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 August 1, 2018 |
By: | /s/ James P. Henderson |
Exhibit No. | Description | |
Press Release of SRC Energy Inc., dated August 1, 2018 |
• | Revenues were $147.1 million for the three months ended June 30, 2018 |
• | Net income was $49.6 million or $0.20 per diluted share for the three months ended June 30, 2018 |
• | Adjusted EBITDA was $107.7 million and $223.4 million for the three and six months ended June 30, 2018 , respectively (see further discussion regarding the presentation of adjusted EBITDA in "About Non-GAAP Financial Measures" below) |
• | Drilling and completion capital expenditures were $120.2 million and $231.2 million for the three and six months ended June 30, 2018, respectively |
Three Months Ended | Six Months Ended | ||||||||||
Net Volumes | 6/30/2018 | 6/30/2017 | % Chg. | 6/30/2018 | 6/30/2017 | % Chg. | |||||
Crude Oil (MBbls) | 1,846 | 1,262 | 46% | 3,887 | 1,942 | 100% | |||||
Natural Gas Liquids (MBbls) | 992 | 662 | 50% | 1,750 | 1,005 | 74% | |||||
Natural Gas (MMcf) | 8,987 | 6,264 | 43% | 16,706 | 9,710 | 72% | |||||
Sales Volumes: (MBOE) | 4,336 | 2,969 | 46% | 8,422 | 4,566 | 84% | |||||
Average Daily Volumes | |||||||||||
Daily Production (BOE) | 47,646 | 32,624 | 46% | 46,528 | 25,224 | 84% | |||||
Product Price Received | |||||||||||
Crude Oil ($/Bbl) | $61.22 | $41.11 | 49% | $58.48 | $41.60 | 41% | |||||
Natural Gas Liquids ($/Bbl) | $17.65 | 13.18 | 34% | $18.30 | 14.12 | 30% | |||||
Natural Gas ($/Mcf) | $1.64 | $2.29 | (28)% | $1.87 | $2.42 | (23)% | |||||
Avg. Realized Price ($/BOE) | $33.50 | $25.26 | 33% | $34.50 | $25.96 | 33% | |||||
Per Unit Cost Information ($/BOE) | |||||||||||
Lease Operating Exp. | $2.68 | $1.67 | 60% | $2.31 | $1.91 | 21% | |||||
Production Tax | $3.47 | $3.19 | 9% | $3.38 | $2.39 | 41% | |||||
DD&A Expense | $9.66 | $8.90 | 9% | $9.38 | $8.69 | 8% | |||||
Total G&A Expense | $2.17 | $2.56 | (15)% | $2.26 | $3.46 | (35)% | |||||
SRC ENERGY INC. | |||||||||||||||
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES | |||||||||||||||
(unaudited, in thousands) | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Adjusted EBITDA: | |||||||||||||||
Net income | $ | 49,624 | $ | 27,936 | $ | 115,420 | $ | 47,816 | |||||||
Depreciation, depletion, and accretion | 41,877 | 26,427 | 78,958 | 39,656 | |||||||||||
Stock-based compensation | 3,146 | 2,685 | 5,942 | 5,360 | |||||||||||
Mark-to-market of commodity derivative contracts: | |||||||||||||||
Total gain on commodity derivatives contracts | 14,294 | (1,328 | ) | 20,075 | (4,707 | ) | |||||||||
Cash settlements on commodity derivative contracts | (4,566 | ) | 153 | (6,121 | ) | 234 | |||||||||
Interest income, net of interest expense | (5 | ) | (20 | ) | (14 | ) | (31 | ) | |||||||
Income tax expense | 3,347 | — | 9,158 | — | |||||||||||
Adjusted EBITDA | $ | 107,717 | $ | 55,853 | $ | 223,418 | $ | 88,328 |
SRC ENERGY INC. | |||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
(unaudited; in thousands) | |||||||
ASSETS | June 30, 2018 | December 31, 2017 | |||||
Current assets: | |||||||
Cash and cash equivalents | $ | 53,145 | $ | 48,772 | |||
Other current assets | 110,067 | 111,263 | |||||
Total current assets | 163,212 | 160,035 | |||||
Oil and gas properties and other equipment | 2,072,329 | 1,876,576 | |||||
Goodwill | 40,711 | 40,711 | |||||
Other assets | 6,294 | 2,242 | |||||
Total assets | $ | 2,282,546 | $ | 2,079,564 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
Current liabilities | 249,949 | 202,307 | |||||
Revolving credit facility | 25,000 | — | |||||
Notes payable, net of issuance costs | 538,762 | 538,186 | |||||
