Exhibit 99.1
Amplify Energy Announces Third Quarter 2021 Results
HOUSTON, November 15, 2021—Amplify Energy Corp. (NYSE: AMPY) (“Amplify” or the “Company”) announced today its operating and financial results for the third quarter of 2021.
Key Highlights
| ● | During the third quarter of 2021, the Company: |
| ● | Achieved average total production of 25.1 MBoepd |
| ● | Generated net cash provided by operating activities of $18.9 million |
| ● | Delivered Adjusted EBITDA of $27.1 million |
| ● | Generated $13.1 million of free cash flow |
| ● | Completed the Fall 2021 borrowing base redetermination, which reaffirmed the borrowing base at $245 million through January 2022 |
| ● | Rescinded full-year 2021 guidance due to the Southern California oil spill |
| ● | As of September 30, 2021, net debt was $204 million, inclusive of $26 million of cash on hand |
| ● | Net Debt to Last Twelve Months (“LTM”) EBITDA of 2.1x1 |
(1) Net debt as of September 30, 2021, and LTM EBITDA as of the third quarter of 2021
Southern California Pipeline Incident and Oil Release
On October 2, 2021, contractors operating under the direction of Beta Operating Company, LLC (“Beta”) , a subsidiary of Amplify, observed an oil sheen on the water approximately four miles off the coast of Newport Beach, California (the “Incident”). Beta platform personnel were notified and promptly initiated the Company’s Oil Spill Response Plan, which was reviewed and approved by the Bureau of Safety and Environmental Enforcement’s Oil Spill Preparedness Division within the United States Department of the Interior, and which included the required notifications of specified regulatory agencies. On October 3, 2021, a Unified Command, consisting of the Company, the U.S. Coast Guard and California Department of Fish and Wildlife’s Office of Spill Prevention and Response, was established to respond to the Incident. The Company is and has been fully committed to working cooperatively within the Unified Command and with all relevant agencies to respond to the Incident and supporting all associated ongoing investigations.
On October 5, 2021, the Unified Command announced that reports from its contracted commercial divers and Remotely Operated Vehicle footage indicated that a 4,000-foot section of the Company’s pipeline had been displaced with a maximum lateral movement of approximately 105 feet and that the pipeline had a 13-inch split, running parallel to the pipe. On October 14, 2021, the U.S. Coast Guard announced that it had a high degree of confidence the size of the release was approximately 588 barrels of oil, which is below the previously reported maximum estimate of 3,134 barrels. On October 16, 2021, the U.S. Coast Guard announced that it had identified the Mediterranean Shipping Company (DANIT) as a “vessel of interest” in connection with an anchor-dragging incident, which occurred in close proximity to the Company’s pipeline, and that additional vessels of interest continue to be investigated. The cause, timing and details regarding the Incident are currently under investigation and any information regarding the Incident is preliminary.
1
Following the Incident, the Company deployed contractors so that at the height of the Incident response there were over 1,800 personnel working under the guidance and at the direction of the Unified Command to aid in cleanup operations. As of October 14, 2021, all beaches that had been closed following the Incident have reopened. On October 15, 2021, the Unified Command announced that reports from trained oil observers and beach cleanup contractors working for the Unified Command showed significant progress in cleanup operations. On October 18, 2021, the Unified Command stated that segments of beach are recommended for no further clean-up activities. While the Unified Command has significantly reduced the number of personnel conducting remediation activities from the height of the effort, remediation efforts remain ongoing at November 15, 2021.
The Company carries customary industry insurance policies, including loss of production income insurance, which it expects will cover a material portion of the total aggregate costs associated with the Incident, including loss of revenue resulting from suspended operations. However, the Company can provide no assurance that its coverage will adequately protect it against liability from all potential consequences, damages and losses related to the Incident.
In response to the Incident, all operations have been suspended and the pipeline has been shut-in until the Company receives the required regulatory approvals to begin operations. At present, given that the pipeline to shore is not operational, no operations are underway in the Beta field.
Key Financial Results
During the third quarter of 2021, Amplify generated $27.1 million of Adjusted EBITDA, an increase of approximately $3.3 million from $23.8 million in the prior quarter. Third quarter Adjusted EBITDA exceeded internal projections as a result of production outperformance and strong price realizations.
