LSB INDUSTRIES INC.
Growth in sales in LSB Industries Inc.'s chemical business helped nudge third-quarter profits higher, the Oklahoma City company said Tuesday. Net income rose to $6.7 million in the three months ending Sept. 30 from $6.3 million in the same period last year. Sales grew 3.2 percent to $182.4 million as a 7.2 percent boost in chemical business sales more than balanced a 5.3 percent decline in sales of LSB's climate control business. Mechanical problems at the company ammonia plant in Pryor limited production during the quarter, and is expected to continue to reduce production until early 2013. An explosion at a Kansas chemical plant has put that plant offline until later this year, the company said. CEO Jack Golsen said the company soon should overcome its chemical plant problems, while the slowly recovering economy should help the firm's climate control business.
GULFPORT ENERGY CORP.
Income taxes from a recent sale dented earnings at Gulfport Energy Corp, the Oklahoma City company said Tuesday as it released third-quarter results. Gulfport recorded net income of $502,000, or one cent per diluted share, in the quarter ended Sept. 30. That compared with net income of $29 million, or 57 cents per diluted share, in the third quarter of 2011. Gulfport said revenue was $60.5 million, 4 percent higher than the year-earlier quarter. The company said its third-quarter 2012 results included a $15.5 million noncash income tax expense that came from the sale of properties in the Permian Basin to Diamondback Energy Inc. Excluding that tax expense, adjusted net income would have been $16 million, or 28 cents per diluted share, in the third quarter.
ACCESS MIDSTREAM PARTNERS LP
New well connections pushed the volume of gas higher through Access Midstream Partners LP pipelines in the third quarter, driving an increase in quarterly earnings. The Oklahoma City partnership reported net income of $50.2 million in the third quarter of 2012, compared to $48.17 million in the year-earlier quarter. After taking out the general partner's interest in net income, Access Midstream reported 32 cents per common unit earnings, down from 34 cents per common unit in the third quarter of 2011. Access Midstream said partnership revenue in the third quarter of 2012 was $156.1 million, up 11.4 percent from the third quarter of 2011. Last month, Access Midstream said the board of directors for the general partner approved a quarterly cash distribution of 43.5 cents per unit in the third quarter.
BLUEKNIGHT ENERGY PARTNERS LP
Some noncash expenses related to debt pushed third-quarter earnings lower at Blueknight Energy Partner LP, the company said Tuesday. Blueknight said net income was $7.9 million in the third quarter, down from $28.6 million in the third quarter of 2011. That translated into basic and diluted earnings per partnership unit of 10 cents, compared to 38 cents in the year-earlier quarter, the Oklahoma City partnership said. Quarterly revenue rose slightly to $47.1 million, up from $46.5 million in the third quarter of 2011. Blueknight said a $17.1 million decrease in a noncash interest expense affected net income in the third quarter. Earlier, the partnership announced a quarterly cash distribution of 11.25 cents per common unit and 17.87 cents per preferred unit.
From Staff Reports