Stone Energy Corp. SGY posted first-quarter 2016 loss of $3.39 per share, substantially wider than the Zacks Consensus Estimate of loss of 87 cents. It was however, narrower than a loss of $5.93 per share incurred in the year-earlier quarter.Total operating revenue plunged 47.4% year over year to $80.7 million in the quarter from $153.5 million. The top line, however, beat the Zacks Consensus Estimate of 69 million.Operational HighlightsDuring the quarter, production averaged 207.0 million cubic feet of gas equivalent per day (MMcfe/d), down 25.4% from the prior-year quarter level of 277.6 MMcfe/d. Of the total production, natural gas accounted for 36%, oil constituted 52% and natural gas liquids (NGL) made up the remaining 12%.Overall realization, on a per Mcfe basis, was $4.26 in the reported quarter as against $5.93 in first-quarter 2015. Natural gas price of $2.22 per Mcf was below $2.54 in the year-ago quarter. NGL price declined 28% year over year to $13.01 per barrel. Oil price also plunged more than 44% from the year-ago quarter to $36.87 per barrel.On the cost front, unit lease operating expenses decreased to $1.04 per Mcfe from $1.10 in the year-ago quarter. Depreciation, depletion and amortization was $3.21 per Mcfe compared with $3.41, while salaries, general and administrative (SG&A) expenses came in at 73 cents per Mcfe as against 68 cents.LiquidityAt the end of the quarter, Stone Energy had approximately $367.1 million in cash and $1,063.1 million in long-term debt, with a debt-to-capitalization ratio of 126.8% as against 57.8% in the year ago quarter. Discretionary cash flow plummeted 67.1% year over year to $28.1 million.GuidanceFor the second quarter, the company expects net daily production of 156−168MMcfe. For 2016, it anticipates total volume in the range of 156−168MMcfe per day. Stone Energy expects its capital outlay projection for 2016 to be $200 million.RanksStone Energy carries a Zacks Rank #3 (Hold). Some better-ranked stocks from the oil and gas sector include ReneSola Ltd. SOL, Seadrill Partners LLC SDLP and Braskem S.A. BAK. All these sport a Zacks Rank #1 (Strong Buy).Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report BRASKEM SA (BAK): Free Stock Analysis Report STONE ENERGY CP (SGY): Free Stock Analysis Report RENESOLA LT-ADR (SOL): Free Stock Analysis Report SEADRILL PTNRS (SDLP): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research