0001437749-18-020070.txt : 20181108 0001437749-18-020070.hdr.sgml : 20181108 20181108160358 ACCESSION NUMBER: 0001437749-18-020070 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20181107 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20181108 DATE AS OF CHANGE: 20181108 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ABRAXAS PETROLEUM CORP CENTRAL INDEX KEY: 0000867665 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 742584033 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-16071 FILM NUMBER: 181169633 BUSINESS ADDRESS: STREET 1: 18803 MEISNER DRIVE CITY: SAN ANTONIO STATE: TX ZIP: 78258 BUSINESS PHONE: 2104904788 MAIL ADDRESS: STREET 1: 18803 MEISNER DRIVE CITY: SAN ANTONIO STATE: TX ZIP: 78258 8-K 1 axas20180808_8k.htm FORM 8-K axas20180808_8k.htm

 

 


 

 

 

 

 

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

November 7, 2018

Date of Report (Date of earliest event reported)

 

ABRAXAS PETROLEUM CORPORATION

(Exact name of registrant as specified in its charter)

 

Nevada

 

0-16071

 

74-2584033

(State or other jurisdiction of incorporation)

 

(Commission File Number)

 

(I.R.S. Employer Identification Number)

 

18803 Meisner Drive

San Antonio, Texas 78258

(210) 490-4788

(Address of principal executive offices and Registrant’s telephone number, including area code)

 

____________________

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

☐Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Item 2.02

Results of Operations and Financial Condition

 

On November 7, 2018, Abraxas issued a press release announcing its third quarter 2018 results. The full text of the news release is attached hereto.

 

The information in this Report (including Exhibit 99.1) is furnished pursuant to Item 7.01 and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of the Section. The information in this Report will not be deemed an admission as to the materiality of any information required to be disclosed solely to satisfy the requirements of Regulation FD.

 

Item 9.01

Financial Statements and Exhibits.

 

(d)     Exhibits.

 

99.1 News Release

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

ABRAXAS PETROLEUM CORPORATION

 

By: /s/ Steven P. Harris

       Steven P. Harris

       Vice President and Chief Financial Officer

 

 

Dated: November 8, 2018

EX-99.1 2 ex_121066.htm EXHIBIT 99.1 ex_121066.htm

ABRAXAS PETROLEUM CORPORATION

www.abraxaspetroleum.com

 

NEWS RELEASE

Abraxas Announces Third Quarter 2018 Financial and Operating Results

 

SAN ANTONIO (November 7, 2018) – Abraxas Petroleum Corporation (NASDAQ:AXAS) today reported financial and operating results for the three and nine months ended September 30, 2018.

 

Financial Highlights for the Three Months Ended September 30, 2018

The three months ended September 30, 2018 resulted in:

 

 

Production of 926 MBoe (10,070 Boepd)

 

Revenue of $41.6 million

 

Net income of $1.8 million, or $0.01 per share

 

Adjusted net income(a) (excluding certain non-cash items) of $8.6 million, or $0.05 per share

 

EBITDA(a) of $22.3 million

 

Adjusted EBITDA per bank loan covenants of $22.4 million(a)

 

 

(a)

See reconciliation of non-GAAP financial measures below.

 

Operational Highlights for the Three Months Ended September 30, 2018:

 

Williston Basin, North Dakota

Drilling operations on the Abraxas four well Lillibridge NW Pad continued as planned. On the four well Ravin NE Pad, the fracture treatment (frac) is expected to be completed this week despite road closures caused by weather. Once the Ravin NE Pad fracture treatment is complete, Abraxas will place back on production the six remaining wells shut-in for frac protection along with the eight new wells on the Ravin Central and Ravin NE Pads.

 

Delaware Basin, West Texas

Drilling operations on the Abraxas two well Creosote Pad continued as planned. Abraxas owns approximately 80% working interest in the Creosote Pad. The two well Mesquite Pad, in which Abraxas owns 73% working interest, is producing approximately 1,800 Boepd. The fracture treatment on the one well Pecan 47 Pad, in which Abraxas owns 100% working interest is scheduled to commence this week. All these pads call for 4,800' laterals.

