Delaware | 001-35371 | 61-1630631 |
(State or other jurisdiction of incorporation or organization) | (Commission File No.) | (I.R.S. employer identification number) |
Item 2.02 | Results of Operations and Financial Condition. |
Item 9.01 | Exhibits. |
Bonanza Creek Energy, Inc. | |||
Dated: August 8, 2018 | By: | /s/ Cyrus D. Marter IV | |
Name: | Cyrus D. Marter IV | ||
Title: | Senior Vice President, General Counsel and Secretary | ||
Exhibit Number | Description |
99.1 | Press release issued August 8, 2018. |
• | Second quarter sales volumes averaged 18.0 MBoe per day including the negative effects of a prior-period adjustment of 0.6 Mboe per day related to non-operated wells |
• | Rapidly improving well performance yields over 1,000 economic drilling locations in Wattenberg |
• | Full year 2018 Wattenberg production guidance raised while lowering full year capex guidance |
• | Accretive Mid-Continent divestiture of $117 million(1) bolsters balance sheet, improves unit operating costs and focuses operations on highest returning opportunities |
• | Well head pressures effectively managed via Rocky Mountain Infrastructure’s ("RMI") multiple third-party gas processing optionality |
• | Second quarter GAAP net income of $4.9 million, or $0.24 per diluted share; Adjusted net income(1) of $24.2 million, or $1.18 per diluted share |
• | Adjusted EBITDAX(2) of $34.8 million, 17% growth over first quarter 2018 |
Average Realized Prices (Before Derivatives) | |
Three Months Ended June 30, 2018 | |
Oil (per Bbl) | $63.67 |
Gas (per Mcf) | $2.13 |
NGL (per Bbl) | $19.05 |
Boe (Per Boe) | $43.57 |
Three Months Ended June 30, 2018 | |||||||||||||||||||||||
Wattenberg | Mid-Continent | Total Company | |||||||||||||||||||||
($M) | ($/Boe) | ($M) | ($/Boe) | ($M) | ($/Boe) | ||||||||||||||||||
Lease operating expense | $ | 8,247 | $ | 6.01 | $ | 3,069 | $ | 11.45 | $ | 11,316 | $ | 6.90 | |||||||||||
Gas plant and midstream operating expense | $ | 2,181 | $ | 1.59 | $ | 1,066 | $ | 3.98 | $ | 3,247 | $ | 1.98 | |||||||||||
Total | $ | 10,428 | $ | 7.60 | $ | 4,135 | $ | 15.43 | $ | 14,563 | $ | 8.88 |
Guidance vs Actual Summary | |||
2Q18 Guidance | 2Q18 Actual | ||
Production (MBoe/d) | 18.0 - 18.6 | 18.0 | |
Annual Guidance | YTD Actual | ||
Lease operating expense ($/Boe) | $5.00 - $6.00 | $6.92 | |
Gas plant and midstream operating expense ($/Boe) | $1.40 - $1.80 | $2.18 | |
Cash G&A ($MM)* | $33 - $35 | $16 | |
Production taxes (% of pre-derivative realization) | 7% - 8% | 8% | |
CAPEX ($MM) | $280 - $320 | $95 | |
* Cash G&A guidance is a non-GAAP measure that excludes the Company's stock based compensation. The Company does not guide to GAAP G&A expense as it has excessive uncertainty due to the stock based compensation portion of GAAP G&A. Please refer to the non-GAAP disclosure at the end of this release for information regarding cash G&A. |
Guidance Summary | ||||||
Three Months Ended September 30, 2018 (Pro-forma)(1) | Three Months Ended September 30, 2018 | Twelve Months Ended December 31, 2018 | ||||
Production (MBoe/d) | 16.6 - 17.2 | 17.4 - 18.0 | 17.4 - 18.0 | |||
