenses during 2012 totaled $21.8 million, compared to $9.0 million during 2011. The increase resulted from the liquids rich Pompano and Appalachia gas streams coming on line in early 2012.

Depreciation, depletion and amortization (DD&A) expense on oil and gas properties totaled $341.1 million ($22.16 per Boe or $3.69 per Mcfe) during 2012, compared to $276.5 million ($20.72 per Boe or $3.45 per Mcfe) during 2011.  DD&A expense on oil and gas properties for the three months ended December 31, 2012 totaled $82.5 million ($19.94 per Boe or $3.32 per Mcfe), compared to $74.5 million ($22.77 per Boe or $3.80 per Mcfe) during the comparable period of 2011. 

Salaries, general and administrative (SG&A) expenses (excluding incentive compensation expense) totaled $54.6 million ($3.55 per Boe or $0.59 per Mcfe) during 2012, compared to $40.2 million ($3.01 per Boe or $0.50 per Mcfe) during 2011. SG&A expenses (excluding incentive compensation expense) for the three months ended December 31, 2012 totaled $14.1 million ($3.41 per Boe or $0.57 per Mcfe), compared to $10.7 million ($3.26 per Boe or $0.54 per Mcfe) during the comparable quarter of 2011.  The increase in SG&A expenses in 2012 was primarily the result of increased staffing and compensation adjustments (including stock based compensation) and a management fee of $1.0 million for transition services related to our Pompano acquisition. In 2011, there was a $3.9 million credit to SG&A expenses, including previously unaccrued insurance proceeds.

Capital expenditures on oil and gas properties for 2012 were $582.8 million, which included $65.6 million in normal and hurricane abandonment expenditures, and excluded $34.5 million in one-time credit adjustments. This compared to capital expenditures on oil and gas properties during 2011 of $520.8 million, which included $63.4 million in normal and hurricane abandonment expenditures. Capitalized salaries, general and administrative (SG&A) expenses were $25.0 million and capitalized interest totaled $37.7 million for 2012. In 2011, capitalized SG&A was $24.1 million and capitalized interest was $42.0 million.

As of December 31, 2012, we had no outstanding borrowings under our bank credit facility. In addition, Stone had letters of credit totaling $21.0 million, resulting in $379.0 million available for borrowing based on a borrowing base of $400 million.  The borrowing base is scheduled to be redetermined by May 2013.

Operational Update

La Cantera (Deep Gas).  Recent optimization of the facilities increased the gross throughput from the two existing wells to 80 MMcfe per day from approximately 60 MMcfe per day.  Stone's net production from the field is currently 20 MMcfe per day.  A third well is currently being drilled, the Broussard #1 ST #1, to accelerate production from an upper hole zone.  The well is setting casing at 15,890 feet with the estimated total depth for the well at 18,034 feet.  Production from the third well is expected to begin in the third quarter of 2013.  Stone holds a 34.6% non-operated working interest in the field.

Pompano Field (Deep Water). Successful coil tubing interventions on the A-10 and A-28 wells were performed in the fourth quarter of 2012, pushing the net field production back over 6,000 Boe per day on this Stone-operated platform.  Stone has also reduced base lease operating expenses in the field by over 20% since taking over operatorship in March 2012. Discussions for a platform rig for the 2014/2015 timeframe are ongoing.

Pompano Area - Cardona (Deep Water).  Drilling plans for the Stone-operated Cardona prospect (65% working interest) have progressed with long lead items being ordered for the subsea tie-backs in anticipation of open water drilling around the Pompano facility in late 2013/early 2014. The size of the Cardona prospect area may necessitate several wells to test different targets.

Mississippi Canyon 983 - San Marcos (Deep Water).  The deep water San Marcos exploration well is currently scheduled to spud in the third quarter of 2013.  Stone currently holds a 25% working interest in the prospect, which is operated by Apache.  The well is estimated to take four months to drill.

Mississippi Canyon 555 – Guadalupe (Deep Water). The deep water Guadalupe exploration well (previously called Tower Bridge by Stone) is currently scheduled to spud in late 2013 or early 2014.  Stone currently holds a 40% working interest in the prospect, which is operated by Apache.  The well is estimated to take three months to drill.

