Utah's FX Energy reports higher production, revenue
FX Energy Inc., a Salt Lake City-based oil and gas company with extensive land holdings in Poland, said a 14 percent increase in its production led to record first-quarter revenue.
The company said sales increased to $8.6 million from $7.1 million during the same quarter of 2011.
Net income was $14.7 million, or 28 cents per share, compared with $6.5 million, or 14 cents per share.
Unlike in the U.S., demand for natural gas exceeds domestic Polish supplies.
Even though Poland has made considerable efforts to increase production, it still imports most of the natural gas it uses.
"Though we are certainly pleased with the first quarter results, we are even more enthused at the prospects for the second quarter," Clayton Newton, vice president of finance, said in a statement announcing the first quarter results.
He said a recently announced 16.9 percent increase in the price for natural gas in Poland, which became effective April 1, should combine with expected increases in the company's gas production to generate higher revenue well into 2012.
FX Energy said that during the first quarter it produced the equivalent of 1.2 billion cubic feet of natural gas, compared with about 1 billion cubic feet in the same quarter a year ago.