LOE ($/Boe) | $4.40 - $4.80 | $4.75 - $5.15 | $5.50 - $5.90 | |||
Midstream expense ($/Boe) | $1.25 - $1.45 | $1.45 - $1.65 | $1.70 - $1.90 | |||
Recurring cash G&A* ($MM) | $32.5 - $33.5 | |||||
Production taxes (% of pre-derivative realization) | 7% - 8% | |||||
Total CAPEX ($MM) | $275 - $295 | |||||
* Recurring Cash G&A is a non-GAAP measure that excludes the Company's stock based compensation. The Company does not guide to GAAP G&A expense as it has excessive uncertainty due to the stock based compensation portion of GAAP G&A. | ||||||
(1) Pro-forma is the Company estimate for the third quarter of 2018 excluding results from the Mid-Continent operations. |
Crude Oil (NYMEX WTI) | Natural Gas (NYMEX Henry Hub) | Natural Gas (NYMEX Henry Hub) | |||||||||
Bbls/day | Weighted Avg. Price per Bbl | MMBtu/day | Weighted Avg. Price per MMBTU | MMBtu/day | Weighted Avg. Basis Differential to NYMEX Henry Hub Price per MMBtu | ||||||
3Q18 | |||||||||||
Cashless Collar | 2,000 | $43.00/$53.50 | 13,600 | $2.75/$3.32 | — | — | |||||
Swap | 5,000 | $57.87 | — | — | — | — | |||||
Basis Swap | — | — | — | — | 8,354 | $0.67 | |||||
4Q18 | |||||||||||
Cashless Collar | 2,000 | $43.00/$53.50 | 12,600 | $2.75/$3.35 | — | — | |||||
Swap | 5,000 | $58.07 | — | — | — | — | |||||
Basis Swap | — | — | — | — | 12,600 | $0.67 | |||||
1Q19 | |||||||||||
Cashless Collar | 2,000 | $43.00/$54.53 | 7,600 | $2.75/$3.22 | — | — | |||||
Swap | 5,000 | $59.33 | — | — | — | — | |||||
Basis Swap | — | — | — | — | 7,600 | $0.67 | |||||
2Q19 | |||||||||||
Cashless Collar | 3,330 | $51.81/$64.23 | 2,505 | $2.75/$3.22 | — | — | |||||
Swap | 4,500 | $58.32 | — | — | — | — | |||||
3Q19 | |||||||||||
Swap | 3,000 | $55.00 | — | — | — | — | |||||
4Q19 | |||||||||||
Swap | 3,000 | $55.00 | — | — | — | — |
Type | Phone Number | Passcode |
Live Participant | 877-793-4362 | 3289067 |
Replay | 855-859-2056 | 3289067 |
Successor | Predecessor | |||||||||||
Three Months Ended June 30, 2018 | April 29, 2017 through June 30, 2017 | April 1, 2017 through April 28, 2017 | ||||||||||
Operating net revenues: | ||||||||||||
Oil and gas sales | $ | 71,872 | $ | 28,114 | $ | 16,030 | ||||||
Operating expenses: | ||||||||||||
Lease operating expense | 11,316 | 6,153 | 3,203 | |||||||||
Gas plant and midstream operating expense | 3,247 | 1,762 | 836 | |||||||||
Gathering, transportation and processing | 1,660 | — | — | |||||||||
Severance and ad valorem taxes | 6,071 | 2,408 | 1,352 | |||||||||
Exploration | 221 | 359 | 292 | |||||||||
Depreciation, depletion and amortization | 9,564 | 4,836 | 6,853 | |||||||||
Abandonment and impairment of unproved properties(1) | 2,477 | — | — | |||||||||
General and administrative (including $2,184, $7,949 and $391, respectively, of stock-based compensation) | 9,917 | 16,139 | 2,998 | |||||||||
Total operating expenses | 44,473 | 31,657 | 15,534 | |||||||||
Income (loss) from operations | 27,399 | (3,543 | ) | 496 | ||||||||
Other income (expense): | ||||||||||||
Derivative loss | (22,012 | ) | — | — | ||||||||
Interest expense | (805 | ) | (195 | ) | (1,088 | ) | ||||||
