ATP Oil & Gas Surging Despite Disappointing Earnings (ATPG)
ATP Oil & Gas (NASDAQ: ATPG) released their earnings report before the opening bell this morning. The company reported a fourth quarter net loss of $39.97 million or $0.80 per share compared to net income of $50.16 million or $1.41 per share in last year's corresponding quarter.
After adjusting for non-recurring items, ATP had a net loss of $10.28 million or $0.20 per share. This missed Wall Street consensus estimates of a loss of only $0.12 per share. Fourth quarter revenues came in at $74.33 million compared to $80.94 million in the year ago period. The top line numbers also failed to meet Wall Street estimates of $76.97 million.
Despite the lackluster numbers, the shares have surged 12% higher to $19.53 after the company announced that its deepwater Gulf of Mexico development will most likely commence production during March of 2010. ATP (ATPG) also said that its other deepwater development was put on initial production as of March 11, 2010.