Walker Ridge 719 – Phinisi (Deep Water). The deep water Phinisi exploration well is now projected to spud in the fourth quarter of 2013 as the previous rig schedule was adjusted.  Stone currently holds a 20% working interest in the prospect, which is operated by ENI.  The well is estimated to take four months to drill. 

Appalachian Basin (Marcellus Shale).  Stone drilled a total of 23 horizontal Marcellus Shale wells and fractured 24 wells in 2012.  During the fourth quarter of 2012, Stone tied nine horizontal wells into the Williams midstream pipeline from its Mary Field in West Virginia.   Net production from the Mary field increased to over 45 MMcf per day and 4,500 Bbl of liquids per day (over 70 MMcfe per day) in December prior to production being shut-in due to land slips resulting from heavy precipitation.  The land slips have been stabilized, the pipeline has been repaired and the field is currently coming back on line. Stone expects net Appalachian production to return to over 65 MMcfe per day during March 2013. Stone has drilled five horizontal wells and fractured four wells to date in 2013. 

Conventional Shelf - A rig has been secured for a two-to-four well conventional shelf drilling program.  The rig, expected to arrive in the second quarter of 2013, will target oil prospects.  Separately, Stone has committed to an onshore rig to drill the Hyena prospect in the Clovelly field in Lafourche Parish, Louisiana.  Stone has also budgeted roughly $35 million for recompletion and workover projects to access behind pipe reserves in existing fields. 

2013 Guidance

Guidance for the first quarter and full year 2013 is shown in the table below (updated guidance numbers are italicized and bolded). The guidance is subject to all the cautionary statements and limitations described below and under the caption "Forward Looking Statements."


First Quarter


Full Year





Production - MBoe per day

                 (MMcfe per day)

38 – 40

(230 – 240)


40 – 43

(240  – 255)





Lease operating  expenses (in millions)

(excluding transportation/processing expenses)

-


$205 - $225





Transportation, processing and gathering (in millions)



$26 - $32





Salaries, General & Administrative expenses (in millions)

-


$55 - $60

(excluding incentive compensation)




Depreciation, Depletion & Amortization (per MBoe)

-


$19.50 - $21.00

                                                       (per Mcfe)



$3.25 - $3.50





Corporate Tax Rate (%)

-


35% - 37%





Capital Expenditure Budget (in millions)

-


$650

(excluding acquisitions)




Hedge Position

The following table illustrates our derivative positions for 2013, 2014 and 2015 as of February 25, 2013: 


Fixed-Price Swaps


NYMEX (except where noted)


Natural Gas


Oil


Daily

Volume

(MMBtus/d)


Swap

Price


Daily

Volume

(Bbls/d)


Swap

Price









2013

10,000


$4.000


1,000


$92.80

2013

10,000


5.270


  2,000*


94.05

2013

10,000


5.320


1,000


94.45

2013





1,000


94.60

2013





1,000


97.15

2013





1,000


101.53

2013





1,000


103.00

2013





1,000


103.15

2013





1,000


104.25

2013





1,000


104.47

2013





1,000


104.50

2013





  1,000**


107.30

2014

10,000


4.000


1,000


90.06

2014

10,000


4.040


1,000


93.55

2014

10,000


4.105


1,000


94.00

2014

10,000


4.250


1,000


98.00

2014





1,000


98.30

2014





1,000


99.65

2014





  1,000**


103.30

2015

10,000


4.005


1,000


90.00

2015

10,000


4.220





2015

10,000


4.255






* January - June

** Brent oil contract

Annual Meeting Information

Stone Energy will hold its 2013 Annual Meeting of Stockholders on Thursday, May 23, 2013, at 10:00 a.m. Central Time at the Windsor Court Hotel, 300 Gravier Street, New Orleans, Louisiana.  The Company proposes to elect ten directors, to ratify the appointment of Ernst & Young LLP as the Company's independent public accounting firm for the fiscal year ending December 31, 2013, to have a non-binding advisory vote on the compensation of the named executive officers (say on pay), and to transact such other business as may properly come before the meeting.  The close of business on March 25, 2013 has been fixed as the record date for determination of stockholders entitled to receive notification of and to vote at the Annual Meeting.

