Other firms seem to be having problems, as well, all for various reasons:
1381 Hits on Google for oil company posts loss; here's the first few:
The Canadian Press
http://canadianpress.google.com/article/ALeqM5iMpMImk-QR050nrVeawq6eZ0EhTAFirst Calgary posts 2007 loss of $11.7M, after prior-year loss of $14.7M
3 days ago
TORONTO — Facing shareholder restlessness, First Calgary Petroleums Ltd. (TSX:FCP) said Thursday the development of the MLE field in Algeria is "on budget and on schedule" after posting a net loss of $11.7 million in 2007.
FCP has "completed the exploration and appraisal drilling on the Block 405b area (which includes MLE), having drilled and completed 31 wells," Rick Anderson, company'president and CEO, told a conference call Thursday.
Houston Chronicle
http://www.chron.com/disp/story.mpl/ap/fn/5625792.htmlBreitBurn Energy Posts Big 4Q Loss
© 2008 The Associated Press
NEW YORK — BreitBurn Energy Partners L.P. on Monday said it lost $47.1 million in the last three months of 2007, as steep losses on derivative investments outpaced increased energy sales.
The quarterly loss amounted to 86 cents per unit. The company, which went public in October 2006, did not provide comparable data for the prior year.
The results included unrealized derivative losses of $63.6 million because of the effect of higher crude oil and natural gas futures prices. Excluding those losses, the company said it would have earned $16.5 million.
Analysts surveyed by Thomson Financial predicted earnings of 42 cents per share. Those forecasts typically exclude one-time gains and losses.
Revenue, which included the derivative losses, fell to $10 million from $24.9 million in the third quarter. No comparable-year figures were provided. Sales from oil, natural gas and natural gas liquids grew sharply compared with the prior quarter, however, rising to $81 million from $49.5 million.
Denver Business Journal
http://www.bizjournals.com/denver/stories/2008/03/17/daily6.htmlVenoco posts loss, drop in revenue for 2007
Denver Business Journal
Venoco Inc. posted a sizable lost for 2007 as commodities derivative losses ate at the company's bottom line.
The Denver oil and natural gas company (NYSE: VQ), which discontinued the use of hedge accounting in April 2007, said that change creates more volatility in its commodity derivative gains and losses. Commodity derivative losses increased to $147.3 million from $2.36 million in 2006.
RTT News
http://www.rttnews.com/sp/breakingnews.asp?date=03/20/2008&item=132&vid=0Iteration Energy Posts Narrower Loss In Q4; FFO Increases
3/20/2008 2:30:35 PM Thursday, Iteration Energy Ltd (ITX.TO, ITXFF.PK), announced fourth quarter results, reporting a narrower loss on increased gas prices.
The Calgary, Canada-based Iteration Energy's fourth quarter net loss narrowed to C$ 3.15 million or C$ 0.05 per share from C$ 3.24 million or C$ 0.06 per share in the prior-year quarter.
Funds from operations were C$ 11.10 million or FFO per share of C$ 0.16, up from C$ 8.29 million or FFO per share of C$ 0.15 in the same quarter last year.
Production revenues before royalties were C$ 29.27 million, compared to C$ 17.94 million in the same quarter a year ago. Production for the quarter increased to 7.99 boed or barrel oil equivalent per day from 5.21 boed in the comparable quarter last year.
RTT News
http://www.rttnews.com/sp/breakingnews.asp?date=03/17/2008&item=155&vid=0
Ivanhoe Energy Posts A Wider Loss In Q4 On Lower Revenues
3/17/2008 6:26:08 PM Monday, Ivanhoe Energy, Inc. (IVAN), an independent heavy oil development and production company, announced financial results for the fourth quarter, reporting a wider loss on fall in total revenues.
Ivanhoe Energy's net loss for the fourth quarter was $18.8 million or $0.07 per share, wider than $11.3 million or $0.05 per share in the same quarter of the previous year.
Total revenues for the fourth quarter were $5.8 million, down 47% from $11.1 million in the equivalent quarter of the earlier year.
Depletion and depreciation costs for the fourth quarter fell marginally to $7.6 million from $7.7 million in the same quarter a year ago.
Total assets at the end of the fiscal year were $236.9 million, lower than $248.5 million in the corresponding quarter of the prior year.
Cash flow from operating activities declined to $923 thousand from $3.0 million in the earlier year quarter. Cash and cash equivalents decreased to $11.4 million from $13.9 million in the year-ago quarter.