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Delta Petroleum shares plunge after Q4 loss

Tue Mar 3, 2009 10:50am EST

Stocks

   

March 3 (Reuters) - Shares of Delta Petroleum Corp (DPTR.O) tumbled to an all-time low on Tuesday, a day after the oil and gas exploration company posted a huge fourth-quarter loss partly due to an impairment charge of $327.1 million related to the decline in commodity prices.

Energy companies like ConocoPhillips (COP.N) and T-3 Energy Services Inc (TTES.O) have recorded large charges in the fourth quarter as they adjusted the book value of their assets to account for a more than 50 percent drop in crude oil prices and weakness in global equity markets.

On Monday, Delta reported a net loss of $459.7 million or $4.56 a share, compared with a loss of $28.5 million, or 44 cents a share, in the year-ago quarter.

Shares of the company were down more than 31 percent at $1.25 in morning trade Tuesday on Nasdaq. They touched an all-time low of $1.21 earlier in the session. (Reporting by Antonita Madonna Devotta in Bangalore; Editing by Himani Sarkar)



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