New Orleans-area energy firms way out front

New Orleans CityBusiness, Jun 16, 2008 by Greg LaRose

If the number of public companies based in the area serves as an indicator, New Orleans is moving up from the business basement.

A year ago, there were 11 publicly traded companies in the region, down 12 from the pre-Katrina number. Relocations, mergers and moves to the private sector took their toll.

With Louisiana Bancorp's decision to put its stock on the market, New Orleans is back up to a dozen public companies. The parent company of Bank of New Orleans saw its income climb slightly in 2007 with a revenue dip offsetting those gains.

Not surprisingly, it is a good time to be in the energy industry, as the top five public companies in terms of revenue percentage increases derive their income from oil and gas.

McMoRan Exploration stock is close to tripling its value from a year ago, and the company expects to reverse a two-year string of net annual losses. Gulf Island Fabricators is poised to capitalize on expanded Gulf drilling interest, with 2009 and 2010 forecast as banner years for the Houma rig maker.

Entergy leads the revenue haul with $11.5 billion. Although its stock took a hit in the real estate market slowdown, Pool Corp. still came close to the $2 billion revenue mark.