UPDATE: Goodrich Petroleum Posts Wider-Than-Expected Loss

reported a wider –than-expected loss for the fourth quarter. The Houston, Texas-based company reported a quarterly net loss applicable to common stock of $233.3 million, or $5.23 per share, compared to a year-ago net loss applicable to common stock of $30.9 million, or $0.73 per share. Excluding one-time items, the company lost $0.47 per share. Its revenue declined 4% to $48.6 million. However, analysts were estimating a loss of $0.45 per share on revenue of $58.00 million. Average realized price per unit rose to $7.73 per Mcfe in the latest quarter, compared to $6.81 per Mcfe in the year-ago period. Production slipped to 6.3 billion cubic feet equivalent during the quarter, or an average of 68,300 Mcfe per day, compared to 7.4 Bcfe, or an average of 80,800 Mcfe (29% oil) per day. Oil production rose to 531,000 barrels of oil in the quarter, from 364,000 barrels of oil, in the year-earlier period. Earnings before interest, taxes, DD&A, non-cash general and administrative expenses and exploration rose to $41.7 million from $32.3 million. Goodrich Petroleum shares tumbled 9.98% to close at $4.24 yesterday.