*With this said, these shares are a STEAL here under $4, current RTQ at $3.93...
Meridian Expects Near Break-Even 3Q Friday October 7, 1:42 pm ET Meridian Resource Expects Near Break-Even Third Quarter After Tallying Hurricane Damages
HOUSTON (AP) -- Oil and gas producer Meridian Resource Corp. on Friday said hurricane damages and production losses may push the company between break-even results or income of 2 pennies per share in the third quarter.
The earnings estimates fall short of Wall Street's consensus forecast of earnings of 6 cents per share, according to analysts polled by Thomson Financial.
Meridian said weather-related closures have postponed production of about 2 billion feet of gas equivalent from the third quarter. The company shut down some of its operations to prepare from Hurricane Katrina, which hit the Gulf Coast in late August, and about 52 percent of its pre-storm production is back on line. Some facilities are being repaired while others are waiting for pipelines run by third parties to reopen.
The company said no reserves have been lost as result of the storms and noted that essentially all its repair costs would be covered by insurance after a $1 million deductible.
The company's shares rose 12 cents, or 3.1 percent, to $3.95 in afternoon trading on the New York Stock Exchange. The stock has traded in a 52-week range of $3.39 and $8.89.
Market Data 
Markets 
AI
