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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o
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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o
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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o
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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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o
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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 374 MBoe (4,109 Boepd)
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·
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Revenue of $21.5 million
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·
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Adjusted EBITDA(a) of $11.7 million inclusive of Raven Drilling
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·
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Adjusted discretionary cash flow(a) of $10.6 million inclusive of Raven Drilling
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·
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Net income of $7.9 million, or $0.08 per share
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·
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Adjusted net income, excluding certain non-cash items and inclusive of Raven Drilling(a) of $3.0 million, or $0.03 per share
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(a)
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See reconciliation of non-GAAP financial measures below.
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Three Months Ended
June 30,
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Six Months Ended
June 30,
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|||||||||||||||
2013
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2012
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2013
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2012
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|||||||||||||
Financial Results (In thousands except per share data):
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||||||||||||||||
Revenues
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$ | 21,494 | $ | 15,938 | $ | 42,690 | $ | 32,331 | ||||||||
Adjusted EBITDA(a)
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11,723 | 9,926 | 23,197 | 18,044 | ||||||||||||
Adjusted Discretionary cash flow(a)
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10,553 | 8,117 | 20,916 | 26,945 | ||||||||||||
Net income
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7,866 | 10,903 | 8,461 | 11,720 | ||||||||||||
Net income per share – diluted
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$ | 0.08 | $ | 0.12 | $ | 0.09 | $ | 0.13 | ||||||||
Adjusted net income, excluding certain non-cash items(a)
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3,039 | 2,432 | 5,370 | 4,169 | ||||||||||||
Adjusted net income, excluding certain non-cash items(a), per share – diluted
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$ | 0.03 | $ | 0.03 | $ | 0.06 | $ | 0.05 | ||||||||
Weighted average shares outstanding – diluted
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93,361 | 93,263 | 93,311 | 93,448 | ||||||||||||
Production:
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||||||||||||||||
Crude oil per day (Bopd)
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2,094 | 1,735 | 2,100 | 1,673 | ||||||||||||
Natural gas per day (Mcfpd)
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9,825 | 11,307 | 10,162 | 10,895 | ||||||||||||
Natural gas liquids (Bblpd)
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377 | 320 | 368 | 276 | ||||||||||||
Crude oil equivalent per day (Boepd)
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4,109 | 3,940 | 4,162 | 3,764 | ||||||||||||
Crude oil equivalent (MBoe)
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373.9 | 358.5 | 753.3 | 685.1 | ||||||||||||
Crude oil equivalent per day (Boepd) (b)
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4,109 | 4,272 | 4,162 | 4,044 | ||||||||||||
Crude oil equivalent (MBoe) (b)
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373.9 | 388.7 | 753.3 | 735.9 | ||||||||||||
Realized Prices, net of realized hedging activity:
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Crude oil ($ per Bbl)
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$ | 86.48 | $ | 69.31 | $ | 86.11 | $ | 70.86 | ||||||||
Natural gas ($ per Mcf)
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3.51 | 5.24 | 3.26 | 5.42 | ||||||||||||
Natural gas liquids ($ per Bbl)
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31.46 | 37.53 | 33.12 | 40.20 | ||||||||||||
Crude oil equivalent ($ per Boe)
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55.35 | 48.61 | 54.34 | 50.12 | ||||||||||||
Expenses:
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Lease operating ($ per Boe)
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$ | 16.49 | $ | 15.01 | $ | 16.76 | $ | 16.52 | ||||||||
Production taxes (% of oil and gas revenue)
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8.9 | % | 9.3 | % | 9.0 | % | 9.2 | % | ||||||||
General and administrative, excluding stock-based compensation ($ per Boe)
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5.69 | 4.69 | 5.56 | 4.53 | ||||||||||||
Cash interest ($ per Boe)
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2.93 | 3.21 | 2.83 | 3.25 | ||||||||||||
Depreciation, depletion and amortization
($ per Boe)
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15.45 | 15.00 | 16.31 | 14.91 |
(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 which
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(In thousands)
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June 30, 2013
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December 31, 2012
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||||||
Cash
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$ | 2,432 | $ | 2,061 | ||||
Working capital (a)
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6,547 | (27,391 | ) | |||||
Property and equipment – net
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188,347 | 212,832 | ||||||
Total assets
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260,093 | 240,607 | ||||||
Long-term debt
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131,023 | 124,101 | ||||||
Stockholders’ equity
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55,999 | 46,700 | ||||||
Common shares outstanding
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92,799 | 92,733 |
(a)
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Excludes current maturities of long-term debt and current derivative assets and liabilities in accordance with our loan covenants
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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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||||||||||||||
2013
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2012
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2013
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2012
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Revenues:
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Oil and gas production
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$ | 21,478 | $ | 15,934 | $ | 42,641 | $ | 32,313 | ||||||||
Other
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16 | 4 | 49 | 18 | ||||||||||||
21,494 | 15,938 | 42,690 | 32,331 | |||||||||||||
Operating costs and expenses:
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Lease operating
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6,166 | 5,382 | 12,628 | 11,316 | ||||||||||||
Production and ad valorem taxes
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1,911 | 1,489 | 3,838 | 2,985 | ||||||||||||
