TULSA, Okla. (AP) — Laredo Petroleum Holdings Inc. said Tuesday that its net income climbed in the fourth quarter on higher sales of oil and natural gas. Its shares rose 6 percent in afternoon trading,
Laredo is an oil and natural gas company active in the Permian Basin and mid-continent areas of the central U.S. The company said oil and gas production both increased significantly in 2012.
Laredo said its net income rose to $11.8 million, or 9 cents per share, in the last three months of 2012 from $1.6 million, or a penny per share, a year earlier. Excluding one-time charges the company said it earned 11 cents per share in the latest quarter. Revenue rose 10 percent to $152.4 million from $139 million.
Analysts were expecting adjusted earnings of 10 cents per share on $157.4 million in revenue, according to FactSet.
The company said its oil production grew 42 percent in 2012, and total production of oil and natural gas climbed 31 percent.
For the year, Laredo reported net income fell 42 percent to $61.7 million, or 48 cents per share, from $105.6 million, or 98 cents per share, in 2011. Revenue rose 15 percent, to $588.1 million from $510.3 million.
Shares of Laredo Petroleum gained $1.05, or 5.9 percent, to $18.90 in afternoon trading.