Free cash flow, defined as Adjusted EBITDA less cash interest and capital spending, was $13.1 million in the third quarter of 2021, a quarter-over-quarter increase of approximately $3.6 million.
The positive change was primarily associated with production outperformance and higher net pricing realizations overall.
|
| Third Quarter |
| Second Quarter | ||
$in millions | | 2021 | | 2021 | ||
Net income (loss) |
| $ | (13.5) | | $ | (35.0) |
Net cash provided by operating activities |
| $ | 18.9 | | $ | 20.8 |
Average daily production (MBoe/d) |
|
| 25.1 | |
| 25.3 |
Total revenues |
| $ | 97.0 | | $ | 80.4 |
Adjusted EBITDA (a non-GAAP financial measure) |
| $ | 27.1 | | $ | 23.8 |
Total capital |
| $ | 10.5 | | $ | 10.9 |
Free Cash Flow (a non-GAAP financial measure) |
| $ | 13.1 | | $ | 9.5 |
Revolving Credit Facility
On November 10, 2021, the Company completed the regularly scheduled semi-annual redetermination of its revolving credit facility borrowing base and entered into an amendment to its credit agreement. The redetermination reaffirmed the borrowing base at $245 million. Beginning in February 2022, the borrowing base will be reduced by $5 million per month until the spring borrowing base redetermination, which is expected to be completed by April 2022.
As of September 30, 2021, Amplify had net debt of $204 million, consisting of $230 million outstanding under its revolving credit facility and $26 million of cash on hand. Net Debt to LTM EBITDA was 2.1x (net debt as of September 30, 2021 and 3Q21 LTM EBITDA).
Corporate Production and Pricing Update
During the third quarter of 2021, average daily production was approximately 25.1 MBoepd, a decrease of 1% from 25.3 MBoepd in the second quarter. Production exceeded internal expectations during the quarter, driven primarily by the low-decline profile of the Company’s East Texas assets and the successful workover program in Oklahoma.
The Company’s commodity product mix for the quarter consisted of 41% crude oil, 16% NGLs, and 43% natural gas. On a quarter-over-quarter basis, Amplify’s oil composition increased by approximately 3%.
2
Total oil, natural gas and NGL revenues in the third quarter of 2021 were approximately $96.8 million, before the impact of derivatives, compared to $80.3 million in the second quarter. The Company realized a loss on commodity derivatives of $18.5 million during the quarter, compared to a $12.7 million loss during the previous quarter, consisting of $22.6 million in realized losses from active contracts, partially offset by a $4.1 million gain from in-the-money contracts related to the third quarter of 2021 that were monetized in April 2020. The hedging loss experienced during this quarter was primarily attributed to the hedges placed earlier in 2020 when the commodity pricing environment was materially lower and highlights the substantial recovery in prices in 2021.
The following table sets forth information regarding average realized sales prices for the periods indicated:
|
| Crude Oil | | NGLs | | Natural Gas | ||||||||||||
|
| Three |
| Three |
| Three |
| Three |
| Three |
| Three | ||||||
| | Months | | Months | | Months | | Months | | Months | | Months | ||||||
| | Ended | | Ended | | Ended | | Ended | | Ended | | Ended | ||||||
| | September 30, | | June 30, | | September 30, | | June 30, | | September 30, | | June 30, | ||||||
| | 2021 | | 2021 | | 2021 | | 2021 | | 2021 | | 2021 | ||||||
Average sales price exclusive of realized derivatives | | $ | 67.30 | | $ | 62.47 | | $ | 34.11 | | $ | 25.69 | | $ | 3.88 | | $ | 2.65 |
Realized derivatives | |
| (16.37) | |
| (16.75) | |
| (2.48) | |
| (1.12) | |
| (1.05) | |
| (0.21) |
| | | | | | | | | | | | | | | | | | |
Average sales price with realized derivatives exclusive of certain deductions from revenue | | $ | 50.93 | | $ | 45.72 | | $ | 31.63 | | $ | 24.57 | | $ | 2.83 | | $ | 2.44 |
Certain deductions from revenue | |
| — | |
| — | |
| (2.06) | |
| (1.60) | |
| (0.25) | |
| (0.22) |
| | | | | | | | | | | | | | | | | | |
Average sales price inclusive of realized derivatives and certain deductions from revenue | | $ | 50.93 | | $ | 45.72 | | $ | 29.57 | | $ | 22.97 | | $ | 2.58 | | $ | 2.22 |
| | | | | | | | | | | | | | | | | | |
Costs and Expenses
Lease operating expenses in the third quarter of 2021 were approximately $34.5 million, or $14.92 per Boe, an increase of approximately $5.8 million compared to $28.7 million, or $12.46 per Boe, from the second quarter of 2021. The increase was largely attributable to previously disclosed Level II and Level III platform inspections at Beta, accelerated facility maintenance projects at Bairoil, and increased electricity and fuel costs across all assets. Amplify remains committed to the disciplined management of operating expenses, and the asset teams continue to explore additional methods of reducing costs moving forward.