Reorganization items, net | — | — | 97,811 | |||||||||
Other income (expense) | 277 | 158 | (283 | ) | ||||||||
Total other income (expense) | (22,540 | ) | (37 | ) | 96,440 | |||||||
Income (loss) from operations before taxes | 4,859 | (3,580 | ) | 96,936 | ||||||||
Income tax benefit (expense) | — | — | — | |||||||||
Net income (loss) | $ | 4,859 | $ | (3,580 | ) | $ | 96,936 | |||||
Comprehensive income (loss) | $ | 4,859 | $ | (3,580 | ) | $ | 96,936 | |||||
Basic net income (loss) per common share | $ | 0.24 | $ | (0.18 | ) | $ | 1.88 | |||||
Diluted net income (loss) per common share | $ | 0.24 | $ | (0.18 | ) | $ | 1.85 | |||||
Basic weighted-average common shares outstanding | 20,488 | 20,369 | 49,902 | |||||||||
Diluted weighted-average common shares outstanding | 20,603 | 20,369 | 50,486 |
Successor | Predecessor | |||||||||||
Six Months Ended June 30, 2018 | April 29, 2017 through June 30, 2017 | January 1, 2017 through April 28, 2017 | ||||||||||
Operating net revenues: | ||||||||||||
Oil and gas sales | $ | 136,064 | $ | 28,114 | $ | 68,589 | ||||||
Operating expenses: | ||||||||||||
Lease operating expense | 21,775 | 6,153 | 13,128 | |||||||||
Gas plant and midstream operating expense | 6,860 | 1,762 | 3,541 | |||||||||
Gathering, transportation and processing | 3,998 | — | — | |||||||||
Severance and ad valorem taxes | 11,303 | 2,408 | 5,671 | |||||||||
Exploration | 250 | 359 | 3,699 | |||||||||
Depreciation, depletion and amortization | 17,072 | 4,836 | 28,065 | |||||||||
Abandonment and impairment of unproved properties(1) | 4,979 | — | — | |||||||||
Unused commitments | 21 | — | 993 | |||||||||
General and administrative (including $3,192, $7,949 and $2,116, respectively, of stock-based compensation) | 19,451 | 16,139 | 15,092 | |||||||||
Total operating expenses | 85,709 | 31,657 | 70,189 | |||||||||
Income (loss) from operations | 50,355 | (3,543 | ) | (1,600 | ) | |||||||
Other income (expense): | ||||||||||||
Derivative loss | (30,754 | ) | — | — | ||||||||
Interest expense | (1,162 | ) | (195 | ) | (5,656 | ) | ||||||
Reorganization items, net | — | — | 8,808 | |||||||||
Other income | 290 | 158 | 1,108 | |||||||||
Total other income (expense) | (31,626 | ) | (37 | ) | 4,260 | |||||||
Income (loss) from operations before taxes | 18,729 | (3,580 | ) | 2,660 | ||||||||
Income tax benefit (expense) | — | — | — | |||||||||
Net income (loss) | $ | 18,729 | $ | (3,580 | ) | $ | 2,660 | |||||
Comprehensive income (loss) | $ | 18,729 | $ | (3,580 | ) | $ | 2,660 | |||||
Basic net income (loss) per common share | $ | 0.91 | $ | (0.18 | ) | $ | 0.05 | |||||
Diluted net income (loss) per common share | $ | 0.91 | $ | (0.18 | ) | $ | 0.05 | |||||
Basic weighted-average common shares outstanding | 20,471 | 20,369 | 49,559 | |||||||||
Diluted weighted-average common shares outstanding | 20,538 | 20,369 | 50,971 |
Successor | Successor | Predecessor | ||||||||||
Three Months Ended June 30, 2018 | April 29, 2017 through June 30, 2017 | April 1, 2017 through April 28, 2017 | ||||||||||
Cash flows from operating activities: | ||||||||||||
