Synergy Resources Corp. (SYRG: Quote), a U.S. oil and gas exploration and production company focused in the Denver-Julesburg Basin, reported its second quarter net income was $2.73 million or $0.05 per share, down from $6.1 million or $0.12 per share in the same year-ago period. The prior year result included a one-time deferred tax benefit of $3.2 million (equivalent to $0.07 per share).
Revenues totaled $10.9 million, up 76% from $6.2 million in the same quarter a year ago.
The year-over-year improvement was attributed to an 87% increase in production, primarily from the new wells brought on line and the Orr acquisition, offset by a 6% decrease in the realized average selling price per BOE.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.06 per share on revenues of $11.75 million for the second-quarter. Analysts’ estimates typically exclude special items.
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by RTT Staff Writer
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