Vero Energy Moving Up on Q2 Result, Production Forecast
Canada's Vero Energy Inc (VRO.TO) is up 1% after it reported net earnings of $574,000 or 1 cent a share in the second quarter compared with a loss of $10.7 million or 28 cents a share in the previous corresonding period. Production revenue rose 56% to $27.5 million in the quarter.
Analysts on average were expecting Vero to post a loss of 3 cents a share on revenue of $28.7 million, according to Thomson Reuters I/B/E/S.
Vero also said it is still on track to meet its 2010 average production forecast. Vero's production target for 2010 is 8,500 barrels of oil equivalent per day (boe/d) to 9,000 boe/d. The targeted exit rate is 9,800 boe/d to 10,300 boe/d with its active drilling program.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.