Net income (loss) | $ | 4,859 | $ | (3,580 | ) | $ | 96,936 | |||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||
Depreciation, depletion and amortization | 9,564 | 4,836 | 6,853 | |||||||||
Non-cash reorganization items | — | — | (101,501 | ) | ||||||||
Abandonment and impairment of unproved properties | 2,477 | — | — | |||||||||
Well abandonment costs and dry hole expense | — | 64 | 230 | |||||||||
Stock-based compensation | 2,184 | 7,949 | 391 | |||||||||
Amortization of deferred financing costs and debt premium | — | — | 374 | |||||||||
Derivative loss | 22,012 | — | — | |||||||||
Derivative cash settlements | (7,310 | ) | — | — | ||||||||
Other | — | 5 | (365 | ) | ||||||||
Changes in current assets and liabilities: | ||||||||||||
Accounts receivable | (4,618 | ) | 6,420 | (2,826 | ) | |||||||
Prepaid expenses and other assets | (2,467 | ) | 270 | 1,499 | ||||||||
Accounts payable and accrued liabilities | (323 | ) | (19,338 | ) | (36,972 | ) | ||||||
Settlement of asset retirement obligations | (132 | ) | (459 | ) | (155 | ) | ||||||
Net cash provided by (used in) operating activities | 26,246 | (3,833 | ) | (35,536 | ) | |||||||
Cash flows from investing activities: | ||||||||||||
Acquisition of oil and gas properties | (1,197 | ) | (4,982 | ) | (6 | ) | ||||||
Exploration and development of oil and gas properties | (53,818 | ) | (4,913 | ) | (1,698 | ) | ||||||
Proceeds from sale of oil and gas properties | — | — | — | |||||||||
Additions to property and equipment - non oil and gas | (177 | ) | (161 | ) | (253 | ) | ||||||
Net cash used in investing activities | (55,192 | ) | (10,056 | ) | (1,957 | ) | ||||||
Cash flows from financing activities: | ||||||||||||
Proceeds from credit facility | 45,000 | — | — | |||||||||
Payments to credit facility | — | — | (191,667 | ) | ||||||||
Proceeds from sale of common stock | — | — | 207,500 | |||||||||
Proceeds from exercise of stock options | 968 | — | — | |||||||||
Payment of employee tax withholdings in exchange for the return of common stock | (794 | ) | (2,080 | ) | (92 | ) | ||||||
Net cash provided by (used in) financing activities | 45,174 | (2,080 | ) | 15,741 | ||||||||
Net change in cash, cash equivalents and restricted cash | 16,228 | (15,969 | ) | (21,752 | ) | |||||||
Cash, cash equivalents and restricted cash: | ||||||||||||
Beginning of period | 5,840 | 68,406 | 90,158 | |||||||||
End of period | $ | 22,068 | $ | 52,437 | $ | 68,406 |
Successor | Predecessor | |||||||||||
Six Months Ended June 30, 2018 | April 29, 2017 through June 30, 2017 | January 1, 2017 through April 28, 2017 | ||||||||||
Cash flows from operating activities: | ||||||||||||
Net income (loss) | $ | 18,729 | $ | (3,580 | ) | $ | 2,660 | |||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||
Depreciation, depletion and amortization | 17,072 | 4,836 | 28,065 | |||||||||
Non-cash reorganization items | — | — | (44,160 | ) | ||||||||
Abandonment and impairment of unproved properties | 4,979 | — | — | |||||||||
Well abandonment costs and dry hole expense | — | 64 | 2,931 | |||||||||
Stock-based compensation | 3,192 | 7,949 | 2,116 | |||||||||