 

Abraxas continues to acquire bolt-on acreage to its existing acreage block. With transactions currently in progress, Abraxas now holds over 11,000 net acres, excluding over 2,200 acres of minerals owned in southern Pecos County.

 

Capital Budget

The Board of Directors of Abraxas have approved a Capital Budget for 2019 of $108 million. The budget entails a continuation of a one rig program in the Bakken to drill and/or complete 13 wells ($39 million), a continuation of a one rig program in the Delaware Basin to drill and/or complete 12 wells ($58 million), and $11 million for acreage and facilities. This budget is designed to generate free cash flow during 2019. Abraxas plans to issue additional guidance for 2019 when results from the recently completed Bakken wells and one soon to be completed Delaware well are known. 

 

2018 Production and Guidance Update:

 

 

2018 Operating Guidance

 

 

 

 

Operating Costs

Low

 

High

 

 

 

 

LOE ($/Boe)

$4.00

 

$6.00

Production Tax (% Rev)

8.0%

 

9.0%

Cash G&A ($mm)

$8.5

 

$12.5

Production (boepd)

10,000

 

11,000

 

 

 

Vice President and Chief Financial Officer

On November 6, 2018, the Board of Directors of Abraxas Petroleum (“Abraxas” or the “Company”) named Steven P. Harris as Vice President and Chief Financial Officer of the company.  

 

Mr. Harris will continue to report to Bob Watson, Chairman, President and Chief Executive Officer of Abraxas. Mr. Harris joined Abraxas on June 19, 2018, as Director, Finance and Capital Markets.  Mr. Harris brings over 20 years of financial and leadership experience to Abraxas. Most recently, Mr. Harris was with Sundance Energy where he assisted Sundance’s Business Development and Investor Relations efforts. From 2008 through 2017, Mr. Harris was a Managing Director and headed the U.S. Energy Investment Banking division of Canaccord Genuity in Houston, Texas. Prior to joining Canaccord Genuity, Mr. Harris served in the Business Development Group at El Paso Exploration and Production. Mr. Harris earned his Bachelor of Business Administration from the University of Texas at Austin and a Master of Business Administration from the Rice University Jesse H. Jones Graduate School of Management.

 

Bob Watson, President and CEO of Abraxas, commented, “Since joining the Company, Steve has been instrumental in sourcing and evaluating various forms of financing, negotiating certain acquisitions and divestitures across the Company’s portfolio of assets, and establishing significant capital market relationships to further enhance the Company’s strategic growth objectives.” 

 

Conference Call

Abraxas Petroleum Corporation (NASDAQ:AXAS) will host its third quarter 2018 earnings conference call at 3 PM ET on Thursday November 8, 2018. To participate in the conference call, please dial 844.347.1028 and enter the passcode 9385155. Additionally, a live listen only webcast of the conference call can be accessed under the investor relations section of the Abraxas website at www.abraxaspetroleum.com. A replay of the conference call will be available through December 8, 2018 by dialing 855.859.2056 and entering the passcode 9385155 or can be accessed under the investor relations section of the Abraxas website.

 

Abraxas Petroleum Corporation is a San Antonio based crude oil and natural gas exploration and production company with operations across the Permian Basin, Rocky Mountain, and South Texas regions of the United States.

 

Safe Harbor for forward-looking statements: Statements in this release looking forward in time involve known and unknown risks and uncertainties, which may cause Abraxas’ actual results in future periods to be materially different from any future performance suggested in this release. Such factors may include, but may not be necessarily limited to, changes in the prices received by Abraxas for crude oil and natural gas. In addition, Abraxas’ future crude oil and natural gas production is highly dependent upon Abraxas’ level of success in acquiring or finding additional reserves. Further, Abraxas operates in an industry sector where the value of securities is highly volatile and may be influenced by economic and other factors beyond Abraxas’ control. In the context of forward-looking information provided for in this release, reference is made to the discussion of risk factors detailed in Abraxas’ filings with the Securities and Exchange Commission during the past 12 months.

