Abraxas Announces Third Quarter 2016 Results
Abraxas Petroleum Corporation (NASDAQ:AXAS) today reported financial and
operating results for the three and nine months ended September 30, 2016.
Financial and Operating Results for the Three
Months Ended September 30, 2016
The three months ended September 30, 2016 resulted in:
-
Production of 548 MBoe (5,955 Boepd)
-
Revenue of $14.0 million
-
Adjusted EBITDA(a) of $4.9 million
-
Adjusted EBITDA per bank loan agreement of $5.0 million(a)
-
Adjusted discretionary cash flow(a) of $4.1 million
-
Net loss of $3.3 million, or $0.02 per share
-
Adjusted net loss(a), excluding certain non-cash items of
$3.3 million, or $0.02 per share
(a) See reconciliation of non-GAAP financial measures below.
Net loss for the three months ended September 30, 2016 was $3.3 million,
or $0.02 per share, compared to a net loss of $52.4 million, or $0.50
per share, for the three months ended September 30, 2015.
Adjusted net loss, excluding certain non-cash items, for the three
months ended September 30, 2016 was $3.3 million, or $0.02 per share,
compared to an adjusted net loss, excluding certain non-cash items, of
$2.7 million or $0.03 per share for the three months ended September 30,
2015. For the three months ended September 30, 2016 and 2015, adjusted
net loss excludes the unrealized gain on derivative contracts of $3.5
million and $10.5 million, respectively. For the quarter ended
September 30, 2015, adjusted net loss includes the net income from our
subsidiary, Raven Drilling, LLC of $0.2 million. For the three months
ended September 30, 2016 and 2015, adjusted net loss excludes the loss
attributable to the ceiling test impairment of $3.8 million and $59.9
million, respectively.
Pursuant to SEC Regulation S-X, no income is recognized for Raven
Drilling, LLC. Contractual drilling services performed in connection
with properties in which Abraxas holds an ownership interest cannot be
recognized as income, rather it is credited to the full cost pool and
recognized through lower amortization as reserves are produced.
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 either record an unrealized gain
or loss based on the calculated value difference from the previous
period-end valuation. For example, NYMEX oil prices on September 30,
2015 were $45.09 per barrel compared to $48.24 on September 30, 2016;
therefore, the mark-to-market valuation changed considerably from period
to period.
Conference Call
Abraxas Petroleum Corporation (NASDAQ:AXAS) will host its third quarter
2016 earnings conference call at 11 AM ET on November 14, 2016. To
participate in the conference call, please dial 844.778.4143 and enter
the passcode 94561017. 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 12,
2016 by dialing 855.859.2056 and entering the passcode 94561017 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 Rocky Mountain, Permian Basin and onshore Gulf Coast 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.
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|
ABRAXAS PETROLEUM CORPORATION
|
CONSOLIDATED
|
FINANCIAL HIGHLIGHTS
|
|
|
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
(In thousands except per share data)
|
|
|
September 30,
|
|
|
September 30,
|
|
|
|
|
2016
|
|
|
|
|
2015
|
|
|
|
|
2016
|
|
|
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Financial Results:
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
$
|
13,976
|
|
|
|
$
|
16,077
|
|
|
|
$
|
34,548
|
|
|
|
$
|
53,682
|
|
Adjusted EBITDA(a)
|
|
|
|
4,938
|
|
|
|
|
10,043
|
|
|
|
|
14,325
|
|
|
|
|
35,189
|
|