Amortization of deferred financing costs and debt premium | — | — | 374 | |||||||||
Derivative loss | 30,754 | — | — | |||||||||
Derivative cash settlements | (11,622 | ) | — | — | ||||||||
Other | 172 | 5 | 18 | |||||||||
Changes in current assets and liabilities: | ||||||||||||
Accounts receivable | (20,376 | ) | 6,420 | (6,640 | ) | |||||||
Prepaid expenses and other assets | 935 | 270 | 963 | |||||||||
Accounts payable and accrued liabilities | (889 | ) | (19,338 | ) | (5,880 | ) | ||||||
Settlement of asset retirement obligations | (797 | ) | (459 | ) | (331 | ) | ||||||
Net cash provided by (used in) operating activities | 42,149 | (3,833 | ) | (19,884 | ) | |||||||
Cash flows from investing activities: | ||||||||||||
Acquisition of oil and gas properties | (1,295 | ) | (4,982 | ) | (445 | ) | ||||||
Exploration and development of oil and gas properties | (91,482 | ) | (4,913 | ) | (5,123 | ) | ||||||
Proceeds from sale of oil and gas properties | 20 | — | — | |||||||||
Additions to property and equipment - non oil and gas | (280 | ) | (161 | ) | (454 | ) | ||||||
Net cash used in investing activities | (93,037 | ) | (10,056 | ) | (6,022 | ) | ||||||
Cash flows from financing activities: | ||||||||||||
Proceeds from credit facility | 60,000 | — | — | |||||||||
Payments to credit facility | — | — | (191,667 | ) | ||||||||
Proceeds from sale of common stock | — | — | 207,500 | |||||||||
Proceeds from exercise of stock options | 968 | — | — | |||||||||
Payment of employee tax withholdings in exchange for the return of common stock | (794 | ) | (2,080 | ) | (427 | ) | ||||||
Net cash provided by (used in) financing activities | 60,174 | (2,080 | ) | 15,406 | ||||||||
Net change in cash, cash equivalents and restricted cash | 9,286 | (15,969 | ) | (10,500 | ) | |||||||
Cash, cash equivalents and restricted cash: | ||||||||||||
Beginning of period | 12,782 | 68,406 | 78,906 | |||||||||
End of period | $ | 22,068 | $ | 52,437 | $ | 68,406 |
Successor | |||||||
June 30, 2018 | December 31, 2017 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 21,989 | $ | 12,711 | |||
Accounts receivable: | |||||||
Oil and gas sales | 38,830 | 28,549 | |||||
Joint interest and other | 13,926 | 3,831 | |||||
Prepaid expenses and other | 5,620 | 6,555 | |||||
Inventory of oilfield equipment | 1,434 | 1,019 | |||||
Derivative assets | 39 | 488 | |||||
Total current assets | 81,838 | 53,153 | |||||
Property and equipment (successful efforts method): | |||||||
Proved properties | 552,858 | 555,341 | |||||
Less: accumulated depreciation, depletion and amortization | (29,703 | ) | (17,032 | ) | |||
Total proved properties, net | 523,155 | 538,309 | |||||
Unproved properties | 179,735 | 183,843 | |||||
Wells in progress | 52,747 | 47,224 | |||||
Oil and gas properties held for sale, net of accumulated depreciation, depletion and amortization of $2,583 in 2018 | 82,328 | — | |||||
Other property and equipment, net of accumulated depreciation of $2,722 in 2018 and $2,224 in 2017 | 4,488 | 4,706 | |||||
Total property and equipment, net | 842,453 | 774,082 | |||||