 

FOR MORE INFORMATION CONTACT:

Steven P. Harris

Vice President - Chief Financial Officer

Telephone 210.490.4788

sharris@abraxaspetroleum.com

www.abraxaspetroleum.com

 

 

 

ABRAXAS PETROLEUM CORPORATION

CONSOLIDATED

 

FINANCIAL HIGHLIGHTS

 

   

Three Months Ended September 30,

   

Nine Months Ended September 30,

 

(In thousands except per share data)

 

2018

   

2017

   

2018

   

2017

 

Financial Results:

                               

Revenue

  $ 41,625     $ 24,722     $ 113,171     $ 56,676  

Net income (loss)

    1,777       (770 )     2,002       20,115  

Net income (loss) per share - basic

  $ 0.01     $ (0.00 )   $ 0.01     $ 0.13  

Net income (loss) per share - diluted

  $ 0.01     $ (0.00 )   $ 0.01     $ 0.12  

Capital expenditures - acquisitions

    14,635       -       36,404       -  

Capital expenditures - drilling and completion

    36,974       50,910       91,326       91,363  

Total capital expenditures

    51,609       50,910       127,730       91,363  

EBITDA(a)

    22,252       15,698       63,740       35,550  

Adjusted net income, excluding certain non-cash items(a)

    8,617       6,103       26,642       13,156  

Adjusted net income, excluding certain non-cash items, per share - basic(a)

  $ 0.05     $ 0.04     $ 0.16     $ 0.08  

Adjusted net income, excluding certain non-cash items, per share - diluted(a)

  $ 0.05     $ 0.04     $ 0.16     $ 0.08  

Liquidity(a)

    53,750       51,569       53,750       51,569  

Weighted average shares outstanding - basic

    165,392       163,508       165,083       160,031  

Weighted average shares outstanding - diluted

    167,629       163,508       167,865       161,597  
                                 

Production from Continuing Operations:

                               

Crude oil per day (Bblpd)

    6,542       5,270       6,025       3,969  

Natural gas per day (Mcfpd)

    12,797       12,006       12,754       10,089  

Natural gas liquids per day (Bblpd)

    1,395       1,474       1,428       1,269  

Crude oil equivalent per day (Boepd)

    10,070       8,745       9,579       6,920  

Crude oil equivalent (Mboe)

    926       805       2,615       1,889  
                                 

Realized Prices, net of realized hedging activity:

                               

Crude oil ($ per Bbl)

  $ 50.36     $ 46.88     $ 51.02     $ 47.51  

Natural gas ($ per Mcf)

    1.61       1.72       1.69       1.82  

Natural gas liquids ($ per Bbl)

    20.86       11.03       17.27       10.27  

Crude oil equivalent ($per Boe)

    37.66       32.47       36.92       31.78  
                                 

Expenses:

                               

Lease operating ($ per Boe)

  $ 7.26     $ 5.08     $ 6.51     $ 6.16  

Production taxes (% of oil and gas revenue)

    8.6 %     8.3 %     8.1 %     8.5 %

General and administrative, excluding stock-based compensation ($ per Boe)

  $ 2.33     $ 5.35     $ 2.48     $ 4.34  

Cash interest ($ per Boe)

    2.11       0.94       1.78       0.81  

Depreciation, depletion and amortization ($ per Boe)

    11.89       9.79       11.41       9.35  

 

 

   (a)     See reconciliation of non-GAAP financial measures below.

 

 

 

ABRAXAS PETROLEUM CORPORATION

CONSOLIDATED

 

BALANCE SHEET DATA

 

                 

(In thousands)

 

September 30, 2018

   

December 31, 2017

 

Cash

  $ -     $ 1,618  

Working capital

    (49,434 )     (34,361 )

Property and equipment - net

    332,328       237,767  

Total assets

    381,493       273,806  
                 

Long-term debt - less current maturities

    149,159       87,354  

Stockholders' equity

    110,218       106,308  

Common shares outstanding

    166,610       165,890  
                 

Working capital per bank loan covenants(a)

    (26,795 )     (23,262 )
                 

(a) Excludes current maturities of long-term debt and current derivative assets and liabilities in accordance with our bank loan covenants. This working capital calculation excludes the unused commitment amount which is included for our current ratio calculation.

