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As Of Filer Filing For·On·As Docs:Size 8/05/19 Lonestar Resources US Inc. 8-K:2,7,9 8/05/19 2:771K |
Document/Exhibit Description Pages Size 1: 8-K Current Report HTML 22K 2: EX-99.1 Miscellaneous Exhibit HTML 212K
Exhibit |
• | Production Increases 22% - Lonestar reported a 22% increase in net oil and gas production to 13,630 BOE/d during the three months ended June 30, 2019 ("2Q19"), compared to 11,140 BOE/d for the three months ended June 30, 2018 ("2Q18"). Reported production volumes exceeded the Company’s guidance
of 12,400 - 12,800 BOE/d and also exceeded our preliminary estimated result of 13,500 Boe/d announced on July 8, 2019. Production was comprised of 78% crude oil and NGL’s on an equivalent basis. As Lonestar brings new wells onstream at rates that exceed third-party type curves, production continues to climb rapidly. For the month of July, net oil and gas production exceeded 16,000 BOE/d. |
• | Outstanding Drilling Results - Lonestar’s 2019 drilling program continues to deliver outstanding results. In Karnes County, our Georg 3H-6H wells, which delivered average Max-30 IP’s of 1,045 BOE/d, are outperforming our third-party type curves
by 19%. At Horned Frog, the F #A1H and F #B1H wells delivered average Max-30 IP’s of nearly 2,500 BOE/d, a record for the Company. Additionally, the Horned Frog NW #4H and #5H have produced an average of 114,000 BOE through their first 90 days of production, a 27% improvement over their offsets over the same time period. Our first three wells in DeWitt County have recently been placed on production on our Sooner property and are averaging over 3,460 BOE/d per well (53% liquids) in their first week of production. |
• | Net Income Rises - Lonestar reported
net income attributable to its common stockholders of $11.2 million during 2Q19 compared to a net loss of $23.5 million during 2Q18, or a net income of $0.28 and a net loss of $0.96 per basic and diluted share, respectively. |
• | EBITDAX Increases 15% - Lonestar reported a 15% increase in Adjusted EBITDAX for 2Q19 of $33.5 million compared to $29.2 million for 2Q18. This improvement was driven by a 22% increase in production, partially offset by a 2% increase in unit cash operating expenses. Please see Non-GAAP Financial Measures at the end of this release for the definition of Adjusted EBITDAX, a reconciliation of net loss to Adjusted EBITDAX, and the reasons for its use. |
• | Robust
Hedging Program - Lonestar continues to utilize commodity derivatives to create a higher degree of certainty in our cash flows and returns while mitigating financial risk. During 2Q19, Lonestar added hedges which bring total swap volumes to 7,305 Bbls/d for the remainder of 2019 ("Bal ‘19") at an average WTI price of $54.60/bbl and added hedges which bring total swap volumes to 7,480 bbls/d for Cal ‘20 at an average WTI price of $56.95/bbl, and 3,000 Bbls/d for Cal ’21 at an average WTI price of $54.68/bbl. Additionally, Lonestar has LLS/WTI Basis Swaps covering 6,000 bbls/d at a weighted-average price of $5.05/bbl for Cal ‘19. By locking in these swaps, it should allow the Company to realize a premium to WTI after marketing, regardless of market conditions. Lonestar also has Henry Hub natural gas swaps covering 15,000 Mcf/d at a weighted-average price
