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Par Petroleum beats 4Q profit forecasts

HOUSTON (AP) _ Par Petroleum Corp. (PARR) on Tuesday reported fourth-quarter net income of $13.7 million, after reporting a loss in the same period a year earlier.

On a per-share basis, the Houston-based company said it had profit of 30 cents. Earnings, adjusted for non-recurring gains, were 23 cents per share.

The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 3 cents per share.

The independent oil and gas company posted revenue of $563.1 million in the period.

For the year, the company reported that its loss widened to $45.8 million, or $1.08 per share. Revenue was reported as $1.87 billion.

Par Petroleum shares have risen slightly since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $14.60, a decline of 26 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PARR at https://www.zacks.com/ap/PARR

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Keywords: Par Petroleum, Earnings Report