Adjusted discretionary cash flow(a)
|
|
|
|
4,088
|
|
|
|
|
9,161
|
|
|
|
|
11,340
|
|
|
|
|
32,711
|
|
Capital expenditures
|
|
|
|
18,966
|
|
|
|
|
12,931
|
|
|
|
|
24,632
|
|
|
|
|
52,614
|
|
Net loss
|
|
|
|
(3,260
|
)
|
|
|
|
(52,372
|
)
|
|
|
|
(91,077
|
)
|
|
|
|
(59,691
|
)
|
Net loss per share – basic
|
|
|
$
|
(0.02
|
)
|
|
|
$
|
(0.50
|
)
|
|
|
$
|
(0.77
|
)
|
|
|
$
|
(0.57
|
)
|
Net loss per share – diluted
|
|
|
$
|
(0.02
|
)
|
|
|
$
|
(0.50
|
)
|
|
|
$
|
(0.77
|
)
|
|
|
$
|
(0.57
|
)
|
Adjusted net loss, excluding certain non-cash items(a)
|
|
|
|
(3,312
|
)
|
|
|
|
(2,726
|
)
|
|
|
|
(10,535
|
)
|
|
|
|
(4,031
|
)
|
Adjusted net loss, excluding certain non-cash items(a),
per share – basic
|
|
|
$
|
(0.02
|
)
|
|
|
$
|
(0.03
|
)
|
|
|
$
|
(0.09
|
)
|
|
|
$
|
(0.04
|
)
|
Adjusted net loss, excluding certain non-cash items(a),
per share – diluted
|
|
|
$
|
(0.02
|
)
|
|
|
$
|
(0.03
|
)
|
|
|
$
|
(0.09
|
)
|
|
|
$
|
(0.04
|
)
|
Weighted average shares outstanding – basic
|
|
|
|
133,546
|
|
|
|
|
104,614
|
|
|
|
|
118,274
|
|
|
|
|
104,561
|
|
Weighted average shares outstanding – diluted
|
|
|
|
133,546
|
|
|
|
|
104,614
|
|
|
|
|
118,274
|
|
|
|
|
104,561
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Production from Continuing Operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
Crude oil per day (Bblpd)
|
|
|
|
3,629
|
|
|
|
|
3,967
|
|
|
|
|
3,356
|
|
|
|
|
4,030
|
|
Natural gas per day (Mcfpd)
|
|
|
|
8,321
|
|
|
|
|
8,154
|
|
|
|
|
8,145
|
|
|
|
|
8,229
|
|
Natural gas liquids per day (Bblpd)
|
|
|
|
939
|
|
|
|
|
678
|
|
|
|
|
873
|
|
|
|
|
618
|
|
Crude oil equivalent per day (Boepd)
|
|
|
|
5,955
|
|
|
|
|
6,004
|
|
|
|
|
5,586
|
|
|
|
|
6,020
|
|
Crude oil equivalent (MBoe)
|
|
|
|
548
|
|
|
|
|
552
|
|
|
|
|
1,531
|
|
|
|
|
1,643
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized Prices, net of realized hedging activity:
|
|
|
|
|
|
|
|
|
|
|
|
|
Crude oil ($ per Bbl)
|
|
|
$
|
34.92
|
|
|
|
$
|
43.81
|
|
|
|
$
|
37.97
|
|
|
|
$
|
49.15
|
|
Natural gas ($ per Mcf)
|
|
|
|
1.32
|
|
|
|
|
2.02
|
|
|
|
|
1.10
|
|
|
|
|
2.39
|
|
Natural gas liquids ($ per Bbl)
|
|
|
|
2.83
|
|
|
|
|
5.07
|
|
|
|
|
2.90
|
|
|
|
|
9.32
|
|
Crude oil equivalent ($ per Boe)
|
|
|
|
23.58
|
|
|
|
|
32.26
|
|
|
|
|
24.86
|
|
|
|
|
37.12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease operating ($ per Boe)
|
|
|
$
|
8.40
|
|
|
|
$
|
9.48
|
|
|
|
$
|
8.89
|
|
|
|
$
|
10.83
|
|
Production taxes (% of oil and gas revenue)
|
|
|
|
8.6
|
%
|
|
|
|
9.8
|
%
|
|
|
|
10.4
|
%
|
|
|
|
9.8
|
%
|
General and administrative, excluding stock-based compensation ($
per Boe)
|
|
|
|
3.64
|
|
|
|
|
3.29
|
|
|
|
|
3.81
|
|
|
|
|
3.71
|
|
Cash interest ($ per Boe)
|
|
|
|
1.55
|
|
|
|
|
1.53
|
|
|
|
|
1.94
|
|
|
|
|
1.43
|
|
Depreciation, depletion and amortization ($ per Boe)
|
|
|
|
11.63
|
|
|
|
|
18.40
|
|
|
|
|
11.72
|
|
|
|
|
18.89
|
|
(a) See reconciliation of non-GAAP financial measures below.
|
|
BALANCE SHEET DATA
|
|
(In thousands)
|
|
|
September 30, 2016
|
|
|
December 31, 2015
|
|
|
|
|
|
|
|
Cash
|
|
|
$
|
—
|
|
|
|
$
|
3,540
|
|
Working capital (a)
|
|
|
|
(17,755
|
)
|
|
|
|
(18,967
|
)
|
Property and equipment – net
|
|
|
|
145,322
|
|
|
|
|
224,838
|
|
Total assets
|
|
|
|
162,742
|
|
|
|
|
267,872
|
|
|
|
|
|
|
|
|
Long-term debt
|
|
|
|
93,680
|
|
|
|
|
138,402
|
|
Stockholders’ equity
|
|
|
|
23,022
|
|
|
|
|
84,465
|
|
Common shares outstanding
|
|
|
|
135,088
|
|
|
|
|
106,346
|
|
(a) Excludes current maturities of long-term debt and current derivative
assets and liabilities in accordance with our loan covenants.