of $2.82 per MMBTU for Bal ’19 and added 15,000 Mcf/d of Henry Hub natural gas swaps for Cal ’20 at an average price of $2.59 per MMBTU, further insulating Lonestar from fluctuations in the commodity markets. |
• | 2019 And 2020 Guidance Increased - Given its outstanding drilling and completion results, deep drilling inventory and strong hedging position, Lonestar has materially enhanced its financial outlook. For 2019, production guidance was increased |
• | Lonestar reported net oil and gas production of 13,630 BOE/d during the three months
ended June 30, 2019, an increase of 20% sequentially compared to 11,372 BOE/d during 1Q19. 2Q19 production volumes consisted of 7,795 barrels of oil per day (57%), 2,901 barrels of NGLs per day (21%), and 17,601 Mcf of natural gas per day (22%). |
• | Lonestar’s Eagle Ford Shale assets continued to deliver outstanding wellhead realizations in 2Q19. Lonestar’s wellhead crude oil price realization was $63.05/bbl, which reflects a premium of $3.24/bbl vs. West Texas Intermediate. Lonestar’s realized NGL price was $13.44/bbl, or 22% of WTI. This was largely driven by a drop in Ethane which fell as much as 47% from 1Q19 prices and Propane and other heavy liquids
pricing which fell as much as 38% from 1Q19 prices. Lonestar’s realized wellhead natural gas price was $2.46 per Mcf, reflecting a $0.10 discount to Henry Hub. This discount to Henry Hub was largely driven by increase in gas sales at the end of the quarter with the additions of the new Horned Frog F #A1H and #B1H when the gas prices were at their lowest levels in the quarter. |
• | Operating revenues increased sequentially by $11.5 million to $52.2 million, or 28%, compared to 1Q19, primarily driven by a 20% increase in production coupled with a 6% increase in commodity price realizations. |
• | Total
cash expenses, which include the cash portions of lease operating, gathering, processing, transportation, production taxes, general & administrative, and interest expenses were $25.3 million for 2Q19. While 2Q19 cash operating costs rose 9% compared to $23.3 million in 1Q19, strong volume growth yielded a 10% reduction on a per-unit basis to $20.43 per BOE in 2Q19. |
• | Lease Operating Expenses ("LOE"), excluding rig standby costs of $0.3 million, were $7.9 million for 2Q19, which was 17% higher than LOE of $6.7 million in 1Q19. However, on a unit-of-production basis, LOE per BOE were reduced 3% sequentially to $6.35 per in 2Q19. |
• | Gathering,
Processing & Transportation Expenses ("GP&T") for 2Q19 were $0.7 million, which was 15% lower than the GP&T of $0.9 million in the three months ended 1Q19. On a unit-of-production basis, GP&T decreased 30% sequentially from $0.86 per BOE in 1Q19 to $0.60 per BOE in 2Q19. |
• | Production taxes for 2Q19 were $2.8 million, which was 23% higher than production taxes of $2.3 million in 1Q19. On a unit-of-production basis, production taxes increased 2% sequentially from $2.24 in 1Q19 to $2.27 per BOE in 2Q19. |
• | General
& Administrative Expenses ("G&A") in 2Q19 were $3.8 million vs. $4.4 million in 1Q19. G&A Expenses, excluding stock-based compensation of $0.9 million in 1Q19 and $0.1 million in 2Q19, increased from $3.5 million to $3.7 million, respectively. However, on a unit-of-production basis, G&A per BOE decreased 10% sequentially from $3.37 per BOE in 1Q19 to $3.02 per BOE in 2Q19. |
