U.S. Lime & Minerals 2010 Q4 revenues up 3.2%
United States Lime & Minerals Inc. reported on Feb. 2 fourth-quarter and full-year 2010 results: Revenues in the fourth-quarter 2010 increased $915 thousand, or 3.2 percent, to $29.2 million from $28.3 million in the comparable 2009 quarter.
Revenues from the company’s lime and limestone operations in the fourth quarter 2010 increased $696 thousand, or 2.6 percent, to $27.1 million from $26.4 million in the comparable 2009 quarter, while revenues from its natural gas interests increased $219 thousand, or 11.6 percent, to $2.1 million in the fourth quarter 2010 from $1.9 million in the comparable 2009 quarter.
For full-year 2010, revenues increased to $132.6 million from $117.3 million in 2009, an increase of $15.3 million, or 13.0 percent. Revenues from the company’s lime and limestone operations in 2010 increased $14.8 million, or 13.4 percent, to $125.2 million from $110.4 million in 2009, while revenues from the company’s natural gas interests in 2010 increased $500 thousand, or 7.2 percent, to $7.4 million from $6.9 million in 2009. The increase in lime and limestone revenues in the fourth quarter 2010, compared to last year’s fourth quarter, primarily resulted from increased sales volumes of the company’s lime products to its customers, principally highway construction customers, as well as increased sales prices realized for the company’s lime and limestone products, partially offset by reduced demand by its steel customers.
The full-year 2010 increase in the company’s lime and limestone revenues compared to 2009 was also driven primarily by increased lime sales volumes to its customers, principally highway construction and oil and gas services customers and, in the first half 2010, steel customers, as well as year-over-year price increases for the company’s lime and limestone products.
Production volumes from the company’s natural gas interests for the fourth quarter 2010 totaled 265 thousand MCF, sold at an average price of $7.98 per MCF, compared to 255 thousand MCF, sold at an average price of $7.39 per MCF, in the comparable 2009 quarter.
Production volumes for full-year 2010 from natural gas interests totaled 951 thousand MCF, sold at an average price of $7.82 per MCF, compared to 2009 when 1.2 BCF was produced and sold at an average price of $5.74 per MCF.
Revenues from the company’s natural gas interests increased in the fourth quarter and full-year 2010 as increased prices for liquids contained in the company’s natural gas more than offset the decline in full-year production volumes.
Prices for natural gas liquids generally follow crude oil prices, which increased significantly in 2010 compared to 2009. Five new wells drilled in the fourth quarter 2009 and first quarter 2010 pursuant to the company’s lease agreement were completed as producing wells during the fourth quarter 2010.
MORE FROM Aggbeat Online
SUBSCRIBE & FOLLOW
- Former gravel quarry-turned-landfill transforms into nature reserve514 Views
- North Carolina grants Martin Marietta water quality certification for limestone quarry249 Views
- Road restrictions may stop quarry construction in Kentucky208 Views
- Vulcan shareholders reject board changes at annual meeting189 Views
- Vulcan-blocking bill dies in Alabama legislature188 Views