Long-term derivative assets | — | 6 | |||||
Other noncurrent assets | 3,151 | 3,130 | |||||
Total assets | $ | 927,442 | $ | 830,371 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable and accrued expenses | $ | 50,242 | $ | 62,129 | |||
Oil and gas revenue distribution payable | 20,355 | 15,667 | |||||
Derivative liability | 28,416 | 11,423 | |||||
Total current liabilities | 99,013 | 89,219 | |||||
Long-term liabilities: | |||||||
Credit facility | 60,000 | — | |||||
Ad valorem taxes | 19,803 | 11,584 | |||||
Long-term derivative liability | 4,657 | 2,972 | |||||
Asset retirement obligations for oil and gas properties | 28,154 | 38,262 | |||||
Asset retirement obligations for oil and gas properties held for sale | 5,386 | — | |||||
Total liabilities | 217,013 | 142,037 | |||||
Commitments and contingencies | |||||||
Stockholders’ equity: | |||||||
Preferred stock, $.01 par value, 25,000,000 shares authorized, none outstanding | — | — | |||||
Common stock, $.01 par value, 225,000,000 shares authorized, 20,534,799 and 20,453,549 issued and outstanding in 2018 and 2017, respectively | 4,286 | 4,286 | |||||
Additional paid-in capital | 692,434 | 689,068 | |||||
Retained earnings (deficit) | 13,709 | (5,020 | ) | ||||
Total stockholders’ equity | 710,429 | 688,334 | |||||
Total liabilities and stockholders’ equity | $ | 927,442 | $ | 830,371 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Wellhead Volumes and Prices | |||||||||||||||
Crude Oil and Condensate Sales Volumes (Bbl/d) | |||||||||||||||
Rocky Mountains | 8,866 | 6,189 | 8,575 | 6,690 | |||||||||||
Mid-Continent | 1,600 | 1,845 | 1,633 | 1,889 | |||||||||||
Total | 10,466 | 8,034 | 10,208 | 8,579 | |||||||||||
Crude Oil and Condensate Realized Prices ($/Bbl) | |||||||||||||||
Rocky Mountains | $ | 63.05 | $ | 43.94 | $ | 60.15 | $ | 45.94 | |||||||
Mid-Continent | $ | 67.12 | $ | 47.69 | $ | 64.69 | $ | 49.65 | |||||||
Composite | $ | 63.67 | $ | 44.80 | $ | 60.87 | $ | 46.76 | |||||||
Composite (after derivatives) | $ | 55.99 | $ | 44.80 | $ | 54.47 | $ | 46.76 | |||||||
Natural Gas Liquids Sales Volumes (Bbl/d) | |||||||||||||||
Rocky Mountains | 3,126 | 3,046 | 2,772 | 3,167 | |||||||||||
Mid-Continent | 441 | 452 | 444 | 471 | |||||||||||
Total | 3,567 | 3,498 | 3,216 | 3,638 | |||||||||||
Natural Gas Liquids Realized Prices ($/Bbl) | |||||||||||||||
Rocky Mountains | $ | 17.06 | $ | 16.10 | $ | 19.34 | $ | 15.90 | |||||||
Mid-Continent | $ | 33.13 | $ | 20.84 | $ | 30.92 | $ | 23.32 | |||||||
Composite | $ | 19.05 | $ | 16.71 | $ | 20.94 | $ | 16.86 | |||||||
Composite (after derivatives) | $ | 19.05 | $ | 16.71 | $ | 20.94 | $ | 16.86 | |||||||
Natural Gas Sales Volumes (Mcf/d) | |||||||||||||||
Rocky Mountains | 18,511 | 20,144 | 18,385 | 20,786 | |||||||||||
Mid-Continent | 5,421 | 6,067 | 5,444 | 6,249 | |||||||||||
Total | 23,932 | 26,211 | 23,829 | 27,035 | |||||||||||
Natural Gas Realized Prices ($/Mcf) | |||||||||||||||
Rocky Mountains | $ | 1.96 | $ | 2.18 | $ | 2.29 | $ | 2.29 | |||||||
Mid-Continent | $ | 2.70 | $ | 3.06 | $ | 2.98 | $ | 3.15 | |||||||
