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 of SRC Energy Inc., dated May 2, 2018 |
By: | /s/ James P. Henderson |
Exhibit No. | Description | |
Press Release of SRC Energy Inc., dated May 2, 2018 |
• | Revenues were $147.2 million for the three months ended March 31, 2018 |
• | Net income was $65.8 million or $0.27 per diluted share for the three months ended March 31, 2018 |
• | Adjusted EBITDA was $115.7 million for the three months ended March 31, 2018 (see further discussion regarding the presentation of adjusted EBITDA in "About Non-GAAP Financial Measures" below) |
• | Drilling and completion capital expenditures of $111.0 million for the three months ended March 31, 2018 were funded from EBITDA |
Three Months Ended | |||||
Net Volumes | 3/31/2018 | 3/31/2017 | % Chg. | ||
Crude Oil (MBbls) | 2,041 | 680 | 200% | ||
Natural Gas Liquids (MBbls) | 758 | 343 | 121% | ||
Natural Gas (MMcf) | 7,719 | 3,446 | 124% | ||
Sales Volumes: (MBOE) | 4,086 | 1,597 | 156% | ||
Average Daily Volumes | |||||
Daily Production (BOE/day) | 45,397 | 17,743 | 156% | ||
Product Price Received | |||||
Crude Oil ($/Bbl) | $56.01 | $42.50 | 32% | ||
Natural Gas Liquids ($/Bbl) | $19.15 | 15.94 | 20% | ||
Natural Gas ($/Mcf) | $2.14 | $2.66 | (20)% | ||
Average Realized Price ($/BOE) | $35.58 | $27.27 | 30% | ||
Per Unit Cost Information ($/BOE) | |||||
Lease Operating Exp. | $1.93 | $2.33 | (17)% | ||
Production Tax | $3.29 | $0.92 | 258% | ||
DD&A Expense | $9.08 | $8.28 | 10% | ||
Total G&A Expense | $2.35 | $5.14 | (54)% | ||
First Quarter 2018 Operating Activity | ||||||||||
Lateral Length | # of wells on Pad | WI % | # of Wells Drilled | # of Wells Completed | # of Wells Turned to Sales | |||||
Leffler Pad | LL | 12 | 90% | 12 | ||||||
Ag Pad | LL | 12 | 89% | 12 | ||||||
Goetzel Pad | LL | 12 | 92% | 1 | 6 | |||||
Falken Pad | 6 SL, 12 LL | 18 | 95% | 4 | ||||||
Donn Pad | LL | 13 | 88% | 8 | ||||||
Boomerang Pad | 12 ML, 4 LL | 16 | 83% | 15 | ||||||
Total wells | 28 | 18 | 12 | |||||||
SL ~4,500' ML ~7,500' LL ~10,000' |
SRC ENERGY INC. | |||||||
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES | |||||||
(unaudited, in thousands) | |||||||
Three Months Ended March 31, | |||||||
2018 | 2017 | ||||||
Adjusted EBITDA: | |||||||
Net income | $ | 65,796 | $ | 19,880 | |||
Depreciation, depletion, and accretion | 37,081 | 13,229 | |||||
Stock-based compensation | 2,796 | 2,675 | |||||
Mark-to-market of commodity derivative contracts: | |||||||
Total gain on commodity derivatives contracts | 5,781 | (3,379 | ) | ||||
Cash settlements on commodity derivative contracts | (1,555 | ) | 81 | ||||
Interest income, net of interest expense | (9 | ) | (11 | ) | |||
Income tax expense | 5,811 | — | |||||
Adjusted EBITDA | $ | 115,701 | $ | 32,475 |
SRC ENERGY INC. | |||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
(unaudited; in thousands) | |||||||
ASSETS | March 31, 2018 | December 31, 2017 | |||||
Current assets: | |||||||
Cash and cash equivalents | $ | 71,743 | $ | 48,772 | |||
Other current assets | 119,394 | 111,263 | |||||
Total current assets | 191,137 | 160,035 | |||||
Oil and gas properties and other equipment | 1,973,109 | 1,876,576 | |||||
Goodwill | 40,711 | 40,711 | |||||
Other assets | 2,049 | 2,242 | |||||
