Veresen Reports Lower Q2 Net Income as Natural Gas Prices Decline

By Midnight Trader,  August 08, 2012, 03:14:08 PM EDT

Veresen Inc. (VSN.TO) today reported quarterly net income attributable to common shares of $7.2 million, or three cents per share, compared with $17.1 million or 10 cents per share in the same period last year.

Continued downward pressure on natural gas liquids prices during the second

quarter of 2012, driven by pipeline capacity constraints and weakness in the ethane and propane supply/demand market, adversely impacted Veresen's second quarter results from its Aux Sable midstream business, the company said in a release.

Second quarter earnings reflect a $4.5 million increase in development expenditures to advance the company's Jordan Cove Energy Project and power projects.

The decrease in per common share earnings also reflects the impact of additional common shares issued, primarily to fund the Hythe/Steeprock acquisition.

VSN shares were up 12 cents at $12.83.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

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