Delta Petroleum 1Q loss widens on large derivative losses

Oil and natural gas producer Delta Petroleum Corp. said Thursday its first-quarter loss widened on derivative losses and other special items.

The company reported a loss of $21.1 million, or 26 cents per share, compared with a loss of $18.7 million, or 34 cents per share, during the same period a year earlier.

The most recent quarter included $14.1 million in derivative losses, $3.9 million of non-cash equity compensation expense, and $2.3 million in costs for an unsuccessful well.

Analysts expected a loss of 3 cents per share, according to a survey by Thomson Financial. Analyst estimates typically exclude special items.

Revenue increased to $56 million from $36.9 million. Analysts predicted revenue of $58 million.

Delta produced the equivalent of 5.37 billion cubic feet of gas during the quarter.

Looking ahead, the company expects second-quarter production of 6 billion to 6.2 billion cubic feet of gas. Delta also reaffirmed its full-year production forecast of 25.8 billion to 28.4 billion cubic feet equivalent.

Delta shares fell 78 cents, or 3.1 percent, to $24.30 in afternoon trading.