Total assets | $ | 2,207,006 | $ | 2,079,564 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
Current liabilities | 257,154 | 202,307 | |||||
Revolving credit facility | — | — | |||||
Notes payable, net of issuance costs | 538,471 | 538,186 | |||||
Asset retirement obligations | 25,330 | 28,376 | |||||
Other liabilities | 8,140 | 2,261 | |||||
Total liabilities | 829,095 | 771,130 | |||||
Shareholders' equity: | |||||||
Common stock and paid-in capital | 1,478,195 | 1,474,514 | |||||
Retained deficit | (100,284 | ) | (166,080 | ) | |||
Total shareholders' equity | 1,377,911 | 1,308,434 | |||||
Total liabilities and shareholders' equity | $ | 2,207,006 | $ | 2,079,564 |
Three Months Ended March 31, | |||||||
2018 | 2017 | ||||||
Cash flows from operating activities: | |||||||
Net income | $ | 65,796 | $ | 19,880 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depletion, depreciation, and accretion | 37,081 | 13,229 | |||||
Provision for deferred taxes | 5,811 | — | |||||
Other, non-cash items | 4,561 | (1,387 | ) | ||||
Changes in operating assets and liabilities | 14,432 | (2,364 | ) | ||||
Net cash provided by operating activities | 127,681 | 29,358 | |||||
Cash flows from investing activities: | |||||||
Acquisitions of oil and gas properties and leaseholds | (1,329 | ) | (25,082 | ) | |||
Capital expenditures for drilling and completion activities | (100,347 | ) | (55,464 | ) | |||
Other capital expenditures | (3,957 | ) | (4,488 | ) | |||
Proceeds from sales of oil and gas properties and other | 728 | 70,689 | |||||
Net cash used in investing activities | (104,905 | ) | (14,345 | ) | |||
Cash flows from financing activities: | |||||||
Equity financing activities | 431 | (431 | ) | ||||
Debt financing activities | (236 | ) | — | ||||
Net cash provided by (used in) financing activities | 195 | (431 | ) | ||||
Net increase in cash and equivalents | 22,971 | 14,582 | |||||
Cash and equivalents at beginning of period | 48,772 | 36,834 | |||||
Cash and equivalents at end of period | $ | 71,743 | $ | 51,416 |
Three Months Ended March 31, | |||||||
2018 | 2017 | ||||||
Oil, natural gas, and NGL revenues | $ | 147,233 | $ | 43,790 | |||
Expenses: | |||||||
Lease operating expenses | 7,896 | 3,722 | |||||
Transportation and gathering | 1,855 | 250 | |||||
Production taxes | 13,443 | 1,466 | |||||
Depreciation, depletion, and accretion | 37,081 | 13,229 | |||||
Unused commitment charge | — | 669 | |||||
General and administrative | 9,600 | 8,200 | |||||
Total expenses | 69,875 | 27,536 | |||||
Operating income | 77,358 | 16,254 | |||||
Other income (expense): | |||||||
Commodity derivatives gain (loss) | (5,781 | ) | 3,379 | ||||
Interest expense, net of amounts capitalized | — | — | |||||
Interest income | 9 | 11 | |||||
Other income | 21 | 236 | |||||
Total other income (expense) | (5,751 | ) | 3,626 | ||||
Income before income taxes | 71,607 | 19,880 | |||||
Income tax expense | 5,811 | — | |||||
Net income | $ | 65,796 | $ | 19,880 | |||
Net income per common share: | |||||||
Basic | $ | 0.27 | $ | 0.10 | |||
Diluted | $ | 0.27 | $ | 0.10 | |||
Weighted-average shares outstanding: | |||||||
Basic | 241,751,915 | 200,707,891 | |||||
Diluted | 243,166,897 | 201,309,251 |
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