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Independent oil & gas firm McMoran Exploration Co. (NYSE: MMR) posted an unexpected profit today, leading other energy firms like Exxon Mobil Corp. (NYSE: XOM), Chevron Corp. (NYSE: CVX), and Hess Corp. (NYSE: HES) higher.
McMoran posted EPS of $0.19, compared with an consensus estimate for an EPS loss of -$0.13. The company attributes the good performance to its deep-drilling techniques in the Gulf of Mexico, which have allowed it to boost production substantially higher than previous expectations. Production is expected to average 130 million cubic feet of gas equivalent/day in 2012, with first quarter production at 155 million cubic feet/day. The number should rise in the second half of the year following production testing of a major well.
McMoran’s shares are up nearly 5% at $13.29 in a 52-week range of $8.25-$19.26.
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