 

 

 

 

ABRAXAS PETROLEUM CORPORATION

CONSOLIDATED

 

STATEMENTS OF OPERATIONS

 

   

Three Months Ended September 30,

   

Nine Months Ended September 30,

 

(In thousands except per share data)

 

2018

   

2017

   

2018

   

2017

 

Revenues:

                               

Oil

  $ 37,039     $ 21,339     $ 100,505     $ 48,153  

Gas

    1,897       1,873       5,882       4,918  

Natural gas liquids

    2,677       1,495       6,735       3,559  
      41,613       24,707       113,122       56,630  

Other

    12       15       49       46  
      41,625       24,722       113,171       56,676  

Operating costs and expenses:

                               

Lease operating

    6,724       4,089       17,023       11,628  

Production and ad valorem taxes

    3,569       2,045       9,167       4,823  

Depreciation, depletion, and amortization

    11,011       7,877       29,846       17,666  

General and administrative (including stock-based compensation of $428, $750, $1,894 and $2,499 respectively)

    2,586       5,057       8,379       10,692  
      23,890       19,068       64,415       44,809  

Operating income

    17,735       5,654       48,756       11,867  
                                 

Other (income) expense:

                               

Interest income

    -       -       (1 )     (1 )

Interest expense

    2,083       868       5,039       1,876  

Amortization of deferred financing fees

    113       100       320       354  

Loss (gain) on derivative contracts

    13,568       5,456       41,215       (10,375 )

Loss (gain) on sale of non-oil and gas assets

    194       -       181       (102 )
      15,958       6,424       46,754       (8,248 )

Income (loss) before income tax

    1,777       (770 )     2,002       20,115  

Income tax (expense) benefit

    -       -       -       -  

Net income (loss)

  $ 1,777     $ (770 )   $ 2,002     $ 20,115  
                                 

Net income (loss) per common share - basic

  $ 0.01     $ (0.00 )   $ 0.01     $ 0.13  
                                 

Net income (loss) per common share - diluted

  $ 0.01     $ (0.00 )   $ 0.01     $ 0.12  
                                 

Weighted average shares outstanding:

                               

Basic

    165,392       163,508       165,083       160,031  

Diluted

    167,629       163,508       167,865       161,597  

 

 

 

ABRAXAS PETROLEUM CORPORATION   

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

 

To fully assess Abraxas’ operating results, management believes that, although not prescribed under generally accepted accounting principles ("GAAP") in the United States of America, EBITDA is an appropriate measure of Abraxas' ability to satisfy capital expenditure obligations and working capital requirements. EBITDA is defined as net income plus interest expense, deferred income taxes, depreciation, depletion and amortization expenses, impairments, unrealized gains and losses on derivative contracts, and stock-based compensation. EBITDA is a non-GAAP financial measure as defined under SEC rules. EBITDA should not be considered in isolation or as a substitute for other financial measurements prepared in accordance with GAAP or as a measure of the Company's profitability or liquidity. EBITDA excludes some, but not all items that affect net income and may vary among companies. The EBITDA presented below may not be comparable to similarly titled measures of other companies.

 

We have also disclosed Adjusted EBITDA per bank loan covenants. Adjusted EBITDA per bank loan covenants is a non-GAAP financial measure as defined under SEC rules. Our management believes that information regarding Adjusted EBITDA per bank loan covenants is material to an understanding of our financial condition and liquidity. Adjusted EBITDA per bank loan covenants should not be considered in isolation or as a substitute for other financial measurements prepared in accordance with GAAP or as a measure of the Company's profitability or liquidity. Adjusted EBITDA per bank loan covenants presented below may not be comparable to similarly titled measures of other companies.

 

The following table provides a reconciliation of EBITDA and Adjusted EBITDA to net income for the periods presented.

