Local driller refinances; misses consensus estimate in third quarter

Abraxas Petroleum Corp. on Wednesday reported a lower-than-expected profit for the third quarter, even as it restructured its debt and sold some of its less valuable assets this past quarter.

The San Antonio-based oil and gas driller reported third-quarter profits of $3.8 million, or 2 cents per share, down 10% when compared to profits in the second quarter. Analysts had predicted earnings of 4 cents per share, according to data collected by Zacks Investment Research. So far this year, the company…


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