Mariner posts 4Q profit on higher production - BusinessWeek

Oil and gas company Mariner Energy on Monday posted a fourth quarter profit as production improved said it is beginning to tap its potential for drilling in the deep water of the Gulf of Mexico.

Oil Tanks India manufacturing facility.

Mariner Energy said it made $21 million, or 22 cents per share, for the quarter ended Dec. 31 compared with a loss of $648.9 million, or $7.41 per share, in the fourth quarter of 2008 when it recorded a hefty charge on its oil and gas properties due to falling commodity prices. Oil prices fell close to $30 per barrel last year from $147 as the economic downturn squelched energy demand. Prices have come roaring back, however, and a barrel of oil goes for around $80.

Full Story: Mariner posts 4Q profit on higher production - BusinessWeek