Spectra, W&T, Parker post first-quarter results

Houston Business Journal

Spectra Energy Corp., W&T Offshore Inc. and Parker Drilling Co. reported first-quarter earnings Tuesday.

Natural gas company Spectra Energy reported 2008 first-quarter net income of $367 million, or 58 cents per share, on revenue of $1.6 billion. That compared with net income of $236 million, or 37 cents per share, on revenue of $1.4 billion, in first-quarter 2007.

Analysts polled by Thomson Financial expected Houston-based Spectra (NYSE: SE) to have net earnings per share of 47 cents.

W&T Offshore, a Houston oil and gas company, posted net income of $79.8 million, or $1.05 per share, on revenue of $356.5 million, for the three months ended March 31, 2008. That compared with net income of $13 million, or 17 cents per share, on revenue of $246.5 million, for the same quarter a year earlier.

Analysts expected W&T (NYSE: WTI) to have net earnings per share of 90 cents.

For the 2008 first quarter, Parker Drilling Co. (NYSE: PKD) reported net income of $23.9 million, or 21 cents per share, on revenue of $173.3 million. That compared with 2007 first-quarter net income of $30 million, or 27 cents per share, on revenue of $151.3 million.

Analysts were expecting the Houston drilling contractor to have net earnings per share of 18 cents.