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Oklahoma business earnings for Nov. 6

Oklahoma business earnings for Nov. 6
Published: November 6, 2013


Blueknight Energy Partners LP

Blueknight Energy Partners LP on Tuesday reported net income of $10.5 million, or 21 cents a unit, for the third quarter, despite a $5.7 million impairment charge on a south Texas pipeline system. The partnership earned $7.9 million, or 10 cents a unit, in the same period of last year. “The third-quarter results continue to reflect our focus on growth opportunities across our various business segments,” CEO Mark Hurley said. “The recently announced increase in our common unit distribution for the fifth-consecutive quarter underscores our long-term perspective on delivering consistent value to our unit holders.”

Compressco Partners LP

Compressco Partners LP on Tuesday reported third-quarter net income of $4.2 million as demand for its services increased. The compression-based production enhancement services provider earned $5.1 million in the same period of last year. “Our third-quarter results reflect higher fleet utilization driven by strong demand for our unconventional compression services applications in the United States, particularly vapor recovery services,” President Ronald J. Foster said. “We also benefited from international compression service opportunities, including modest but expected improvement in demand for our services in Mexico compared to the second quarter of 2013.”

Gulfport Energy Corp.

Gulfport Energy Corp. increased production by more than half a million barrels oil equivalent in the third quarter, allowing the company to record net income of $40.5 million, or 52 cents a share. Gulfport earned $500,000, or a penny a share, in the same period of last year. The company produced about 1.19 million barrels of oil equivalent in the quarter, as CEO James Palm expressed confidence in Gulfport's first dry natural gas well in Ohio's Utica Shale. “We are very pleased with the initial results from our Irons 1-4H well, our first well in the dry gas corridor in the Utica,” he said. “With approximately 44 percent of our acreage located within the dry gas phase of the play, this well stands to unlock meaningful value across a large portion of our acreage. The strong economics of this well appear to be very attractive in today's commodity price environments and we look forward to drilling a number of wells in the surrounding area during 2014.”

LSB Industries Inc.

LSB Industries Inc. posted a profit of $10.3 million, or 43 cents per share, for the third quarter, compared to $6.7 million, 28 cents per share, for the same period a year ago. LSB saw operating income from its chemical business rise to $17.7 million in the third quarter, compared to $7.5 million for the same period in 2012, due to the return to production of its Pryor and Cherokee facilities after repairs and upgrades. Sales were $177.4 million for the third quarter, down 3 percent or $5 million from $182.4 million in the third quarter of 2012. The Oklahoma City-based company runs two business units — a chemical division and a climate control business.

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