• | Interest Expense was $10.8 million for 2Q19 vs. $10.7 million for 1Q19. Interest Expense excluding amortization of debt issuance cost, premiums, and discounts, increased 2% sequentially from $10.0 million in 1Q19 to
$10.2 million in 2Q19. Lonestar’s robust production growth generated a 16% sequential decrease in Interest Expense per BOE, from $9.73 per BOE in 1Q19 to $8.19 per BOE in 2Q19. |
• | 2019 Activity - The Company has executed on its 2019 drilling plan with great success through the first six months. By mid-year, Lonestar had placed 11 of its planned 20 wells into production and had concluded drilling operations on its 3 Sooner wells, which commenced flowback
operations in July. Despite fluctuations in oil and gas prices over the quarter, Lonestar expects little impact to guidance for the remainder of the year as the Company has hedged 89% of oil at $54.60/bbl and approximately 50% of gas as an average price of $2.83 per MMBTU. Lonestar anticipates placing 3 gross / 3.0 net wells online during 3Q19. In July, these 3 gross / 3.0 net wells at Sooner were placed into flowback. Lonestar recently completed drilling operations on 1 gross / 0.5 net wells in Brazos County with a projected completion interval of 10,000’, which it anticipates bringing online in September. The Company has recently finished drilling operations on 2 gross / 2.0 net wells on its Marquis property. These two wells are anticipated to begin flowback operations in October 2019. |
• | 3Q19
Production - Based on the continued success of its 2019 capital program, Lonestar issued production guidance of 17,000 to 17,500 BOE/d for the third quarter of 2019, a 27% increase over 2Q19 results at the midpoint. The primary sources for production growth in the third quarter of 2019 will be a full quarter’s contribution from its 2 gross / 2.0 net wells at Horned Frog that began flowback in June, and partial contribution from 3 gross / 3.0 net wells at Sooner, which commenced flowback in late July. |
• | 3Q19 EBITDAX - Lonestar issued Adjusted EBITDAX guidance of $36.0 to $37.5 million for the third quarter of 2019, a 9% sequential increase over 2Q19 results. During
the quarter, the Company anticipates oil realizations of +$2.00/bbl to WTI, NGL realizations which are 25% of WTI, and gas price realizations of -$0.10/Mcf to Henry Hub, and lease operating expenses of $5.35-$5.45/BOE. |
• | 2019 Production - In aggregate, Lonestar’s completion results have been outperforming their third-party type curves, which is the basis for Lonestar’s budget and guidance. While the Company still only plans to drill 20 gross wells in 2019, visibility on production is sufficiently positive that
it is raising its 2019 production guidance from 13,700-14,700 BOE/d to 14,800-15,000 BOE/d. |
• | 2020 Targets - Previously, as part of its two-year forecasts and based on drilling 20 wells in 2020, Lonestar provided a 2020 production target of 17,000-18,300 BOE/d, which equates to production growth of 19% over its increased 2019 guidance (at their midpoints). Based on the production outperformance associated with the 2019 capital program and our current plans to focus our 2020 capital plan at Horned Frog, Karnes County, Cyclone/Hawkeye and Sooner, Lonestar reiterates its 2020 production target of 17,000-18,300 Boe/d, but now believes that this target can be achieved with fewer wells
