BRIDGEPORT, W.Va.—Petroleum Development’s natural gas and oil business grew faster than profits in the fourth quarter.
The Bridgeport-based company says it earned $8.2 million, or 55 cents per share, in the three months ended Dec. 31. It earned $8 million, or 54 cents per share, in fourth quarter 2006.
Monday’s announcement says income from operations jumped 54 percent to $17.51 million in 2007.
Petroleum Development earned $33.2 million, or $2.24 per share in 2007, compared with 2006 earnings of $237.8 million, or $15.11 per share. The 2006 results included a $328 million pretax gain from selling lease rights.
Shares of Petroleum Development, which operates in Colorado, Kansas, Michigan, North Dakota, Pennsylvania, Tennessee, West Virginia and Wyoming, were unchanged at $64.48 Tuesday.