Other Information

Stone Energy has planned a conference call for 9:00 a.m. Central Time on Tuesday, February 26, 2013 to discuss the operational and financial results for the fourth quarter and full year 2012. Anyone wishing to participate should visit our website at www.StoneEnergy.com for a live web cast or dial 1-877-228-3598 and request the "Stone Energy Call."  If you are unable to participate in the original conference call, a replay will be available immediately following the completion of the call on Stone Energy's website.  The replay will be available for one month.

Non-GAAP Financial Measures

In this press release, we refer to a non-GAAP financial measure we call "discretionary cash flow."  Management believes discretionary cash flow is a financial indicator of our company's ability to internally fund capital expenditures and service debt.  Management also believes this non-GAAP financial measure of cash flow is useful information to investors because it is widely used by professional research analysts in the valuation, comparison, rating and investment recommendations of companies in the oil and gas exploration and production industry. Discretionary cash flow should not be considered an alternative to net cash provided by operating activities or net income, as defined by GAAP.  Please see the "Reconciliation of Non-GAAP Financial Measure" for a reconciliation of discretionary cash flow to cash flow provided by operating activities.

Forward Looking Statements

Certain statements in this press release are forward-looking and are based upon Stone's current belief as to the outcome and timing of future events. All statements, other than statements of historical facts, that address activities that Stone plans, expects, believes, projects, estimates or anticipates will, should or may occur in the future, including future production of oil and gas, future capital expenditures and drilling of wells and future financial or operating results are forward-looking statements.  Important factors that could cause actual results to differ materially from those in the forward-looking statements herein include the timing and extent of changes in commodity prices for oil and gas, operating risks, liquidity risks, political and regulatory developments and legislation, including developments and legislation relating to our operations in the Gulf of Mexico and Appalachia, and other risk factors and known trends and uncertainties as described in Stone's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q as filed with the SEC. Should one or more of these risks or uncertainties occur, or should underlying assumptions prove incorrect, Stone's actual results and plans could differ materially from those expressed in the forward-looking statements.

Estimates for Stone's future production volumes are based on assumptions of capital expenditure levels and the assumption that market demand and prices for oil and gas will continue at levels that allow for economic production of these products. The production, transportation and marketing of oil and gas are subject to disruption due to transportation and processing availability, mechanical failure, human error, hurricanes and numerous other factors.  Stone's estimates are based on certain other assumptions, such as well performance, which may vary significantly from those assumed. Delays experienced in well permitting could affect the timing of drilling and production. Lease operating expenses, which include major maintenance costs, vary in response to changes in prices of services and materials used in the operation of our properties and the amount of maintenance activity required.  Estimates of DD&A rates can vary according to reserve additions, capital expenditures, future development costs, and other factors. Therefore, we can give no assurance that our future production volumes, lease operating expenses or DD&A rates will be as estimated.

Stone Energy is an independent oil and natural gas exploration and production company headquartered in Lafayette, Louisiana with additional offices in New Orleans, Houston and Morgantown, West Virginia. Our business strategy is to leverage cash flow generated from existing assets to maintain relatively stable GOM shelf oil production, profitably grow gas reserves and production in price-advantaged basins such as Appalachia and the Gulf Coast Basin, and profitably grow oil reserves and production in material impact areas such as the deep water GOM and onshore oil.  For additional information, contact Kenneth H. Beer, Chief Financial Officer, at 337-521-2210 phone, 337-521-9880 fax or via e-mail at [email protected].



STONE ENERGY CORPORATION

SUMMARY STATISTICS

(In thousands, except per share/unit amounts)

(Unaudited)


Three Months Ended

December 31,


Twelve Months Ended

December 31,


2012


2011


2012


2011

FINANCIAL RESULTS








  Net income

$44,246


$45,523


$149,426


$194,332

  Net income per share

$0.89


$0.93


$3.03


$3.97





PRODUCTION QUANTITIES




  Oil (MBbls)

1,846


1,623


7,135


6,427

  Gas (MMcf)

11,538


9,441


42,569


38,466

  Natural gas liquids (MBbls)

369


77


1,163


506

  Oil, gas and NGLs (MBoe)

4,138


3,274


15,393


13,344

  Oil, gas and NGLs (MMcfe)

24,828


19,641


92,357


80,064









AVERAGE DAILY PRODUCTION








  Oil (MBbls)

