Denver (Dow Jones/AP) A Colorado–based producer, explorer and marketer of natural gas says third–quarter profits soared 93 percent, due to higher commodity prices and production growth. Western Gas Resources says net income amounted to $67.7 dollars, up from $35.1 million during the same period last year.
The earnings equal 88 cents a share, beating Wall Street
estimates by 14 cents apiece. Revenue rose more than $331 million and sales jumped more than $260 million.
President and Chief Executive Peter Dea called the July through September period an "outstanding quarter" for Western Gas.
The 34–year–old company has more than 700 employees. Most of its gas–producing properties are located in Wyoming.
Copyright 2005 by the Associated Press. All rights reserved.
© KKCO NBC 11 News - All Rights Reserved