Severance and Ad Valorem taxes in the third quarter were approximately $6.0 million, an increase of $0.9 million compared to $5.1 million in the second quarter. On a percentage basis, Amplify paid approximately 6.2% of total oil, NGL and natural gas sales revenue in taxes this quarter compared to 6.3% in the previous quarter.
Amplify incurred $5.0 million, or $2.18 per Boe, of gathering, processing and transportation expenses in the third quarter of 2021, compared to $5.1 million, or $2.20 per Boe, in the previous quarter.
Third quarter cash G&A expenses were $5.8 million, an increase of $0.8 million from the second quarter of 2021, primarily due to increased employee-related expenses.
Depreciation, depletion and amortization expense for the third quarter of 2021 totaled $7.0 million, or $3.03 per Boe, compared to $7.4 million, or $3.21 per Boe, in the prior quarter.
Net interest expense was $3.1 million this quarter, held flat from the second quarter of 2021.
Amplify had an effective tax rate of 0% and did not record an income tax expense or benefit for the third quarter of 2021.
3
Capital Spending Update and Outlook
Cash capital spending during the third quarter of 2021 was approximately $10.5 million, a $0.4 million decrease from $10.9 million in the second quarter. The majority of capital expenditures in the third quarter were primarily attributed to development projects at Beta, the workover program in Oklahoma, and facilities upgrades and workovers at Bairoil.
The following table details Amplify’s capital incurred during the quarter and year-to-date:
|
| Third Quarter |
| Year to Date | ||
| | 2021 Capital | | Capital | ||
| | Spend ($MM) | | Spend ($MM) | ||
Oklahoma | | $ | 2.7 | | $ | 7.5 |
Rockies (Bairoil) | | $ | 1.0 | | $ | 3.8 |
Southern California (Beta) | | $ | 6.5 | | $ | 11.1 |
East Texas / Northern Louisiana | | $ | 0.0 | | $ | 0.0 |
Eagle Ford (Non-Op) | | $ | 0.3 | | $ | 4.9 |
Total Capital Spent | | $ | 10.5 | | $ | 27.3 |
Asset Operational Update and Statistics
Oklahoma:
| ● | Commodity Mix: 22% oil, 27% NGLs, 51% natural gas |
Amplify’s operating strategy in Oklahoma remains focused on prioritizing a stable free cash flow profile and managing production through an active workover program. The workover program is focused on rod-lift conversions and ESP optimizations, which reduce future operating expenses and downtime while generating attractive returns in the current pricing environment. As of September 30, Amplify has converted approximately 48% of the field to rod lift and anticipates having approximately 51% of the field converted to rod lift by year end.
Rockies (Bairoil):
| ● | Commodity Mix: 100% oil |
The Company continued its CO2 injection and water-alternating-gas pattern optimization at Bairoil to improve production performance. The third quarter of 2021 delivered strong operational reliability of the production facilities, and the technical team continued extensive evaluation of the reservoir to facilitate these efforts. Amplify intends to continue using new technologies, along with targeted workover activity, to drive further operational improvements and efficiencies.
Southern California (Beta):
| ● | Commodity Mix: 100% oil |
4
During the third quarter, Amplify completed the first project of its previously announced phased development program, a case hole recompletion, and preliminary results were being evaluated prior to shutting in the field in response to the Incident. Lease operating expenses increased quarter over quarter primarily due to higher fuel and electrical costs associated with rising commodity prices. In addition, the aforementioned Level II and Level III inspections were completed during the quarter ahead of schedule.