Composite | $ | 2.13 | $ | 2.38 | $ | 2.45 | $ | 2.49 | |||||||
Composite (after derivatives) | $ | 2.13 | $ | 2.38 | $ | 2.50 | $ | 2.49 | |||||||
Crude Oil Equivalent Sales Volumes (Boe/d) | |||||||||||||||
Rocky Mountains | 15,077 | 12,592 | 14,412 | 13,322 | |||||||||||
Mid-Continent | 2,945 | 3,308 | 2,985 | 3,402 | |||||||||||
Total | 18,022 | 15,900 | 17,397 | 16,724 | |||||||||||
Crude Oil Equivalent Sales Prices ($/Boe) | |||||||||||||||
Rocky Mountains | $ | 43.02 | $ | 28.98 | $ | 42.43 | $ | 30.43 | |||||||
Mid-Continent | $ | 46.40 | $ | 35.05 | $ | 45.43 | $ | 36.60 | |||||||
Composite | $ | 43.57 | $ | 30.24 | $ | 42.95 | $ | 31.68 | |||||||
Composite (after derivatives) | $ | 39.11 | $ | 30.24 | $ | 39.26 | $ | 31.68 | |||||||
Total Sales Volumes (MBoe) | 1,640.0 | 1,446.9 | 3,148.8 | 3,026.9 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||
2018 | 2017 | Percent Change | 2018 | 2017 | Percent Change | ||||||||||||||||
Production | |||||||||||||||||||||
Oil (MBbl) | 952 | 731 | 30 | % | 1,848 | 1,553 | 19 | % | |||||||||||||
Gas (MMcf) | 2,178 | 2,385 | (9 | )% | 4,313 | 4,893 | (12 | )% | |||||||||||||
NGL (MBbl) | 325 | 318 | 2 | % | 582 | 659 | (12 | )% | |||||||||||||
Equivalent (MBoe) | 1,640 | 1,447 | 13 | % | 3,149 | 3,027 | 4 | % | |||||||||||||
Realized pricing (before derivatives) | |||||||||||||||||||||
Oil ($/Bbl) | $ | 63.67 | $ | 44.80 | 42 | % | $ | 60.87 | $ | 46.76 | 30 | % | |||||||||
Gas ($/Mcf) | $ | 2.13 | $ | 2.38 | (11 | )% | $ | 2.45 | $ | 2.49 | (2 | )% | |||||||||
NGL ($/Bbl) | $ | 19.05 | $ | 16.71 | 14 | % | $ | 20.94 | $ | 16.86 | 24 | % | |||||||||
Equivalent ($/Boe) | $ | 43.57 | $ | 30.24 | 44 | % | $ | 42.95 | $ | 31.68 | 36 | % | |||||||||
Per Unit Costs ($/Boe) | |||||||||||||||||||||
Realized price equivalent (before derivatives) | $ | 43.57 | $ | 30.24 | 44 | % | $ | 42.95 | $ | 31.68 | 36 | % | |||||||||
Lease operating expense | 6.90 | 6.47 | 7 | % | 6.92 | 6.37 | 9 | % | |||||||||||||
Gathering, transportation and processing | 1.01 | — | — | % | 1.27 | — | — | % | |||||||||||||
Gas plant and midstream operating expense | 1.98 | 1.80 | 10 | % | 2.18 | 1.75 | 25 | % | |||||||||||||
Severance and ad valorem | 3.70 | 2.60 | 42 | % | 3.59 | 2.67 | 34 | % | |||||||||||||
Cash general and administrative | 4.72 | 7.46 | (37 | )% | 5.16 | 6.99 | (26 | )% | |||||||||||||
Total cash operating costs | $ | 18.31 | $ | 18.33 | — | % | $ | 19.12 | $ | 17.78 | 8 | % | |||||||||
Cash operating margin (before derivatives) | $ | 25.26 | $ | 11.91 | 112 | % | $ | 23.83 | $ | 13.90 | 71 | % | |||||||||
Derivative cash settlements | (4.46 | ) | — | — | % | (3.69 | ) | — | — | % | |||||||||||
Cash operating margin (after derivatives) | $ | 20.80 | $ | 11.91 | 75 | % | $ | 20.14 | $ | 13.90 | 45 | % | |||||||||
Non-cash items | |||||||||||||||||||||
Non-cash general and administrative | $ | 1.33 | $ | 5.76 | (77 | )% | $ | 1.01 | $ | 3.33 | (70 | )% |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Net income (loss) | $ | 4,859 | $ | 93,356 | $ | 18,729 | $ | (920 | ) | |||||||
Adjustments to net income: | ||||||||||||||||
