Natural-gas producer Southwestern Energy Co. said Thursday first-quarter profit more than doubled, helped by higher production volume and higher gas prices.
Profit for the quarter more than doubled to $109 million, or 31 cents per share, compared with a profit of $51 million, or 15 cents per share last year. Results are restated for a 2-for-1 stock split in March.
Analysts polled by Thomson Financial predicted a profit of 25 cents per share.
Revenue rose 84 percent to $524.1 million from $284.7 million last year. Analysts expected revenue of $387.4 million last year.
Results were due to "significant" growth in production volume from its Fayetteville Shale play and higher realized natural-gas prices, the company said.
Shares rose $1.41, or 3.8 percent, to $39, after closing down $1.89 at $37.59.
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