East Texas and North Louisiana:
| ● | Commodity Mix: 5% oil, 20% NGLs, 75% natural gas |
The East Texas asset remains one of the Company’s highest margin and best cash flowing areas. Amplify’s operating strategy continues to focus on prudent management of production by prioritizing high-return workover opportunities. The Company also anticipates participating in highly accretive non-operated development opportunities beginning in the fourth quarter of 2021, which will provide additional cash flow generation starting in 2022.
Non-Operated Eagle Ford:
| ● | Commodity Mix: 77% oil, 13% NGLs, 10% natural gas |
Eagle Ford production outperformed during the third quarter of 2021 as wells placed online earlier in the year generally exceeded their internal type curves. Amplify’s Eagle Ford asset continues to generate substantial margins and free cash flow.
2021 Guidance Update
As previously disclosed, all of the Company’s production and pipeline operations at the Beta Field have been suspended due to the oil spill in Southern California. As a result, Amplify is withdrawing its previously issued full-year 2021 guidance.
5
Hedging Update
The following table reflects the hedged volumes under Amplify’s commodity derivative contracts and the average fixed, floor and ceiling prices at which production is hedged for October 2021 through December 2023, as of November 15, 2021:
|
| 2021 |
| 2022 |
| 2023 | |||
Natural Gas Swaps: |
| |
|
| |
|
| |
|
Average Monthly Volume (MMBtu) |
| | 970,000 |
| | 695,000 |
| |
|
Weighted Average Fixed Price ($) | | $ | 2.49 | | $ | 2.56 |
| |
|
| | | | | | | | | |
Natural Gas Collars: | |
|
| |
|
|
| |
|
Two-way collars | |
|
| |
|
|
| |
|
Average Monthly Volume (MMBtu) | |
| 830,000 | |
| 775,000 |
| | 270,000 |
Weighted Average Ceiling Price ($) | | $ | 3.28 | | $ | 3.44 | | $ | 3.28 |
Weighted Average Floor Price ($) | | $ | 2.06 | | $ | 2.56 | | $ | 2.50 |
| | | | | | | | | |
Natural Gas Basis Swaps: | |
|
| |
|
| |
|
|
Average Monthly Volume (MMBtu) | |
| 500,000 | |
|
| |
|
|
Weighted Average Spread ($) | | $ | (0.40) | |
|
| |
|
|
| | | | | | | | | |
Oil Swaps: | |
|
| |
|
| |
|
|
Average Monthly Volume (Bbls) | |
| 124,166 | |
| 99,000 | |
| 55,000 |
Weighted Average Fixed Price ($) | | $ | 37.16 | | $ | 55.68 | | $ | 57.30 |
| | | | | | | | | |
Oil Collars: | |
|
| |
|
| |
|
|
Two-way collars | |
|
| |
|
| |
|
|
Average Monthly Volume (Bbls) | | | | |
| 22,500 | |
|
|
Weighted Average Ceiling Price ($) | | | | | $ | 67.42 | |
|
|
Weighted Average Floor Price ($) | | | | | $ | 58.33 | |
|
|
| | | | | | | | | |
Three-way collars | |
|
| |
|
| |
|
|
Average Monthly Volume (Bbls) | |
| 72,500 | |
| 89,000 | |
| 30,000 |
Weighted Average Ceiling Price ($) | | $ | 50.36 | | $ | 55.55 | | $ | 67.15 |
Weighted Average Floor Price ($) | | $ | 40.00 | | $ | 42.92 | | $ | 55.00 |
Weighted Average Sub-Floor Price ($) | | $ | 30.00 | | $ | 32.58 | | $ | 40.00 |
| | | | | | | | | |
NGL Swaps: | |
|
| |
|
| |
|
|
Average Monthly Volume (Bbls) | |
| 20,300 | |
|
| |
|
|
Weighted Average Fixed Price ($) | | $ | 23.74 | |
|
| |
|
|
Quarterly Report on Form 10-Q
Amplify’s financial statements and related footnotes will be available in its Quarterly Report on Form 10-Q for the quarter ended September 30, 2021, which Amplify expects to file with the Securities and Exchange Commission on November 15, 2021.
