Energy companies operating in Louisiana continue to struggle as the oil price downturn pushes toward the end of its second year.
The Advertiser reports that PetroQuest Energy, with holdings in east Texas and Vermilion Parish, saw its oil and gas sales roughly halved, year over year. For the first six months of 2016, company sales were $33,1 million down from $66 million for the first six months in 2015.
Second-quarter sales fell from $32.5 million for the second quarter in 2015 to $15.8 million this quarter. The company revealed those numbers in a statement issued Monday.
Last week, Stone Energy revealed that its second-quarter production was about 29,000 barrels of oil equivalents per day, slightly more than projected for the quarter.
About 59% was in oil, 9% in natural gas liquids and 32% in natural gas, the company said. Frank’s International last week announced a net loss of 20 cents per share for the second quarter, a net loss of $31 million.
Frank’s President and CEO Gary Luquette says the company’s offshore tubular running services business was hurt because some 80% of the 25 rigs that left the market—the rigs were mostly in West Africa and in the Gulf of Mexico—were serviced by Frank’s. That made demand for Frank’s services “soft.”
The company says it’s cutting its quarterly dividend by 50% to improve cash flow.
Second quarter revenue was down 21% from the same quarter in 2015 to $121 million.
Luquette suggested that the worst of the oil downfall, which began with oil selling for more than $100 a barrel in summer 2014, may be passing, at least on land.