20


18


20


18

  Gas (MMcf)

125


103


116


105

  Natural gas liquids (MBbls)

4


1


3


1

  Oil, gas and NGLs (MBoe)

45


36


42


37

  Oil, gas and NGLs (MMcfe)

270


214


252


219









REVENUE DATA








  Oil revenue

$196,559


$179,170


$761,304


$663,958

  Gas revenue

43,733


38,796


134,739


170,611

  Natural gas liquids revenue

13,270


4,706


48,498


29,996

  Total oil, gas and NGLs revenue

$253,562


$222,672


$944,541


$864,565









AVERAGE PRICES








Prior to the cash settlement of effective hedging transactions:








  Oil (per Bbl)

$102.44


$114.48


$105.50


$108.40

  Gas (per Mcf)

3.40


3.43


2.65


3.93

  Natural gas liquids (per Bbl)

35.96


61.12


41.70


59.28

  Oil, gas and NGLs (per Boe)

58.39


68.07


59.39


65.79

  Oil, gas and NGLs (per Mcfe)

9.73


11.35


9.90


10.96

Including the cash settlement of effective hedging transactions:








  Oil (per Bbl)

$106.48


$110.39


$106.70


$103.31

  Gas (per Mcf)

3.79


4.11


3.17


4.44

  Natural gas liquids (per Bbl)

35.96


61.12


41.70


59.28

  Oil, gas and NGLs (per Boe)

61.28


68.01


61.36


64.79

  Oil, gas and NGLs (per Mcfe)

10.21


11.34


10.23


10.80









COST DATA








  Lease operating expenses

$57,973


$45,395


$215,003


$175,881

  Salaries, general and administrative expenses

14,127


10,675


54,648


40,169

  DD&A expense on oil and gas properties

82,498


74,546


341,096


276,480









AVERAGE COSTS (per Mcfe)








  Lease operating expenses (per Boe)

$14.01


$13.87


$13.97


$13.18

  Lease operating expenses (per Mcfe)

2.33


2.31


2.33


2.20

  Salaries, general and administrative expenses (per Boe)

3.41


3.26


3.55


3.01

  Salaries, general and administrative expenses (per Mcfe)

0.57


0.54


0.59


0.50

  DD&A expense on oil and gas properties (per Boe)

19.94


22.77


22.16


20.72

  DD&A expense on oil and gas properties (per Mcfe)

3.32


3.80


3.69


3.45









AVERAGE SHARES OUTSTANDING – Diluted

48,412


48,100


48,361


48,030



















 



STONE ENERGY CORPORATION

CONSOLIDATED STATEMENT OF OPERATIONS

(In thousands)

(Unaudited)












Three Months Ended

December 31,


Twelve Months Ended

December 31,



2012


2011


2012


2011










      Operating revenue:









        Oil production


$196,559


$179,170


$761,304


$663,958

        Gas production


43,733


38,796


134,739


170,611

        Natural gas liquids production


13,270


4,706


48,498


29,996

        Other operational income


1,000


944


3,520


3,938

        Derivative income, net


309


-


3,428


1,418

                   Total operating revenue


254,871


223,616


951,489


869,921










      Operating expenses:









        Lease operating expenses


57,973


45,395


215,003


175,881

        Transportation, processing and gathering


5,871


1,647


21,782


8,958

        Production taxes


2,437


2,552


10,015


9,380

        Depreciation, depletion and amortization


83,383


75,243


344,365


280,020

        Accretion expense


8,405


7,630


33,331


30,764

        Salaries, general and administrative expenses


14,127


10,675


54,648


40,169

        Incentive compensation expense


4,206


4,496


8,113


11,600

        Derivative expenses, net


-


1,882


-


-

        Other operational expense


72


697


267


2,149

                  Total operating expenses


176,474


150,217


687,524


558,921










     Income from operations


78,397


73,399


263,965


311,000










     Other (income) expenses:









        Interest expense


9,268


2,819


30,375


9,289

        Interest income


(373)


(250)


(600)


(420)

        Other income


(576)


(443)


(1,805)


(1,942)

        Early debt retirement expense


1,972


-


1,972


607

        Other expense


-


(501)


