Abraxas beats Wall Street expectations with $13.7M first-quarter profit Photo: Carolyn Van Houten /Carolyn Van Houten Image 1 of / 1 Caption Close Image 1 of 1 File photo of the Abraxas Petroleum Corporation frac spread in Atascosa County Texas.
less File photo of the Abraxas Petroleum Corporation frac spread in Atascosa County Texas.
Like the entire oil and gas industry, Abraxas has been emerging from a brutal oil price crash.
San Antonio-based oil and gas producer Abraxas Petroleum Corp. swung to a $13.7 million profit for the first quarter from a … more Photo: Carolyn Van Houten /Carolyn Van Houten Abraxas beats Wall Street expectations with $13.7M first-quarter profit 1 / 1 Back to Gallery San Antonio-based Abraxas Petroleum Corp. swung to a $13.7 million profit for the first quarter as revenue surged, boosted by a comeback in the energy industry, the company said Tuesday.
Abraxas exited 2016 making just under 8,000 barrels of oil equivalent per day, a measure that includes oil and natural gas.
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Banks have been struggling as of late to deal with ultra-low interest rates
Throughout Europe, banks have been struggling as of late to deal with ultra-low interest rates as they battle to clean up their balance sheets in the wake of the global financial crisis.
Don’t think ECB rates will rise in the near future: Commerz bank CFO 22 Hours Ago | 03:15 Commerzbank beat expectations on Tuesday after it posted a 28 percent increase in first-quarter net profit, benefiting from a positive one-off boost at its asset run-off unit.
Even with a solid start to the year, the bank’s chief executive, Martin Zielke, said in a statement that it would take time for the group’s growth to be sufficient enough “to significantly outweigh the burden resulting from the negative interest rate environment.”
In its earnings, the bank said its outlook remained unchanged and that it hoped to keep its cost base stable and book the first part of charges related to its current restructuring program during the course of 2017.
Here are some of the highlights:Net profit reached 217 million euros ($236 million), versus analyst forecasts of 107 million euros, according to ReutersOperating profit came in at 314 million euros during 2017’s first quarterCommon Equity Tier 1 ratio rose to 12.5 percent, compared to 12 percent in Q1 2016Speaking on the back of the results, Commerzbank’s Chief Financial Officer Stephan Engels told CNBC that the first quarter reflected what he’d call a good start to the year.