Depreciation, depletion, and amortization
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5,776 | 5,380 | 12,285 | 10,218 | ||||||||||||
Impairment
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1,977 | 1,306 | 1,977 | 1,306 | ||||||||||||
General and administrative (including stock-based compensation of $669, $722, $1,142 and $1,199)
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2,797 | 2,404 | 5,327 | 4,305 | ||||||||||||
18,627 | 15,961 | 36,055 | 30,130 | |||||||||||||
Operating income (loss)
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2,867 | (23 | ) | 6,635 | 2,201 | |||||||||||
Other (income) expense:
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Interest income
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- | (1 | ) | (1 | ) | (2 | ) | |||||||||
Interest expense
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1,259 | 1,270 | 2,467 | 2,465 | ||||||||||||
Amortization of deferred financing fees
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343 | 266 | 676 | 296 | ||||||||||||
(Gain) Loss on derivative contracts - realized
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783 | (914 | ) | 1,708 | (866 | ) | ||||||||||
(Gain) Loss on derivative contracts - unrealized
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(7,485 | ) | (10,296 | ) | (6,864 | ) | (9,420 | ) | ||||||||
Earnings from equity method investment
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— | (1,251 | ) | — | (2,034 | ) | ||||||||||
Other
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14 | — | 101 | 42 | ||||||||||||
(5,086 | ) | (10,926 | ) | (1,913 | ) | (9,519 | ) | |||||||||
Net income before income tax
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$ | 7,953 | $ | 10,903 | $ | 8,548 | $ | 11,720 | ||||||||
Income tax expense
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87 | — | 87 | — | ||||||||||||
Net income
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$ | 7,866 | $ | 10,903 | $ | 8,461 | $ | 11,720 | ||||||||
Net income per common share - basic
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$ | 0.09 | $ | 0.12 | $ | 0.09 | $ | 0.13 | ||||||||
Net income per common share - diluted
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$ | 0.08 | $ | 0.12 | $ | 0.09 | $ | 0.13 | ||||||||
Weighted average shares outstanding:
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Basic
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92,351 | 91,808 | 92,323 | 91,775 | ||||||||||||
Diluted
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93,361 | 93,263 | 93,311 | 93,448 |
(In thousands)
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Three Months Ended
June 30,
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Six Months Ended
June 30,
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||||||||||||||
2013
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2012
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2013
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2012
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Operating income (loss)
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$ | 2,867 | $ | (23 | ) | $ | 6,635 | $ | 2,201 | |||||||
Depreciation, depletion and amortization
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5,776 | 5,380 | 12,285 | 10,218 | ||||||||||||
Impairment
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1,977 | 1,306 | 1,977 | 1,306 | ||||||||||||
Stock-based compensation
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669 | 722 | 1,142 | 1,199 | ||||||||||||
Realized gain (loss) on derivative contracts
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(783 | ) | 914 | (1,708 | ) | 866 | ||||||||||
Cash interest
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(1,095 | ) | (1,150 | ) | (2,131 | ) | (2,228 | ) | ||||||||
Discretionary cash flow
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$ | 9,411 | $ | 7,149 | $ | 18,200 | $ | 13,562 | ||||||||
Gas derivative monetization
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— | — | — | 12,364 | ||||||||||||
Cash flow from Raven Drilling operations
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1,142 | 968 | 2,716 | 1,019 | ||||||||||||
Adjusted Discretionary cash flow
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$ | 10,553 | $ | $ 8,117 | $ | 20,916 | $ | 26,945 |
(In thousands)
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Three Months Ended
June 30,
|
Six Months Ended
June 30,
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||||||||||||||
2013
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2012
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2013
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2012
|
|||||||||||||
Net income
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$ | 7,866 | $ | 10,903 | $ | 8,461 | $ | 11,720 | ||||||||
Net interest expense
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1,259 | 1,269 | 2,466 | 2,463 | ||||||||||||
Income tax expense
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87 | — | 87 | — | ||||||||||||
Depreciation, depletion and amortization
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5,776 | 5,380 | 12,285 | 10,218 | ||||||||||||
Amortization of deferred financing fees
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343 | 266 | 676 | 296 | ||||||||||||
Stock-based compensation
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669 | 722 | 1,142 | 1,199 | ||||||||||||
Impairment
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1,977 | 1,306 | 1,977 | 1,306 | ||||||||||||
Unrealized (gain) loss on derivative contracts
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(7,485 | ) | (10,296 | ) | (6,864 | ) | (9,420 | ) | ||||||||
Realized (gain) loss on interest derivative contract
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— | 584 | — | 1,161 | ||||||||||||
Earnings from equity method investment
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— | (1,251 | ) | — | (2,034 | ) | ||||||||||
Other non-cash items
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14 | — | 101 | 42 | ||||||||||||
EBITDA
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$ | 10,506 | $ | 8,883 | $ | 20,331 | $ | 16,951 | ||||||||
Raven Drilling EBITDA
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1,217 | 1,043 | 2,866 | 1,093 | ||||||||||||
Adjusted EBITDA
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$ | 11,723 | $ | 9,926 | $ | 23,197 | $ | 18,044 |
(In thousands)
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Three Months Ended
June 30,
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Six Months Ended
June 30,
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||||||||||||||
2013
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2012
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2013
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2012
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Net income
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$ | 7,866 | $ | 10,903 | $ | 8,461 | $ | 11,720 | ||||||||
Impairment
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1,977 | 1,306 | 1,977 | 1,306 | ||||||||||||
Net income related to Raven Drilling
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681 | 519 | 1,796 | 563 | ||||||||||||
Unrealized (gain) loss on derivative
contracts
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(7,485 | ) | (10,296 | ) | (6,864 | ) | (9,420 | ) | ||||||||
Adjusted net income, excluding certain non-cash items
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$ | 3,039 | $ | 2,432 | $ | 5,370 | $ | 4,169 | ||||||||
Net income per share – diluted
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$ | 0.08 | $ | 0.12 | $ | 0.09 | $ | 0.13 | ||||||||
Adjusted net income, excluding certain non-cash items, per share – diluted
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$ | 0.03 | $ | 0.03 | $ | 0.06 | $ | 0.05 |