and less capital spending. Lonestar believes that it can achieve its 2020 production target by drilling and completing 15-16 wells at a cost of $115 to $120 million. At assumed pricing of $55.00 per barrel for West Texas Intermediate crude oil and $2.50 per MMBTU for Henry Hub natural gas prices, Lonestar’s EBITDAX target is $165-$185 million. Lonestar’s 2020 target yields a range of cash flow outcomes that generates $5-$20 million of free cash flow. |
• | Horned Frog F #A1H - With a 12,461’ perforated interval, the F #A1H recorded a Max-30 production rate of 549 Bbls/d oil, 674 Bbls/d of NGLs, 7,283 Mcf/d, or 2,436 BOE/d
on a three-stream basis. |
• | Horned Frog F #B1H - With a 12,170 perforated interval, the F #B1H recorded a Max-30 production rate of 578 Bbls/d oil, 704 Bbls/d of NGLs, 7,605 Mcf/d, or 2,550 BOE/d on a three-stream basis. |
• | Georg
#3H - 7,156’ perforated interval, 893 Bbls/d oil, 70 Bbls/d of NGLs, 369 Mcf/d, or 1,025 BOE/d (three-stream) on a 32/64" choke. |
• | Georg #4H - 7,230’ perforated interval, 804 Bbls/d oil, 62 Bbls/d of NGLs, 325 Mcf/d, or 920 BOE/d (three-stream) on a 32/64" choke. |
• | Georg #5H - 7,227’ perforated interval, 881 Bbls/d oil, 68 Bbls/d of NGLs, 359 Mcf/d, or 1,009 BOE/d (three-stream) on a 32/64" choke. |
• | Georg
#6H - 7,236’ perforated interval, 1,056 Bbls/d oil, 90 Bbls/d of NGLs, 474 Mcf/d, or 1,225 BOE/d (three-stream) on a 32/64" choke. |
• | Buchhorn #4H - 6,157 perforated feet tested 542 Bbls/d oil, 1,311 Bbls/d of NGLs, 9,857 Mcf/d, or 3,496 BOE/d (three-stream) on a 24/64"
choke. |
• | Buchhorn #5H - 5,981 perforated feet tested 514 Bbls/d oil, 1,252 Bbls/d of NGLs, 9,407 Mcf/d, or 3,333 BOE/d (three-stream) on a 22/64" choke. |
• | Buchhorn #6H - 6,021 perforated feet tested 545 Bbls/d oil, 1,334 Bbls/d of NGLs, 10,023 Mcf/d, or 3,549 BOE/d (three-stream) on a 22/64" choke. |
2019 | 2018 | ||||||
Assets | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 3,340 | $ | 5,355 | |||
Accounts
receivable | |||||||
Oil, natural gas liquid and natural gas sales | 18,074 | 15,103 | |||||
Joint interest owners and others, net | 3,774 | 4,541 | |||||
Related
parties | 24 | 301 | |||||
Derivative financial instruments | 7,143 | 15,841 | |||||
Prepaid expenses and other | 2,751 | 1,966 | |||||
Total
current assets | 35,106 | 43,107 | |||||
Property and equipment | |||||||
Oil and gas properties, using the successful efforts method of accounting | |||||||
Proved
properties | 976,638 | 960,711 | |||||
Unproved properties | 78,872 | 81,850 | |||||
Other property and equipment | 21,150 | 17,727 | |||||
Less
accumulated depreciation, depletion and amortization | (368,117 | ) | (369,529 | ) | |||
Property and equipment, net | 708,543 | 690,759 | |||||
Derivative financial instruments | 5,457 | 7,302 | |||||
Other
non-current assets | 2,421 | 2,944 | |||||
Total assets | $ | 751,527 | $ | 744,112 | |||
Liabilities
and Stockholders' Equity | |||||||
Current liabilities | |||||||
Accounts payable | $ | 30,021 | $ | 18,260 | |||
Accounts
payable - related parties | 195 | 181 | |||||
Oil, natural gas liquid and natural gas sales payable | 13,339 | 13,022 | |||||
Accrued liabilities | 47,019 | 28,128 | |||||
Derivative
financial instruments | 10,176 | 430 | |||||