-


-

                  Total other expenses


10,291


1,625


29,942


7,534










      Income before taxes


68,106


71,774


234,023


303,466










      Provision (benefit) for income taxes:









        Current


13,858


(5,343)


15,022


(20,386)

        Deferred


10,002


31,594


69,575


129,520

                   Total income taxes


23,860


26,251


84,597


109,134










     Net income


$44,246


$45,523


$149,426


$194,332










 



STONE ENERGY CORPORATION

RECONCILIATION OF NON-GAAP FINANCIAL MEASURE

(In thousands)

(Unaudited)












Three Months Ended

December 31,


Twelve Months Ended

December 31,



2012


2011


2012


2011










Net income as reported


$44,246


$45,523


$149,426


$194,332










Reconciling items:









Depreciation, depletion and amortization


83,383


75,243


344,365


280,020

Deferred income tax provision


10,002


31,594


69,575


129,520

Accretion expense


8,405


7,630


33,331


30,764

Stock compensation expense


1,899


1,413


8,699


5,905

Early extinguishment of debt


1,972


-


1,972


607

Non-cash interest expense


4,017


496


13,085


1,908

Other


(8)


1,878


(1,458)


(5,311)

Discretionary cash flow


153,916


163,777


618,995


637,745










Changes in income taxes payable


13,858


2,259


10,618


(19,451)

Settlement of asset retirement obligations


(18,356)


(10,848)


(65,567)


(63,391)

Other working capital changes


(13,582)


27,249


(54,297)


15,947










Net cash provided by operating activities


$135,836


$182,437


$509,749


$570,850










 

STONE ENERGY CORPORATION

CONSOLIDATED BALANCE SHEET

(In thousands)

(Unaudited)



December 31,


December 31,



2012


2011

Assets





Current assets:





         Cash and cash equivalents


$279,526


$38,451

         Accounts receivable


167,288


118,139

         Fair value of hedging contracts


39,655


25,177

         Current income tax receivable


10,027


19,946

         Deferred taxes


15,514


26,072

         Inventory


4,207


4,643

         Other current assets


3,626


791

              Total current assets


519,843


233,219






Oil and gas properties, full cost method of accounting:





         Proved


7,244,466


6,648,168

         Less: accumulated depreciation, depletion and amortization


(5,510,166)


(5,174,729)

         Net proved oil and gas properties


1,734,300


1,473,439

         Unevaluated


447,795


401,609

Other property and equipment, net


22,115


11,172

Fair value of hedging contracts


9,199


22,543

Other assets, net


43,179


23,769

         Total assets


$2,776,431


$2,165,751

Liabilities and Stockholders' Equity





Current liabilities:





         Accounts payable to vendors


$94,361


$102,946

         Undistributed oil and gas proceeds


23,414


27,328

         Accrued interest


18,546


14,059

         Fair value of hedging contracts


149


11,122

         Asset retirement obligations


66,260


62,676

         Other current liabilities


16,765


28,370

               Total current liabilities


219,495


246,501






Bank debt


-


45,000

6¾% Senior Subordinated Notes due 2014


-


200,000

8⅝% Senior Notes due 2017


375,000


375,000

7½% Senior Notes due 2022


300,000


-

1¾% Convertible Notes


239,126


-

Deferred taxes


310,830


247,835

Asset retirement obligations


422,042


363,103

Fair value of hedging contracts


1,530


815

Other long-term liabilities


36,275


19,668

        Total liabilities


1,904,298


1,497,922






Common stock


484


481

Treasury stock


(860)


(860)

Additional paid-in capital


1,386,475


1,338,565

Accumulated deficit


(542,799)


(692,225)

Accumulated other comprehensive income


28,833


21,868

         Total stockholders' equity


872,133


667,829

         Total liabilities and stockholders' equity


$2,776,431


$2,165,751

SOURCE Stone Energy Corporation

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@ThingsExpo Stories
The 3rd International WebRTC Summit, to be held Nov. 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA, announces that its Call for Papers is now open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 15th International Cloud Expo, 6th International Big Data Expo, 3rd International DevOps Summit and 2nd Internet of @ThingsExpo. WebRTC (Web-based Real-Time Communication) is an open source project supported by Google, Mozilla and Opera that aims to enable bro...
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