|
|
ABRAXAS PETROLEUM CORPORATION
|
CONSOLIDATED
|
STATEMENTS OF OPERATIONS
|
|
|
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
(In thousands except per share data)
|
|
|
September 30,
|
|
|
September 30,
|
|
|
|
|
2016
|
|
|
|
|
2015
|
|
|
|
|
2016
|
|
|
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil and gas production
|
|
|
$
|
13,972
|
|
|
|
$
|
16,075
|
|
|
|
$
|
34,517
|
|
|
|
$
|
53,658
|
|
Other
|
|
|
|
4
|
|
|
|
|
2
|
|
|
|
|
31
|
|
|
|
|
24
|
|
|
|
|
|
13,976
|
|
|
|
|
16,077
|
|
|
|
|
34,548
|
|
|
|
|
53,682
|
|
Operating costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease operating
|
|
|
|
4,599
|
|
|
|
|
5,236
|
|
|
|
|
13,609
|
|
|
|
|
17,806
|
|
Production and ad valorem taxes
|
|
|
|
1,200
|
|
|
|
|
1,569
|
|
|
|
|
3,602
|
|
|
|
|
5,255
|
|
Rig expense
|
|
|
|
192
|
|
|
|
|
—
|
|
|
|
|
534
|
|
|
|
|
—
|
|
Depreciation, depletion, and amortization
|
|
|
|
6,371
|
|
|
|
|
10,165
|
|
|
|
|
17,932
|
|
|
|
|
31,044
|
|
Impairment
|
|
|
|
3,806
|
|
|
|
|
59,891
|
|
|
|
|
67,626
|
|
|
|
|
59,891
|
|
General and administrative (including stock-based compensation of
$768, $835, $2,410 and $3,085, respectively)
|
|
|
|
2,760
|
|
|
|
|
2,654
|
|
|
|
|
8,238
|
|
|
|
|
9,190
|
|
|
|
|
|
18,928
|
|
|
|
|
79,515
|
|
|
|
|
111,541
|
|
|
|
|
123,186
|
|
Operating loss
|
|
|
|
(4,952
|
)
|
|
|
|
(63,438
|
)
|
|
|
|
(76,993
|
)
|
|
|
|
(69,504
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other (income) expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(1
|
)
|
|
|
|
(1
|
)
|
Interest expense
|
|
|
|
960
|
|
|
|
|
992
|
|
|
|
|
3,350
|
|
|
|
|
2,784
|
|
Amortization of deferred financing fees
|
|
|
|
151
|
|
|
|
|
161
|
|
|
|
|
763
|
|
|
|
|
481
|
|
(Gain) loss on derivative contracts
|
|
|
|
(2,429
|
)
|
|
|
|
(12,219
|
)
|
|
|
|
10,346
|
|
|
|
|
(13,097
|
)
|
(Gain) on sale of assets
|
|
|
|
(374
|
)
|
|
|
|
—
|
|
|
|
|
(374
|
)
|
|
|
|
—
|
|
|
|
|
|
(1,692
|
)
|
|
|
|
(11,066
|
)
|
|
|
|
14,084
|
|
|
|
|
(9,833
|
)
|
Loss from continuing operations before income tax
|
|
|
|
(3,260
|
)
|
|
|
|
(52,372
|
)
|
|
|
|
(91,077
|
)
|
|
|
|
(59,671
|
)
|
Income tax (expense) benefit
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
Net loss from continuing operations
|
|
|
|
(3,260
|
)
|
|
|
|
(52,372
|
)
|
|
|
|
(91,077
|
)
|
|
|
|
(59,671
|
)
|
Net loss from discontinued operations - net of tax
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(20
|
)
|
Net loss
|
|
|
$
|
(3,260
|
)
|
|
|
$
|
(52,372
|
)
|
|
|
$
|
(91,077
|
)
|
|
|
$
|
(59,691
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per common share - basic
|
|
|
$
|
(0.02
|
)
|
|
|
$
|
(0.50
|
)
|
|
|
$
|
(0.77
|
)
|
|
|
$
|
(0.57
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per common share - diluted
|
|
|
$
|
(0.02
|
)
|
|
|
$
|
(0.50
|
)
|
|
|
$
|
(0.77
|
)
|
|
|
$
|
(0.57
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
133,546
|
|
|
|
|
104,614
|
|
|
|
|
118,274
|
|
|
|
|
104,561
|
|
Diluted
|
|
|
|
133,546
|
|
|
|
|
104,614
|
|
|
|
|
118,274
|
|
|
|
|
104,561
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, discretionary cash flow and
EBITDA are appropriate measures of Abraxas' ability to satisfy capital
expenditure obligations and working capital requirements. Discretionary
cash flow and EBITDA are non-GAAP financial measures as defined under
SEC rules. Abraxas' discretionary cash flow and 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. As discretionary cash flow and
EBITDA exclude some, but not all items that affect net income and may
vary among companies, the discretionary cash flow and EBITDA presented
below may not be comparable to similarly titled measures of other
companies. Management believes that operating income (loss) calculated
in accordance with GAAP is the most directly comparable measure to
discretionary cash flow; therefore, operating income (loss) is utilized
as the starting point for the discretionary cash flow reconciliation.
