Nevada
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0-16071
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74-2584033
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(I.R.S. Employer Identification Number)
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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99.1
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News Release
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·
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Production of 388.7 MBoe (4,272 Boepd), up 12 % over Q1 2012, of which 54% was oil or natural gas liquids.
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·
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Production of 358.5 MBoe (3,940 Boepd), excluding Abraxas’ equity interest in Blue Eagle’s production, a 10% increase over Q1 2012;
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·
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Revenue of $15.9 million;
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·
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EBITDA(a) of $8.9 million;
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·
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Discretionary cash flow(a) of $7.1 million;
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Net income of $10.9 million, or $0.12 per share; and
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·
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Adjusted net income(a) of $1.9 million, or $0.02 per share.
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Debt Covenant Metrics:
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(a)
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See reconciliation of non-GAAP financial measures below.
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(In thousands except per share data)
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Three Months Ended
June 30,
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Six Months Ended
June 30,
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||||||||||||||
2012
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2011
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2012
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2011
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|||||||||||||
Financial Results:
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||||||||||||||||
Revenues
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$ | 15,938 | $ | 16,656 | $ | 32,331 | $ | 30,504 | ||||||||
EBITDA(a)
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8,882 | 7,402 | 16,948 | 14,155 | ||||||||||||
Discretionary cash flow(a)
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7,149 | 5,588 | 13,562 | 10,276 | ||||||||||||
Net income (loss)
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10,903 | 8,937 | 11,720 | (1,082 | ) | |||||||||||
Net income (loss) per share – basic
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$ | 0.12 | $ | 0.10 | $ | 0.13 | $ | (0.01 | ) | |||||||
Adjusted net income (loss)(a)
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1,913 | 978 | 3,606 | 1,937 | ||||||||||||
Adjusted net income (loss) per share(a) – basic
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$ | 0.02 | $ | 0.01 | $ | 0.04 | $ | 0.02 | ||||||||
Weighted average shares outstanding – basic
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91,808 | 91,409 | 91,775 | 88,653 | ||||||||||||
Production:
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Crude oil per day (Bopd)
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1,735 | 1,394 | 1,673 | 1,342 | ||||||||||||
Natural gas per day (Mcfpd)
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11,307 | 11,622 | 10,895 | 11,597 | ||||||||||||
Natural gas liquids per day (Bblpd)
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320 | 58 | 276 | 51 | ||||||||||||
Crude oil equivalent per day (Boepd)
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3,940 | 3,389 | 3,764 | 3,326 | ||||||||||||
Crude oil equivalent (MBoe)
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358.5 | 308.4 | 685.1 | 602.1 | ||||||||||||
Crude oil equivalent per day (Boepd)(b)
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4,272 | 3,845 | 4,044 | 3,758 | ||||||||||||
Crude oil equivalent (MBoe)(b)
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388.7 | 349.9 | 735.9 | 680.2 | ||||||||||||
Realized Prices, net of realized hedging activity:
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Crude oil ($ per Bbl)
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$ | 69.31 | $ | 77.46 | $ | 70.86 | $ | 74.33 | ||||||||
Natural gas ($ per Mcf)
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5.24 | 5.70 | 5.42 | 5.67 | ||||||||||||
Natural gas liquids ($ per Bbl)
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37.53 | 52.28 | 40.20 | 50.28 | ||||||||||||
Crude oil equivalent ($ per Boe)
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48.61 | 52.31 | 50.12 | 50.55 | ||||||||||||
Expenses:
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||||||||||||||||
Lease operating ($ per Boe)
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$ | 15.01 | $ | 18.05 | $ | 16.52 | $ | 15.91 | ||||||||
Production taxes (% of oil and gas revenue)
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9.3 | % | 8.6 | % | 9.2 | % | 8.8 | % | ||||||||
General and administrative, excluding stock-based compensation ($ per Boe)
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4.69 | 5.64 | 4.53 | 6.68 | ||||||||||||
Cash interest ($ per Boe)
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3.21 | 3.97 | 3.25 | 4.51 | ||||||||||||
Depreciation, depletion and amortization
($ per Boe)
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15.00 | 12.26 | 14.91 | 11.98 |
(a)
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See reconciliation of non-GAAP financial measures below.
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(b)
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Includes Abraxas’ equity interest in Blue Eagle’s production.
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(In thousands)
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June 30, 2012
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December 31, 2011
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||||||
Cash
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$ | 308 | $ | — | ||||
Working capital (a)
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(15,001 | ) | (14,404 | ) | ||||
Property and equipment – net
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203,162 | 179,552 | ||||||
Total assets
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253,295 | 241,150 | ||||||
Long-term debt
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136,664 | 126,258 | ||||||
Stockholders’ equity
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75,374 | 62,651 | ||||||
Common shares outstanding
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92,335 | 92,261 |
(a)
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Excludes current maturities of long-term debt and current derivative assets and liabilities.