Derivative loss | 22,012 | — | 30,754 | — | ||||||||||||
Derivative cash settlements | (7,310 | ) | — | (11,622 | ) | — | ||||||||||
Abandonment and impairment of unproved properties | 2,477 | — | 4,979 | — | ||||||||||||
Exploratory dry hole expense | — | 294 | — | 2,995 | ||||||||||||
Unused commitments | — | — | 21 | 993 | ||||||||||||
Stock-based compensation (1) | 2,184 | 8,340 | 3,192 | 10,065 | ||||||||||||
Reorganization items, net | — | (97,811 | ) | — | (8,808 | ) | ||||||||||
Pre-petition advisory fees (1) | — | — | — | 683 | ||||||||||||
Post-petition restructuring fees (1) | — | 1,422 | — | 1,422 | ||||||||||||
Total adjustments before taxes | 19,363 | (87,755 | ) | 27,324 | 7,350 | |||||||||||
Income tax effect | — | — | — | — | ||||||||||||
Total adjustments after taxes | $ | 19,363 | $ | (87,755 | ) | $ | 27,324 | $ | 7,350 | |||||||
Adjusted net income | $ | 24,222 | $ | 5,601 | $ | 46,053 | $ | 6,430 | ||||||||
Adjusted net income per diluted share (2) | $ | 1.18 | $ | 0.27 | $ | 2.24 | $ | 0.32 | ||||||||
Diluted weighted-average common shares outstanding (2) | 20,603 | 20,369 | 20,538 | 20,369 | ||||||||||||
(1) Included as a portion of general and administrative expense in the consolidated statements of operations. | ||||||||||||||||
(2) For the three- and six-month periods ended June 30, 2017, the Company used the Successor's diluted weighted average share count to calculate adjusted net income per diluted share. |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Net income (loss) | $ | 4,859 | $ | 93,356 | $ | 18,729 | $ | (920 | ) | |||||||
Exploration | 221 | 651 | 250 | 4,058 | ||||||||||||
Depreciation, depletion and amortization | 9,564 | 11,689 | 17,072 | 32,901 | ||||||||||||
Abandonment and impairment of unproved properties | 2,477 | — | 4,979 | — | ||||||||||||
Unused commitments | — | — | 21 | 993 | ||||||||||||
Stock-based compensation (1) | 2,184 | 8,340 | 3,192 | 10,065 | ||||||||||||
Interest expense | 805 | 1,283 | 1,162 | 5,851 | ||||||||||||
Derivative loss | 22,012 | — | 30,754 | — | ||||||||||||
Derivative cash settlements | (7,310 | ) | — | (11,622 | ) | — | ||||||||||
Pre-petition advisory fees (1) | — | — | — | 683 | ||||||||||||
Post-petition restructuring fees (1) | — | 1,422 | — | 1,422 | ||||||||||||
Reorganization items, net | — | (97,811 | ) | — | (8,808 | ) | ||||||||||
Adjusted EBITDAX | $ | 34,812 | $ | 18,930 | $ | 64,537 | $ | 46,245 | ||||||||
(1) Included as a portion of general and administrative expense in the consolidated statements of operations. |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
General and administrative | $ | 9,917 | $ | 19,137 | $ | 19,451 | $ | 31,231 | ||||||||
Stock-based compensation | (2,184 | ) | (8,340 | ) | (3,192 | ) | (10,065 | ) | ||||||||
Cash G&A | $ | 7,733 | $ | 10,797 | $ | 16,259 | $ | 21,166 | ||||||||
Post-petition restructuring fees | — | (1,422 | ) | — | (1,422 | ) | ||||||||||
Other non-recurring expense | — | (184 | ) | — | (184 | ) | ||||||||||
Recurring Cash G&A | $ | 7,733 | $ | 9,191 | $ | 16,259 | $ | 19,560 |
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