6
About Amplify Energy
Amplify Energy Corp. is an independent oil and natural gas company engaged in the acquisition, development, exploitation and production of oil and natural gas properties. Amplify’s operations are focused in Oklahoma, the Rockies, federal waters offshore Southern California, East Texas / North Louisiana, and the Eagle Ford. For more information, visit www.amplifyenergy.com.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that Amplify expects, believes or anticipates will or may occur in the future are forward-looking statements. Terminology such as “will,” “would,” “should,” “could,” “expect,” “anticipate,” “plan,” “project,” “intend,” “estimate,” “believe,” “target,” “continue,” “potential,” the negative of such terms or other comparable terminology are intended to identify forward-looking statements. Amplify believes that these statements are based on reasonable assumptions, but such assumptions may prove to be inaccurate. Such statements are also subject to a number of risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Amplify, which may cause Amplify’s actual results to differ materially from those implied or expressed by the forward-looking statements. Please read the Company’s filings with the Securities and Exchange Commission, including “Risk Factors” in its Annual Report on Form 10-K, and if applicable, its Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, and other public filings and press releases for a discussion of risks and uncertainties that could cause actual results to differ from those in such forward-looking statements. All forward-looking statements speak only as of the date of this press release. All forward-looking statements in this press release are qualified in their entirety by these cautionary statements. Amplify undertakes no obligation and does not intend to update or revise any forward-looking statements, whether as a result of new information, future results or otherwise.
Use of Non-GAAP Financial Measures
This press release and accompanying schedules include the non-GAAP financial measures of Adjusted EBITDA and free cash flow. The accompanying schedules provide a reconciliation of these non-GAAP financial measures to their most directly comparable financial measures calculated and presented in accordance with GAAP. Amplify’s non-GAAP financial measures should not be considered as alternatives to GAAP measures such as net income, operating income, net cash flows provided by operating activities or any other measure of financial performance calculated and presented in accordance with GAAP. Amplify’s non-GAAP financial measures may not be comparable to similarly titled measures of other companies because they may not calculate such measures in the same manner as Amplify does.
7
Adjusted EBITDA. Amplify defines Adjusted EBITDA as net income or loss, plus interest expense; income tax expense; depreciation, depletion and amortization; impairment of goodwill and long-lived assets; accretion of asset retirement obligations; losses on commodity derivative instruments; cash settlements received on expired commodity derivative instruments; losses on sale of assets; unit-based compensation expenses; exploration costs; acquisition and divestiture related expenses; amortization of gain associated with terminated commodity derivatives, bad debt expense; and other non-routine items, less interest income; gain on extinguishment of debt; income tax benefit; gains on commodity derivative instruments; cash settlements paid on expired commodity derivative instruments; gains on sale of assets and other, net; and other non-routine items. Adjusted EBITDA is commonly used as a supplemental financial measure by management and external users of Amplify’s financial statements, such as investors, research analysts and rating agencies, to assess: (1) its operating performance as compared to other companies in Amplify’s industry without regard to financing methods, capital structures or historical cost basis; (2) the ability of its assets to generate cash sufficient to pay interest and support Amplify’s indebtedness; and (3) the viability of projects and the overall rates of return on alternative investment opportunities. Since Adjusted EBITDA excludes some, but not all, items that affect net income or loss and because these measures may vary among other companies, the Adjusted EBITDA data presented in this press release may not be comparable to similarly titled measures of other companies. The GAAP measure most directly comparable to Adjusted EBITDA is net cash provided by operating activities.
Free cash flow. Amplify defines free cash flow as Adjusted EBITDA, less cash income taxes; cash interest expense; and total capital expenditures. Free cash flow is an important non-GAAP financial measure for Amplify’s investors since it serves as an indicator of the Company’s success in providing a cash return on investment. The GAAP measure most directly comparable to free cash flow is net cash provided by operating activities.
Contacts
Jason McGlynn – Chief Financial Officer
(832) 219-9055
jason.mcglynn@amplifyenergy.com
8
Selected Operating and Financial Data (Tables)
Amplify Energy Corp.