Asset retirement obligations | 23,154 | 28,376 | |||||
Other liabilities | 11,556 | 2,261 | |||||
Total liabilities | 848,421 | 771,130 | |||||
Shareholders' equity: | |||||||
Common stock and paid-in capital | 1,484,785 | 1,474,514 | |||||
Retained deficit | (50,660 | ) | (166,080 | ) | |||
Total shareholders' equity | 1,434,125 | 1,308,434 | |||||
Total liabilities and shareholders' equity | $ | 2,282,546 | $ | 2,079,564 |
Six Months Ended June 30, | |||||||
2018 | 2017 | ||||||
Cash flows from operating activities: | |||||||
Net income | $ | 115,420 | $ | 47,816 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depletion, depreciation, and accretion | 78,958 | 39,656 | |||||
Provision for deferred taxes | 9,158 | — | |||||
Other, non-cash items | 15,807 | (505 | ) | ||||
Changes in operating assets and liabilities | 16,419 | (12,509 | ) | ||||
Net cash provided by operating activities | 235,762 | 74,458 | |||||
Cash flows from investing activities: | |||||||
Acquisitions of oil and gas properties and leaseholds | (16,402 | ) | (29,998 | ) | |||
Capital expenditures for drilling and completion activities | (213,906 | ) | (178,606 | ) | |||
Other capital expenditures | (25,404 | ) | (12,666 | ) | |||
Proceeds from sales of oil and gas properties and other | 766 | 77,155 | |||||
Net cash used in investing activities | (254,946 | ) | (144,115 | ) | |||
Cash flows from financing activities: | |||||||
Equity financing activities | 3,025 | (451 | ) | ||||
Debt financing activities | 22,857 | 89,745 | |||||
Net cash provided by financing activities | 25,882 | 89,294 | |||||
Net increase in cash, cash equivalents, and restricted cash | 6,698 | 19,637 | |||||
Cash, cash equivalents, and restricted cash at beginning of period | 48,772 | 36,834 | |||||
Cash, cash equivalents, and restricted cash at end of period | $ | 55,470 | $ | 56,471 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Oil, natural gas, and NGL revenues | $ | 147,087 | $ | 75,036 | $ | 294,320 | $ | 118,826 | |||||||
Expenses: | |||||||||||||||
Lease operating expenses | 11,612 | 4,970 | 19,508 | 8,692 | |||||||||||
Transportation and gathering | 1,880 | 48 | 3,735 | 298 | |||||||||||
Production taxes | 15,058 | 9,464 | 28,501 | 10,930 | |||||||||||
Depreciation, depletion, and accretion | 41,877 | 26,427 | 78,958 | 39,656 | |||||||||||
Unused commitment charge | — | — | — | 669 | |||||||||||
General and administrative | 9,406 | 7,605 | 19,006 | 15,805 | |||||||||||
Total expenses | 79,833 | 48,514 | 149,708 | 76,050 | |||||||||||
Operating income | 67,254 | 26,522 | 144,612 | 42,776 | |||||||||||
Other income (expense): | |||||||||||||||
Commodity derivatives gain (loss) | (14,294 | ) | 1,328 | (20,075 | ) | 4,707 | |||||||||
Interest expense, net of amounts capitalized | — | — | — | — | |||||||||||
Interest income | 5 | 20 | 14 | 31 | |||||||||||
Other income | 6 | 66 | 27 | 302 | |||||||||||
Total other income (expense) | (14,283 | ) | 1,414 | (20,034 | ) | 5,040 | |||||||||
Income before income taxes | 52,971 | 27,936 | 124,578 | 47,816 | |||||||||||
Income tax expense | 3,347 | — | 9,158 | — | |||||||||||
Net income | $ | 49,624 | $ | 27,936 | $ | 115,420 | $ | 47,816 | |||||||
Net income per common share: | |||||||||||||||
Basic | $ | 0.20 | $ | 0.14 | $ | 0.48 | $ | 0.24 | |||||||
Diluted | $ | 0.20 | $ | 0.14 | $ | 0.47 | $ | 0.24 | |||||||
Weighted-average shares outstanding: | |||||||||||||||
Basic | 242,255,724 | 200,831,063 | 242,005,211 | 200,769,817 | |||||||||||
Diluted | 244,464,776 | 201,224,172 | 243,954,673 | 201,266,609 |
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