Top Oil and Gas Stock Kodiak posts Q4 Results

Posted on March 6th, 2011 by Jaxon Hewlett

Kodiak Oil & Gas Corp. (AMEX: KOG) shares dropped in today’s trading after the company reported a wider loss for the fourth quarter from the loss a year ago, due primarily to losses on derivatives.

The company reported a fourth-quarter net loss of $4.4 million or $0.03 per share, compared with a loss of $0.4 million or $0.00 per share, for the same period in 2009. The results for the quarter included $4.6 million unrealized derivative losses resulting from the change in the value of derivatives utilized for commodity price risk management. The adjusted reported earnings for the quarter were $278,000 for the quarter or $0.00 per share. The Oil and gas sales for the quarter grew 131% to $11.0 million from $4.8 million last year. The crude oil revenue was approximately 98 percent of the fourth quarters oil and gas sales.

For the full year the company reported oil and gas sales increase of 175% to $31.0 million from $11.3 million during fiscal year 2009. The crude oil revenue accounted for approximately 98% of 2010 oil and gas sales, and crude oil constituted 94% of sales volumes during the year. The company posted a 137% increase in oil sales volumes and a 26% decrease in gas sales volumes for an overall 110% increase in year-over-year equivalent sales volumes of 460,000 barrels of oil equivalent. The company reported a net loss of $2.4 million, or $0.02 per basic and diluted share as compared with a net loss of $2.6 million or $0.02 per basic and diluted share, for the same period in 2009. This year’s results included the unrealized derivative losses of $5.7 million related to the non-cash change in the value of derivatives utilized for commodity price risk management. The adjusted net income (a non-GAAP measure) reported was of $3.3 million for 2010, or $0.03 per basic and diluted share.

Following the fourth-quarter financial results, Kodiak Oil & Gas shares dropped in today’s trading. The stock is currently trading at $6.91, down 5.74% from its previous close. Kodiak Oil & Gas Corp. shares touched the high of $7.28 and lowest price in today’s session is $6.58. The company stock’s beta is 3.47.

The company stock traded in the range of $2.43 and $7.70 during the past 52 weeks. The company’s market cap is $1.03 billion.

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