Total current liabilities | 100,750 | 60,021 | |||||
Long-term liabilities | |||||||
Long-term
debt | 459,466 | 436,882 | |||||
Asset retirement obligations | 6,897 | 7,195 | |||||
Deferred tax liabilities, net | 682 | 12,370 | |||||
Warrant
liability | 127 | 366 | |||||
Warrant liability - related parties | 234 | 689 | |||||
Derivative financial instruments | 1,726 | 21 | |||||
Other
non-current liabilities | 3,043 | 4,021 | |||||
Total long-term liabilities | 472,175 | 461,544 | |||||
Commitments and contingencies | |||||||
Stockholders'
Equity | |||||||
Class A voting common stock, $0.001 par value, 100,000,000 shares authorized, 24,933,853 and 24,645,825 issued and outstanding, respectively | 142,655 | 142,655 | |||||
Series A-1 convertible participating preferred stock, $0.001 par value, 95,961 and 91,784 shares issued and
outstanding, respectively | — | — | |||||
Additional paid-in capital | 175,709 | 174,379 | |||||
Accumulated deficit | (139,762 | ) | (94,487 | ) | |||
Total
stockholders' equity | 178,602 | 222,547 | |||||
Total liabilities and stockholders' equity | $ | 751,527 | $ | 744,112 |
Three Months Ended June 30, | Six
Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Revenues | |||||||||||||||
Oil
sales | $ | 44,726 | $ | 39,707 | $ | 78,310 | $ | 72,859 | |||||||
Natural
gas liquid sales | 3,549 | 4,410 | 6,942 | 6,143 | |||||||||||
Natural gas sales | 3,940 | 3,735 | 7,704 | 5,542 | |||||||||||
Total
revenues | 52,215 | 47,852 | 92,956 | 84,544 | |||||||||||
Expenses | |||||||||||||||
Lease
operating and gas gathering | 8,929 | 6,490 | 16,638 | 11,074 | |||||||||||
Production and ad valorem taxes | 2,818 | 2,761 | 5,109 | 4,927 | |||||||||||
Depreciation,
depletion and amortization | 21,515 | 20,737 | 39,486 | 36,162 | |||||||||||
Loss on sale of oil and gas properties | 155 | — | 33,046 | 1,568 | |||||||||||
General
and administrative | 3,841 | 5,305 | 8,221 | 8,724 | |||||||||||
Acquisition costs and other | — | (3 | ) | (2 | ) | (13 | ) | ||||||||
Total
expenses | 37,258 | 35,290 | 102,498 | 62,442 | |||||||||||
Income (loss) from operations | 14,957 | 12,562 | (9,542 | ) | 22,102 | ||||||||||
Other
expense | |||||||||||||||
Interest expense | (10,778 | ) | (9,298 | ) | (21,434 | ) | (18,555 | ) | |||||||
Change
in fair value of warrants | 796 | (2,462 | ) | 694 | (2,615 | ) | |||||||||
Gain (loss) on derivative financial instruments | 9,514 | (25,498 | ) | (26,724 | ) | (36,654 | ) | ||||||||
Loss
on extinguishment of debt | — | — | — | (8,619 | ) | ||||||||||
Total other expense | (468 | ) | (37,258 | ) | (47,464 | ) | (66,443 | ) | |||||||
Income
(loss) before income taxes | 14,489 | (24,696 | ) | (57,006 | ) | (44,341 | ) | ||||||||
Income tax (expense) benefit | (1,200 | ) | 3,103 | 11,732 | 6,211 | ||||||||||
Net
income (loss) | 13,289 | (21,593 | ) | (45,274 | ) | (38,130 | ) | ||||||||
Preferred stock dividends | (2,112 | ) | (1,932 | ) | (4,177 | ) | (3,821 | ) | |||||||
Net
income (loss) attributable to common stockholders | $ | 11,177 | $ | (23,525 | ) | $ | (49,451 | ) | $ | (41,951 | ) | ||||
Net
income (loss) per common share | |||||||||||||||
Basic | 0.28 | (0.96 | ) | (1.99 | ) | $ | (1.71 | ) | |||||||
Diluted | 0.28 | (0.96 | ) | (1.99 | ) | $ | (1.71 | ) | |||||||
Weighted
average common shares outstanding | |||||||||||||||
