"Petrohawk continues to focus on operating margins. We are committed to our low-risk, low-cost drilling programs in North Louisiana, expansion of our Fayetteville Shale program, and the application of tight gas sand completion expertise,” said Floyd C. Wilson, President and Chief Executive Officer. “We plan to continue our strategy that encompasses drilling within cash flow, hedging to protect our program from commodity price risk, and maintaining a balance sheet that supports flexibility and opportunity with the primary objective of delivering value to shareholders.”
Petrohawk Energy Corporation (NYSE:HK; “Petrohawk”) today announced first quarter 2007 financial results with cash flows from operations before changes in working capital (a non-GAAP measure) of $142 million for the quarter, or $0.85 per share, a 123% year over year increase. Before adjusting for non-cash items, mainly generated by a mark-to-market of future derivative contracts, the Company reported a net loss of $19 million, or a loss of $0.12 per fully diluted common share, for the quarter. Net income for the quarter reached $29 million, or $0.17 per fully diluted common share, after excluding selected items (see Selected Item Review and Reconciliation Table). Revenues were $209 million, a 103% increase over the same period one year ago.
Hey, this all sounds good, and the stock has done nothing but go up since our RECO! ...lets watch tomorrows open and potentially take some profits...although this is our STOCK OF THE YEAR and M&A target of choice...our sites our on $20/share!
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