Selected Financial Data - Unaudited
Statements of Operations Data
|
| Three Months |
| Three Months | ||
| | Ended | | Ended | ||
(Amounts in $000s, except per share data) | | September 30, 2021 | | June 30, 2021 | ||
Revenues: | |
|
| |
|
|
Oil and natural gas sales | | $ | 96,841 | | $ | 80,338 |
Other revenues | |
| 160 | |
| 55 |
Total revenues | |
| 97,001 | |
| 80,393 |
| | | | | | |
Costs and Expenses: | |
|
| |
|
|
Lease operating expense | |
| 34,486 | |
| 28,653 |
Gathering, processing and transportation | |
| 5,047 | |
| 5,050 |
Exploration | |
| 9 | |
| 7 |
Taxes other than income | |
| 6,024 | |
| 5,071 |
Depreciation, depletion and amortization | |
| 7,000 | |
| 7,389 |
General and administrative expense | |
| 6,448 | |
| 6,030 |
Accretion of asset retirement obligations | |
| 1,665 | |
| 1,638 |
Realized (gain) loss on commodity derivatives | |
| 22,595 | |
| 16,855 |
Unrealized (gain) loss on commodity derivatives | |
| 24,058 | |
| 47,043 |
Other, net | |
| — | |
| 5 |
Total costs and expenses | |
| 107,332 | |
| 117,741 |
Operating Income (loss) | |
| (10,331) | |
| (37,348) |
| | | | | | |
Other Income (Expense): | |
|
| |
|
|
Interest expense, net | |
| (3,078) | |
| (3,137) |
Other income (expense) | |
| (61) | |
| (54) |
Gain on extinguishment of debt | |
| — | |
| 5,516 |
Total Other Income (Expense) | |
| (3,139) | |
| 2,325 |
Income (loss) before reorganization items, net and income taxes | |
| (13,470) | |
| (35,023) |
| | | | | | |
Reorganization items, net | |
| — | |
| — |
Income tax benefit (expense) | | | — | | | — |
Net income (loss) | | $ | (13,470) | | $ | (35,023) |
| | | | | | |
Earnings per share: | |
|
| |
|
|
Basic and diluted earnings (loss) per share | | $ | (0.35) | | $ | (0.92) |
| | | | | | |
9
Selected Financial Data - Unaudited
Operating Statistics
|
| Three Months |
| Three Months | ||
| | Ended | | Ended | ||
(Amounts in $000s, except per share data) | | September 30, 2021 | | June 30, 2021 | ||
Oil and natural gas revenue: | |
|
| |
|
|
Oil Sales | | $ | 63,172 | | $ | 56,510 |
NGL Sales | |
| 11,839 | |
| 8,876 |
Natural Gas Sales | |
| 21,830 | |
| 14,952 |
Total oil and natural gas sales - Unhedged | | $ | 96,841 | | $ | 80,338 |
| | | | | | |
Production volumes: | |
|
| |
|
|
Oil Sales - MBbls | |
| 939 | |
| 905 |
NGL Sales - MBbls | |
| 369 | |
| 368 |
Natural Gas Sales - MMcf | |
| 6,023 | |
| 6,161 |
Total - MBoe | |
| 2,312 | |
| 2,300 |
Total - MBoe/d | |
| 25.1 | |
| 25.3 |
| | | | | | |
Average sales price (excluding commodity derivatives): | |
|
| |
|
|
Oil - per Bbl | | $ | 67.30 | | $ | 62.47 |
NGL - per Bbl | | $ | 32.05 | | $ | 24.09 |
Natural gas - per Mcf | | $ | 3.62 | | $ | 2.43 |
Total - per Boe | | $ | 41.89 | | $ | 34.93 |
| | | | | | |
Average unit costs per Boe: | |
|
| |
|
|
Lease operating expense | | $ | 14.92 | | $ | 12.46 |
Gathering, processing and transportation | | $ | 2.18 | | $ | 2.20 |
Taxes other than income | | $ | 2.61 | | $ | 2.20 |
General and administrative expense | | $ | 2.79 | | $ | 2.62 |
Depletion, depreciation, and amortization | | $ | 3.03 | | $ | 3.21 |
Selected Financial Data - Unaudited
Balance Sheet Data
(Amounts in $000s, except per share data) |
| September 30, 2021 |
| June 30, 2021 | ||
Total current assets | | $ | 72,832 | | $ | 67,367 |
Property and equipment, net | |
| 322,871 | |
| 319,219 |
Total assets | |
| 405,917 | |
| 395,325 |
Total current liabilities | |
| 142,098 | |
| 122,672 |
Long-term debt | |
| 230,000 | |
| 235,000 |
Total liabilities | |
| 506,068 | |
| 482,700 |