 

 

   

Three Months Ended September 30,

   

Nine Months Ended September 30,

 

(In thousands)

 

2018

   

2017

   

2018

   

2017

 

Net income (loss)

  $ 1,777     $ (770 )   $ 2,002     $ 20,115  

Net interest expense

    2,083       868       5,038       1,875  

Depreciation, depletion and amortization

    11,011       7,877       29,846       17,666  

Amortization of deferred financing fees

    113       100       320       354  

Stock-based compensation

    428       750       1,894       2,499  

Unrealized loss (gain) on derivative contracts

    6,840       6,873       24,640       (6,959 )

EBITDA

  $ 22,252     $ 15,698     $ 63,740     $ 35,550  
                                 

EBITDA

  $ 22,252     $ 15,698     $ 63,740     $ 35,550  

Expenses related to equity offering/loan amendments/permitted acquisitions

    105       199       317       4,692  

Adjusted EBITDA per bank loan covenants

  $ 22,357     $ 15,897     $ 64,057     $ 40,242  

 

 

 

This release also includes a discussion of “adjusted net income, excluding certain non-cash items,” which is also a non-GAAP financial measure as defined under SEC rules. The following table provides a reconciliation of adjusted net income, excluding ceiling test impairment and unrealized changes in derivative contracts. Management believes that net income calculated in accordance with GAAP is the most directly comparable measure to adjusted net income, excluding certain non-cash items. The calculation of adjusted net income, excluding certain non-cash items presented below may not be comparable to similarly titled measures of other companies.

 

Unrealized gains or losses on derivative contracts are based on mark-to-market valuations which are non-cash in nature and may fluctuate drastically from period to period. As commodity prices fluctuate, these derivative contracts are valued against current market prices at the end of each reporting period in accordance with Accounting Standards Codification 815: Derivatives and Hedging as amended and interpreted, which requires Abraxas to record a gain or loss based on the calculated value difference from the previous period-end valuation for open contracts. For example, NYMEX oil prices on September 30, 2017 were $51.67 per barrel compared to $73.25 on September 28, 2018; therefore, the mark-to-market valuation changed considerably from period to period.

 

 

   

Three Months Ended September 30,

   

Nine Months Ended September 30,

 

(In thousands)

 

2018

   

2017

   

2018

   

2017

 

Net income (loss)

  $ 1,777     $ (770 )   $ 2,002     $ 20,115  

Unrealized loss (gain) on derivative contracts

    6,840       6,873       24,640       (6,959 )

Adjusted net income, excluding certain non-cash items

  $ 8,617     $ 6,103     $ 26,642     $ 13,156  

Net income per share - basic

  $ 0.01     $ (0.00 )   $ 0.01     $ 0.13  

Net income per share - diluted

  $ 0.01     $ (0.00 )   $ 0.01     $ 0.12  

Adjusted net income, excluding certain non-cash items, per share - basic

  $ 0.05     $ 0.04     $ 0.16     $ 0.08  

Adjusted net income, excluding certain non-cash items, per share - diluted

  $ 0.05     $ 0.04     $ 0.16     $ 0.08  

 

Liquidity is calculated by adding the net funds available under our revolving credit facility and cash and cash equivalents. We use liquidity as an indicator of the Company's ability to fund development and exploration activities. However, this measurement has limitations. This measurement can vary from year-to-year for the Company and can vary among companies based on what is or is not included in the measurement on a company's financial statements. This measurement is provided in addition to, and not as an alternative for, and should be read in conjunction with, the information contained in our financial statements prepared in accordance with GAAP (including the notes), included in our SEC filings and posted on our website.
 

(In thousands)

 

September 30, 2018

   

September 30, 2017

 

Borrowing base

  $ 200,000     $ 115,000  

Cash and cash equivalents

    -       819  

Revolving credit facility- outstanding borrowings

    (146,000 )     (64,000 )

Outstanding letters of credit

    (250 )     (250 )

Liquidity

  $ 53,750     $ 51,569  

 

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