Petrohawk Energy Corporation (HK) reports the good love15.55 +0.39 (+2.57%)..."Our drilling program will expand dramatically across our substantial acreage position in the Fayetteville Shale," said Floyd C. Wilson, President and Chief Executive Officer. "Downspacing and 3D seismic in Terryville and horizontal drilling in Elm Grove add to our already extensive development plans in those fields. In addition to drilling success, we continue to take advantage of our low cost structure, our well-placed hedges, and high price realizations to deliver results through the commodity cycle. Growth opportunities available to Petrohawk are like never before."
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8:56 AM ET) NEW YORK (MarketWatch) -- Petrohawk Energy Corp.'s(HK, Trade )second-quarter earnings were significantly stronger than a year earlier, helped by record revenue, higher production and a gain on derivative contracts. The Houston oil and gas company earned $45.6 million or 27 cents a share in its latest quarter, up from $4.9 million or 6 cents a year earlier. Excluding items in the latest period, earnings would have been $29 million or 17 cents a share in the latest quarter. Revenue for the quarter rose to a record $234 million, up from $86.4 million, as average daily production rose to 324 million cubic feet of natural gas equivalent from 129 million a year earlier.
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