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(In thousands except per share data)
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Three Months Ended June 30,
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Six Months Ended June 30,
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||||||||||||||
2012
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2011
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2012
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2011
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Revenues:
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Oil and gas production revenues
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$ | 15,934 | $ | 16,653 | $ | 32,313 | $ | 30,500 | ||||||||
Other
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4 | 3 | 18 | 4 | ||||||||||||
15,938 | 16,656 | 32,331 | 30,504 | |||||||||||||
Operating costs and expenses:
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Lease operating
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5,382 | 5,566 | 11,316 | 9,581 | ||||||||||||
Production taxes
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1,489 | 1,426 | 2,985 | 2,680 | ||||||||||||
Depreciation, depletion, and amortization
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5,380 | 3,780 | 10,218 | 7,210 | ||||||||||||
Impairment
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1,306 | — | 1,306 | — | ||||||||||||
General and administrative (including stock-based compensation of $722, $706, $1,199 and $1,069)
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2,404 | 2,446 | 4,305 | 5,092 | ||||||||||||
15,961 | 13,218 | 30,130 | 24,563 | |||||||||||||
Operating income (loss)
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(23 | ) | 3,438 | 2,201 | 5,941 | |||||||||||
Other (income) expense:
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Interest income
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(1 | ) | (2 | ) | (2 | ) | (4 | ) | ||||||||
Interest expense
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1,270 | 1,336 | 2,465 | 2,941 | ||||||||||||
Amortization of deferred financing fees
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266 | 770 | 296 | 1,270 | ||||||||||||
(Gain) loss on derivative contracts - realized
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(914 | ) | 1,113 | (866 | ) | 1,228 | ||||||||||
(Gain) loss on derivative contracts – unrealized
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(10,296 | ) | (7,959 | ) | (9,420 | ) | 3,019 | |||||||||
Equity in (income) loss of joint venture
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(1,251 | ) | (769 | ) | (2,034 | ) | (1,518 | ) | ||||||||
Other
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— | 12 | 42 | 87 | ||||||||||||
(10,926 | ) | (5,499 | ) | (9,519 | ) | 7,023 | ||||||||||
Net income (loss)
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$ | 10,903 | $ | 8,937 | $ | 11,720 | $ | (1,082 | ) | |||||||
Net income (loss) per common share - basic
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$ | 0.12 | $ | 0.10 | $ | 0.13 | $ | (0.01 | ) | |||||||
Net income (loss) per common share - diluted
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$ | 0.12 | $ | 0.10 | $ | 0.13 | $ | (0.01 | ) | |||||||
Weighted average shares outstanding:
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Basic
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91,808 | 91,409 | 91,775 | 88,653 | ||||||||||||
Diluted
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93,263 | 93,506 | 93,448 | 88,653 |
(In thousands)
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Three Months Ended
June 30,
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Six Months Ended
June 30,
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||||||||||||||
2012
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2011
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2012
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2011
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Operating income
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$ | (23 | ) | $ | 3,438 | $ | 2,201 | $ | 5,941 | |||||||
Depreciation, depletion and amortization
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5,380 | 3,780 | 10,218 | 7,210 | ||||||||||||
Impairment
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1,306 | — | 1,306 | — | ||||||||||||
Stock-based compensation
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722 | 706 | 1,199 | 1,069 | ||||||||||||
Realized gain (loss) on derivative contracts
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914 | (1,113 | ) | 866 | (1,228 | ) | ||||||||||
Cash interest
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(1,150 | ) | (1,223 | ) | (2,228 | ) | (2,716 | ) | ||||||||
Discretionary cash flow
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$ | 7,149 | $ | 5,588 | $ | 13,562 | $ | 10,276 |
(In thousands)
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Three Months Ended
June 30,
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Six Months Ended
June 30,
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||||||||||||||
2012
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2011
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2012
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2011
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|||||||||||||
Operating income
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$ | (23 | ) | $ | 3,438 | $ | 2,201 | $ | 5,941 | |||||||
Depreciation, depletion and amortization
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5,380 | 3,780 | 10,218 | 7,210 | ||||||||||||
Impairment
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1,306 | — | 1,306 | — | ||||||||||||
Stock-based compensation
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722 | 706 | 1,199 | 1,069 | ||||||||||||
Realized gain (loss) on derivative contracts(a)
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1,497 | (522 | ) | 2,024 | (65 | ) | ||||||||||
EBITDA
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$ | 8,882 | $ | 7,402 | $ | 16,948 | $ | 14,155 |
(a)
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Excludes realized gain (loss) associated with interest rate derivative contract.
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(In thousands)
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Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Net income (loss)
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$ | 10,903 | $ | 8,937 | $ | 11,720 | $ | (1,082 | ) | |||||||
Impairment
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1,306 | — | 1,306 | — | ||||||||||||
Loss (gain) on unrealized derivative contracts
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(10,296 | ) | (7,959 | ) | (9,420 | ) | 3,019 | |||||||||
Adjusted net income (loss), excluding certain non-cash items
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$ | 1,913 | $ | 978 | $ | 3,606 | $ | 1,937 | ||||||||
Net income (loss) per share – basic
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$ | 0.12 | $ | 0.10 | $ | 0.13 | $ | (0.01 | ) | |||||||
Adjusted net income (loss), excluding certain non-cash items, per share – basic
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$ | 0.02 | $ | 0.01 | 0.04 | 0.02 |
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