Basic | 24,924,169 | 24,599,744 | 24,811,895 | 24,598,345 | |||||||||||
Diluted | 24,924,169 | 24,599,744 | 24,811,895 | 24,598,345 |
Three Months Ended June 30, | Six
Months Ended June 30, | ||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||
Cash flows from operating activities | |||||||||||||||||||
Net
income (loss) | $ | 13,289 | $ | (21,593 | ) | $ | (45,274 | ) | $ | (38,130 | ) | ||||||||
Adjustments
to reconcile net loss to net cash provided by operating activities: | |||||||||||||||||||
Depreciation, depletion and amortization | 21,515 | 20,737 | 39,486 | 36,162 | |||||||||||||||
Stock-based
compensation | (181 | ) | 2,263 | 352 | 2,713 | ||||||||||||||
Share-based payments | — | 9 | — | (601 | ) | ||||||||||||||
Deferred
taxes | 1,234 | (3,241 | ) | (11,688 | ) | (6,432 | ) | ||||||||||||
(Gain) loss on derivative financial instruments | (9,514 | ) | 25,464 | 26,724 | 36,620 | ||||||||||||||
Settlements
of derivative financial instruments | (4,888 | ) | (5,560 | ) | (3,579 | ) | (8,676 | ) | |||||||||||
Gain on disposal of property and equipment | — | — | (17 | ) | — | ||||||||||||||
Loss
on abandoned property and equipment | — | — | — | 170 | |||||||||||||||
Loss on sale of oil and gas properties | 155 | — | 33,046 | — | |||||||||||||||
Non-cash
interest expense | 483 | 1,067 | 1,182 | 3,544 | |||||||||||||||
Change in fair value of warrants | (796 | ) | 2,463 | (694 | ) | 2,615 | |||||||||||||
Changes
in operating assets and liabilities: | |||||||||||||||||||
Accounts receivable | (1,363 | ) | (122 | ) | (3,379 | ) | (254 | ) | |||||||||||
Prepaid
expenses and other assets | (996 | ) | (450 | ) | (692 | ) | (1,159 | ) | |||||||||||
Accounts payable and accrued expenses | 9,424 | 7,869 | 2,720 | 12,179 | |||||||||||||||
Net
cash provided by operating activities | 28,362 | 28,906 | 38,187 | 38,751 | |||||||||||||||
Cash
flows from investing activities | |||||||||||||||||||
Acquisition of oil and gas properties | (673 | ) | (1,257 | ) | (3,025 | ) | (2,862 | ) | |||||||||||
Development
of oil and gas properties | (38,559 | ) | (35,238 | ) | (67,696 | ) | (66,761 | ) | |||||||||||
Proceeds from sale of oil and gas properties | (154 | ) | — | 11,953 | — | ||||||||||||||
Purchases
of other property and equipment | (351 | ) | (150 | ) | (3,267 | ) | (1,498 | ) | |||||||||||
Net cash used in investing activities | (39,737 | ) | (36,645 | ) | (62,035 | ) | (71,121 | ) | |||||||||||
Cash
flows from financing activities | |||||||||||||||||||
Proceeds from borrowings | 24,000 | 26,178 | 54,000 | 290,744 | |||||||||||||||
Payments
on borrowings | (13,052 | ) | (15,017 | ) | (32,167 | ) | (255,452 | ) | |||||||||||
Net cash provided by financing activities | 10,948 | 11,161 | 21,833 | 35,292 | |||||||||||||||
Net
(decrease) increase in cash and cash equivalents | (427 | ) | 3,422 | (2,015 | ) | 2,922 | |||||||||||||
Cash and cash equivalents, beginning of the period | 3,767 | 2,038 | 5,355 | 2,538 | |||||||||||||||
Cash
and cash equivalents, end of the period | $ | 3,340 | $ | 5,460 | $ | 3,340 | $ | 5,460 | |||||||||||
Supplemental
information: | |||||||||||||||||||
Cash paid for taxes | $ | — | $ | — | $ | — | $ | 1,147 | |||||||||||
Cash
paid for interest | 3,027 | 2,173 | 19,770 | 6,143 | |||||||||||||||
Non-cash investing and financing activities: | |||||||||||||||||||
Change