Total equity | |
| (100,151) | |
| (87,375) |
Selected Financial Data - Unaudited
Statements of Cash Flows Data
|
| Three Months |
| Three Months | ||
|
| Ended |
| Ended | ||
(Amounts in $000s, except per share data) | | September 30, 2021 | | June 30, 2021 | ||
Net cash provided by (used in) operating activities | | $ | 18,884 | | $ | 20,845 |
Net cash provided by (used in) investing activities | |
| (11,678) | |
| (7,459) |
Net cash provided by (used in) financing activities | |
| (5,012) | |
| (15,037) |
10
Selected Operating and Financial Data (Tables)
Reconciliation of Unaudited GAAP Financial Measures to Non-GAAP Financial Measures
Adjusted EBITDA and Free Cash Flow
|
| Three Months |
| Three Months | ||
|
| Ended |
| Ended | ||
(Amounts in $000s, except per share data) | | September 30, 2021 | | June 30, 2021 | ||
Reconciliation of Adjusted EBITDA to Net Cash Provided from Operating Activities: | |
|
| |
|
|
Net cash provided by operating activities | | $ | 18,884 | | $ | 20,845 |
Changes in working capital | |
| 783 | |
| (4,526) |
Interest expense, net | |
| 3,078 | |
| 3,137 |
Gain (loss) on interest rate swaps | |
| (47) | |
| (18) |
Cash settlements paid (received) on interest rate swaps | |
| 485 | |
| 476 |
Amortization of gain associated with terminated commodity derivatives | |
| 4,066 | |
| 4,166 |
Amortization and write-off of deferred financing fees | |
| (133) | |
| (221) |
Exploration costs | |
| 9 | |
| 7 |
Acquisition and divestiture related costs | |
| — | |
| 7 |
Plugging and abandonment cost | |
| — | |
| 5 |
Other | |
| (45) | |
| (31) |
Adjusted EBITDA: | | $ | 27,080 | | $ | 23,847 |
| | | | | | |
Reconciliation of Free Cash Flow to Net Cash Provided from Operating Activities: | |
|
| |
|
|
Adjusted EBITDA: | | $ | 27,080 | | $ | 23,847 |
Less: Cash interest expense | |
| 3,402 | |
| 3,440 |
Less: Capital expenditures | |
| 10,539 | |
| 10,941 |
Free Cash Flow: | | $ | 13,139 | | $ | 9,466 |
11
Selected Operating and Financial Data (Tables)
Reconciliation of Unaudited GAAP Financial Measures to Non-GAAP Financial Measures
Adjusted EBITDA and Free Cash Flow
|
| Three Months |
| Three Months | ||
|
| Ended |
| Ended | ||
(Amounts in $000s, except per share data) | | September 30, 2021 | | June 30, 2021 | ||
Reconciliation of Adjusted EBITDA to Net Income (Loss): | |
|
| |
|
|
Net income (loss) | | $ | (13,470) | | $ | (35,023) |
Interest expense, net | |
| 3,078 | |
| 3,137 |
Gain (loss) on early extinguishment of debt | |
| — | |
| (5,516) |
Depreciation, depletion and amortization | |
| 7,000 | |
| 7,389 |
Accretion of asset retirement obligations | |
| 1,665 | |
| 1,638 |
(Gains) losses on commodity derivatives | |
| 46,653 | |
| 63,898 |
Cash settlements received (paid) on expired commodity derivative instruments | |
| (22,595) | |
| (16,855) |
Amortization of gain associated with terminated commodity derivatives | |
| 4,066 | |
| 4,166 |
Acquisition and divestiture related costs | |
| — | |
| 7 |
Share-based compensation expense | |
| 676 | |
| 903 |
Exploration costs | |
| 9 | |
| 7 |
Loss on settlement of AROs | |
| — | |
| 5 |
Bad debt expense | |
| 14 | |
| 91 |
Secondary offering expenses | |
| (16) | |
| — |
Adjusted EBITDA: | | $ | 27,080 | | $ | 23,847 |
| | | | | | |
Reconciliation of Free Cash Flow to Net Income (Loss): | |
|
| |
|
|
Adjusted EBITDA: | | $ | 27,080 | | $ | 23,847 |
Less: Cash interest expense | |
| 3,402 | |
| 3,440 |
Less: Capital expenditures | |
| 10,539 | |
| 10,941 |
Free Cash Flow: | | $ | 13,139 | | $ | 9,466 |
| | | | | | |
12