COLORADO (State or other jurisdiction of incorporation or organization) | 001-35245 (Commission File Number) | 20-2835920 (I.R.S. Employer Identification Number) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Exhibit No. | Description | |
99.1 | Press Release dated November 1, 2017. |
By: | /s/ James P. Henderson |
Exhibit No. | Description | |
Press Release dated November 1, 2017. |
• | Revenues were $103.6 million for the three months ended September 30, 2017 |
• | Net income was $43.8 million or $0.22 per diluted share for the three months ended September 30, 2017 |
• | Adjusted EBITDA was $83.5 million for the three months ended September 30, 2017 (see further discussion regarding the presentation of adjusted EBITDA in "About Non-GAAP Financial Measures" below) |
Three Months Ended | Nine Months Ended | ||||||||||
Net Volumes | 9/30/2017 | 9/30/2016 | % Chg.* | 9/30/2017 | 9/30/2016 | % Chg.* | |||||
3-Stream | 2-Stream | 3-Stream | 2-Stream | ||||||||
Crude Oil (MBbls) | 1,726 | 517 | 234% | 3,668 | 1,552 | 136% | |||||
Natural Gas Liquids (MBbls) | 753 | — | NM | 1,758 | — | NM | |||||
Natural Gas (MMcf) | 7,412 | 2,855 | 160% | 17,122 | 8,991 | 90% | |||||
Sales Volumes: (MBOE) | 3,715 | 993 | 274% | 8,280 | 3,050 | 171% | |||||
Average Daily Volumes | |||||||||||
Daily Production (BOE/day) | 40,378 | 10,794 | 274% | 30,331 | 11,133 | 172% | |||||
Product Price Received | |||||||||||
Crude Oil ($/Bbl) | $42.37 | $35.67 | 19% | $42.04 | $31.47 | 34% | |||||
Natural Gas Liquids ($/Bbl) | $17.32 | — | NM | $15.49 | — | NM | |||||
Natural Gas ($/Mcf) | $2.35 | $2.73 | (14)% | $2.39 | $2.18 | 10% | |||||
Average Realized Price ($/BOE) | $27.89 | $26.42 | 6% | $26.86 | $22.44 | 20% | |||||
Per Unit Cost Information ($/BOE) | |||||||||||
Lease Operating Exp. | $1.40 | $3.84 | (64)% | $1.68 | $4.90 | (66)% | |||||
Production Tax | $2.71 | $(1.47) | NM | $2.54 | $0.82 | 210% | |||||
DD&A Expense | $9.08 | $9.70 | (6)% | $8.86 | $10.82 | (18)% | |||||
Total G&A Expense | $2.29 | $8.29 | (72)% | $2.93 | $7.61 | (61)% | |||||
* SRC began reporting on a 3-Stream basis in the first quarter of 2017; therefore, some prior year comparisons may not be meaningful. |
Third Quarter 2017 Operating Activity | ||||||||||
Lateral Length | # of wells on Pad | WI % | # of Wells Drilled | # of Wells Completed | # of Wells Turned to Sales | |||||
Orr Pad | ML | 12 | 97% | 12 | ||||||
Orr State Pad | ML | 12 | 95% | 6 | 12 | |||||
Goetzel Pad | ML | 12 | 76% | 8 | 9 | |||||
Hood Pad | ML | 12 | 84% | 12 | 5 | |||||
Beebe Pad | ML | 12 | 73% | 5 | 10 | |||||
Leffler Pad | LL | 12 | 86% | 8 | ||||||
Ag Pad | LL | 12 | 79% | 9 | ||||||
Falken Pad | LL | 12 | 69% | 2 | ||||||
Total wells | 24 | 36 | 38 | |||||||
ML ~7,500' LL ~10,000' XL ~12,000' |
SRC ENERGY INC. | |||||||
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES | |||||||
(unaudited, in thousands) | |||||||
Three Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Adjusted EBITDA: | |||||||
Net income (loss) | $ | 43,848 | $ | (19,241 | ) | ||
Depreciation, depletion, and accretion | 33,740 | 9,635 | |||||
Full cost ceiling impairment | — | 25,453 | |||||
Income tax expense | — | 5 | |||||
Stock-based compensation | 3,030 | 2,374 | |||||
Mark-to-market of commodity derivative contracts: | |||||||
Total gain on commodity derivatives contracts | 2,383 | (407 | ) | ||||
Cash settlements on commodity derivative contracts | 544 | 486 | |||||
Cash premiums paid for commodity derivative contracts | — | — | |||||
Interest income, net of interest expense | (16 | ) | (11 | ) | |||
Adjusted EBITDA | $ | 83,529 | $ | 18,294 |
SRC ENERGY INC. | |||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
(unaudited; in thousands) | |||||||
ASSETS | September 30, 2017 | December 31, 2016 | |||||
Current assets: | |||||||
Cash and cash equivalents | $ | 21,325 | $ | 18,615 | |||
Other current assets | 123,878 | 35,569 | |||||
Total current assets | 145,203 | 54,184 | |||||
Oil and gas properties and other equipment | 1,249,633 | 908,736 | |||||
Goodwill | 40,711 | 40,711 | |||||
Other assets | 2,359 | 20,482 | |||||
