Stone Energy increases net income

US oil and gas company Stone Energy has announced first-quarter 2010 net income of $26.6m (£17.6m), or $0.55 per share, on oil and gas revenue of $163.8m, compared with a net loss of $225.9m on oil and gas revenue of $139m in the first quarter of 2009.  

The reported net loss for the first quarter of 2009 included an after-tax non-cash charge of $224.9m due to a full-cost ceiling test write-down and an inventory-impairment charge.  

Without the ceiling test write-down and impairment charge, the first quarter 2009 adjusted net loss would have been $1m, or $0.03 per share.