in asset retirement obligation | $ | 67 | $ | 151 | $ | (455 | ) | $ | 183 | ||||||||||
Change
in liabilities for capital expenditures | 27,654 | 12,019 | 28,384 | 12,425 |
Three Months Ended June 30, | Six
Months Ended June 30, | |||||||||||||||
($ in thousands) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Net Income (Loss) | $ | 11,177 | $ | (23,525 | ) | $ | (49,451 | ) | $ | (41,951 | ) | |||||
Income
tax expense (benefit) | 1,200 | (3,103 | ) | (11,732 | ) | (6,211 | ) | |||||||||
Interest expense (1) | 12,890 | 11,230 | 25,611 | 22,376 | ||||||||||||
Exploration
expense | — | — | 190 | — | ||||||||||||
Depreciation, depletion and amortization | 21,515 | 20,737 | 39,486 | 36,162 | ||||||||||||
EBITDAX | 46,782 | 5,339 | 4,104 | 10,376 | ||||||||||||
Rig
standby expense | 310 | — | 416 | — | ||||||||||||
Stock-based compensation | 98 | 2,281 | 1,027 | 2,731 | ||||||||||||
Loss
on sale of oil and gas properties | 155 | — | 33,046 | — | ||||||||||||
Office lease write-off | — | — | — | 1,568 | ||||||||||||
Loss
on extinguishment of debt | — | — | — | 8,619 | ||||||||||||
Unrealized (gain) loss on derivative financial instruments | (13,760 | ) | 18,896 | 21,749 | 26,489 | |||||||||||
Change
in fair value of warrants | (796 | ) | 2,463 | (694 | ) | 2,615 | ||||||||||
Other expense | 678 | 231 | 861 | 226 | ||||||||||||
Adjusted
EBITDAX | $ | 33,467 | $ | 29,210 | $ | 60,509 | $ | 52,624 |
In
thousands, except per share and unit data | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||||||
Income
(loss) before income taxes, as reported | $ | 14,489 | $ | (24,696 | ) | $ | (57,006 | ) | $ | (44,341 | ) | |||||||||
Adjustments
for special items: | ||||||||||||||||||||
General & administrative non-recurring costs | 7 | 1 | 382 | 8 | ||||||||||||||||
Rig
standby expense | 310 | — | 416 | — | ||||||||||||||||
Non-recurring legal expense | 670 | 233 | 670 | 233 | ||||||||||||||||
Loss
on extinguishment of debt | — | — | — | 8,619 | ||||||||||||||||
Unrealized hedging (gain) loss | (13,760 | ) | 18,896 | 21,749 | 26,489 | |||||||||||||||
Lease
write-off | — | — | — | 1,568 | ||||||||||||||||
Loss on sale of oil and gas properties | 155 | — | 33,046 | — | ||||||||||||||||
Stock
based compensation | 98 | 2,281 | 1,027 | 2,731 | ||||||||||||||||
Income (loss) before income taxes, as adjusted | 1,969 | (3,285 | ) | 284 | (4,693 | ) | ||||||||||||||
Income
tax benefit (expense), as adjusted | ||||||||||||||||||||
Deferred (a) | (425 | ) | 633 | (61 | ) | 904 | ||||||||||||||
Net
income (loss) excluding certain items, a non-GAAP measure | 1,543 | (2,652 | ) | 223 | (3,789 | ) | ||||||||||||||
Preferred
stock dividends | (2,112 | ) | (1,932 | ) | (4,177 | ) | (3,821 | ) | ||||||||||||
Net loss excluding certain items, a non-GAAP
measure | $ | (569 | ) | $ | (4,584 | ) | $ | (3,954 | ) | $ | (7,610 | ) | ||||||||
Non-GAAP
loss per common share | ||||||||||||||||||||
Basic | $ | (0.02 | ) | $ | (0.19 | ) | $ | (0.16 | ) | $ | (0.31 | ) | ||||||||
Diluted | $ | (0.02 | ) | $ | (0.19 | ) | $ | (0.16 | ) | $ | (0.31 | ) | ||||||||
Non-GAAP
basic shares outstanding | 24,924,169 | 24,559,744 | 24,811,895 | 24,598,345 | ||||||||||||||||
Non-GAAP diluted shares
outstanding, if dilutive | 24,924,169 | 24,559,744 | 24,811,895 | 24,598,345 |
In thousands, except per share and unit data | Three
Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Operating Results | ||||||||||||||||
Net
income (loss) attributable to common stockholders | $ | 11,177 | $ | (23,525 | ) | $ | (49,451 | ) | $ | (41,951 | ) | |||||
Net
income (loss) per common share - basic | 0.28 | (0.96 | ) | (1.99 | ) | (1.71 | ) | |||||||||
Net income (loss) per
common share - diluted | 0.28 | (0.96 | ) | (1.99 | ) | (1.71 | ) | |||||||||
Net cash provided by operating activities | 28,362 | 28,906 | 38,187 | 38,751 | ||||||||||||
Revenues | ||||||||||||||||
Oil | $ | 44,726 | $ | 39,707 | $ | 78,310 | $ | 72,859 | ||||||||
NGLs | 3,549 | 4,410 | 6,942 | 6,143 | ||||||||||||
Natural
gas | 3,940 | 3,735 | 7,704 | 5,542 | ||||||||||||
Total revenues | $ | 52,215 | $ | 47,852 | $ | 92,956 | $ | 84,544 | ||||||||
Total
production volumes by product | ||||||||||||||||
Oil (Bbls) | 709,361 | 580,398 | 1,299,457 | 1,097,041 | ||||||||||||
NGLs
(Bbls) | 263,994 | 221,858 | 481,555 | 308,786 | ||||||||||||
Natural gas (Mcf) | 1,601,656 | 1,268,813 | 2,896,860 | 1,848,010 | ||||||||||||
Total
barrels of oil equivalent (6:1) | 1,240,298 | 1,013,740 | 2,263,822 | 1,713,708 | ||||||||||||
Daily production
volumes by product | ||||||||||||||||
Oil (Bbls/d) | 7,795 | 6,378 | 7,179 | 6,061 | ||||||||||||
NGLs
(Bbls/d) | 2,901 | 2,438 | 2,661 | 1,706 | ||||||||||||
Natural gas (Mcf/d) | 17,601 | 13,943 | 16,005 | 10,210 | ||||||||||||
Total
barrels of oil equivalent (BOE/d) | 13,630 | 11,140 | 12,507 | 9,468 | ||||||||||||
Average realized prices | ||||||||||||||||
Oil
($ per Bbl) | $ | 63.05 | $ | 68.41 | $ | 60.26 | $ | 66.41 | ||||||||
NGLs
($ per Bbl) | 13.44 | 19.88 | 14.42 | 19.89 | ||||||||||||
Natural gas ($ per Mcf) | 2.46 | 2.94 | 2.66 | 3.00 | ||||||||||||
Total
oil equivalent, excluding the effect from commodity derivatives ($ per BOE) | 42.10 | 47.20 | 41.06 | 49.33 | ||||||||||||
Total
oil equivalent, including the effect from commodity derivatives ($ per BOE) | 38.63 | 40.69 | 38.86 | 43.40 | ||||||||||||
Operating
and other expenses | ||||||||||||||||
Lease operating and gas gathering | $ | 8,929 | $ | 6,490 | $ | 16,638 | $ | 11,074 | ||||||||
Production
and ad valorem taxes | 2,818 | 2,761 | 5,109 | 4,927 | ||||||||||||
Depreciation, depletion and amortization | 21,515 | 20,737 | 39,486 | 36,162 | ||||||||||||
General
and administrative (1) | 3,841 | 5,305 | 8,221 | 8,724 | ||||||||||||
Interest expense (2) | 10,778 | 9,298 | 21,434 | 18,555 | ||||||||||||
Operating
and other expenses per BOE | ||||||||||||||||
Lease operating and gas gathering | $ | 7.20 | $ | 6.40 | $ | 7.35 | $ | 6.46 | ||||||||
Production
and ad valorem taxes | 2.27 | 2.72 | 2.26 | 2.88 | ||||||||||||
Depreciation, depletion and amortization | 17.35 | 20.46 | 17.44 | 21.10 | ||||||||||||
General
and administrative | 3.10 | 5.23 | 3.63 | 5.09 | ||||||||||||
Interest expense | 8.69 | 9.17 | 9.47 | 10.83 |
(1) | General
and administrative expenses include stock-based compensation |
(2) | Interest expense includes amortization of debt issuance cost, premiums, and discounts |
This ‘8-K’ Filing | Date | Other Filings | ||
---|---|---|---|---|
8/7/19 | ||||
8/6/19 | ||||
Filed on / For Period end: | 8/5/19 | |||
7/8/19 | 8-K | |||
6/30/19 | ||||
3/13/19 | 10-K, 8-K, 8-K/A | |||
12/31/18 | 10-K | |||
6/30/18 | 10-Q, 10-Q/A | |||
List all Filings |