Total assets | $ | 1,437,906 | $ | 1,024,113 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
Current liabilities | 233,427 | 92,240 | |||||
Revolving credit facility | 150,000 | — | |||||
Notes payable, net of issuance costs | 76,216 | 75,614 | |||||
Asset retirement obligations | 33,981 | 13,775 | |||||
Other liabilities | 2,662 | 1,745 | |||||
Total liabilities | 496,286 | 183,374 | |||||
Shareholders' equity: | |||||||
Common stock and paid-in capital | 1,158,518 | 1,149,199 | |||||
Retained deficit | (216,898 | ) | (308,460 | ) | |||
Total shareholders' equity | 941,620 | 840,739 | |||||
Total liabilities and shareholders' equity | $ | 1,437,906 | $ | 1,024,113 |
Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Cash flows from operating activities: | |||||||
Net income (loss) | $ | 91,664 | $ | (224,490 | ) | ||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||
Depletion, depreciation, and accretion | 73,396 | 33,001 | |||||
Full cost ceiling impairment | — | 215,223 | |||||
Other, non-cash items | 2,767 | 15,843 | |||||
Changes in operating assets and liabilities | (25,010 | ) | (6,384 | ) | |||
Net cash provided by operating activities | 142,817 | 33,193 | |||||
Cash flows from investing activities: | |||||||
Acquisitions of oil and gas properties and leaseholds | (62,562 | ) | (503,357 | ) | |||
Capital expenditures for drilling and completion activities | (305,636 | ) | (72,375 | ) | |||
Other capital expenditures | (15,285 | ) | (6,417 | ) | |||
Cash held in escrow | 18,248 | (18,244 | ) | ||||
Proceeds from sales of oil and gas properties | 77,017 | 24,223 | |||||
Net cash used in investing activities | (288,218 | ) | (576,170 | ) | |||
Cash flows from financing activities: | |||||||
Equity financing activities | (517 | ) | 542,901 | ||||
Debt financing activities | 148,628 | (2,666 | ) | ||||
Net cash provided by financing activities | 148,111 | 540,235 | |||||
Net increase in cash and equivalents | 2,710 | (2,742 | ) | ||||
Cash and equivalents at beginning of period | 18,615 | 66,499 | |||||
Cash and equivalents at end of period | $ | 21,325 | $ | 63,757 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Oil, natural gas, and NGL revenues | $ | 103,593 | $ | 26,234 | $ | 222,419 | $ | 68,454 | |||||||
Sales of purchased oil | — | — | 1,268 | — | |||||||||||
Total revenues | 103,593 | 26,234 | 223,687 | 68,454 | |||||||||||
Expenses: | |||||||||||||||
Lease operating expenses | 5,154 | 3,819 | 13,894 | 14,963 | |||||||||||
Production taxes | 10,083 | (1,461 | ) | 21,013 | 2,509 | ||||||||||
Costs of purchased oil | — | — | 1,518 | — | |||||||||||
Depreciation, depletion, and accretion | 33,740 | 9,635 | 73,396 | 33,001 | |||||||||||
Full cost ceiling impairment | — | 25,453 | — | 215,223 | |||||||||||
Unused commitment charge | — | 205 | 669 | 505 | |||||||||||
General and administrative | 8,484 | 8,236 | 24,289 | 23,199 | |||||||||||
Total expenses | 57,461 | 45,887 | 134,779 | 289,400 | |||||||||||
Operating income (loss) | 46,132 | (19,653 | ) | 88,908 | (220,946 | ) | |||||||||
Other income: | |||||||||||||||
Commodity derivatives gain (loss) | (2,383 | ) | 407 | 2,324 | (3,617 | ) | |||||||||
Interest expense, net | — | — | — | — | |||||||||||
Interest income | 16 | 11 | 47 | 176 | |||||||||||
Other income | 83 | (1 | ) | 385 | 3 | ||||||||||
Total other income | (2,284 | ) | 417 | 2,756 | (3,438 | ) | |||||||||
Income (Loss) before income taxes | 43,848 | (19,236 | ) | 91,664 | (224,384 | ) | |||||||||
Income tax expense | — | 5 | — | 106 | |||||||||||
Net income (loss) | $ | 43,848 | $ | (19,241 | ) | $ | 91,664 | $ | (224,490 | ) | |||||
Net income (loss) per common share: | |||||||||||||||
Basic | $ | 0.22 | $ | (0.10 | ) | $ | 0.46 | $ | (1.36 | ) | |||||
Diluted | $ | 0.22 | $ | (0.10 | ) | $ | 0.46 | $ | (1.36 | ) | |||||
Weighted-average shares outstanding: | |||||||||||||||
Basic | 200,881,447 | 200,515,555 | 200,807,436 | 164,771,544 | |||||||||||
Diluted | 201,460,915 | 200,515,555 | 201,326,129 | 164,771,544 |
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