Discretionary cash flow is defined as operating income (loss) plus
depreciation, depletion and amortization expenses, non-cash expenses and
impairments, cash portion of other income (expense) less cash interest.
Adjusted discretionary cash flow is defined as discretionary cash flow,
plus cash flow from Raven Drilling’s operations. Accounting rules do not
permit the inclusion of the net income and other components of Raven
Drilling’s operations to be included in our consolidated results of
operations and cash flow if contracted drilling operations are performed
in connection with properties in which Abraxas holds an ownership
interest, instead, the results of Raven Drilling’s operations are
credited to the full cost pool. No drilling operations were performed
after February 2016. Therefore January and February 2016 activity for
Raven Drilling has been credited back to the full cost pool; however,
March through September 2016 activity is already included within
Abraxas' operations. Accordingly, for purposes of adjusted discretionary
cash flow, Raven Drilling’s cash flow is added back. The following table
provides a reconciliation of discretionary cash flow and adjusted
discretionary cash flow to operating loss for the periods presented.
|
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
(In thousands)
|
|
|
September 30,
|
|
|
September 30,
|
|
|
|
|
2016
|
|
|
|
|
2015
|
|
|
|
|
2016
|
|
|
|
|
2015
|
|
Operating loss
|
|
|
$
|
(4,952
|
)
|
|
|
$
|
(63,438
|
)
|
|
|
$
|
(76,993
|
)
|
|
|
$
|
(69,504
|
)
|
Depreciation, depletion and amortization
|
|
|
|
6,371
|
|
|
|
|
10,165
|
|
|
|
|
17,932
|
|
|
|
|
31,044
|
|
Impairment
|
|
|
|
3,806
|
|
|
|
|
59,891
|
|
|
|
|
67,626
|
|
|
|
|
59,891
|
|
Stock-based compensation
|
|
|
|
768
|
|
|
|
|
835
|
|
|
|
|
2,410
|
|
|
|
|
3,085
|
|
Realized (loss) gain on derivative contracts(a)
|
|
|
|
(1,055
|
)
|
|
|
|
1,745
|
|
|
|
|
3,536
|
|
|
|
|
7,346
|
|
Cash interest
|
|
|
|
(850
|
)
|
|
|
|
(847
|
)
|
|
|
|
(2,968
|
)
|
|
|
|
(2,357
|
)
|
Discretionary cash flow
|
|
|
$
|
4,088
|
|
|
|
$
|
8,351
|
|
|
|
$
|
11,543
|
|
|
|
$
|
29,505
|
|
Cash flow from Raven Drilling operations(b)
|
|
|
|
—
|
|
|
|
|
810
|
|
|
|
|
(203
|
)
|
|
|
|
3,206
|
|
Adjusted discretionary cash flow
|
|
|
$
|
4,088
|
|
|
|
$
|
9,161
|
|
|
|
$
|
11,340
|
|
|
|
$
|
32,711
|
|
(a)
|
|
For the nine months ended September 30, 2016 realized gain on
derivative contracts does not include a loss $0.3 million related to
the monetization of various 2016 contracts. Cumulative proceeds from
these monetizations were $14.4 million. For the nine months ended
September 30, 2015 realized gain on derivative contracts does not
include a loss of $0.4 million related to the monetization of our
June to December 2015 fixed price swaps. This monetization resulted
in cash proceeds of $4.6 million.
|
|
|
|
(b)
|
|
March 2016 through September 2016 Raven Drilling cash flow is
already included in Operating Loss.
|
|
|
|
EBITDA is defined as net income (loss) plus interest expense,
depreciation, depletion and amortization expenses, deferred income taxes
and other non-cash items. Adjusted EBITDA includes all of the components
of EBITDA plus Raven Drilling’s EBITDA for 2015 and January & February
2016. Accounting rules do not permit the inclusion of the net income and
other components of Raven Drilling’s operations to be included in our
consolidated results of operations, instead, the results of Raven
Drilling’s operations are credited to the full cost pool. Accordingly,
for purposes of Adjusted EBITDA, Raven Drilling’s EBITDA is added back.
The following table provides a reconciliation of EBITDA and Adjusted
EBITDA to net loss for the periods presented.
|
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
(In thousands)
|
|
|
September 30,
|
|
|
September 30,
|
|
|
|
|
2016
|
|
|
|
|
2015
|
|
|
|
|
2016
|
|
|
|
|
2015
|
|
Net loss
|
|
|
$
|
(3,260
|
)
|
|
|
$
|
(52,372
|
)
|
|
|
$
|
(91,077
|
)
|
|
|
$
|
(59,691
|
)
|
Net interest expense
|
|
|
|
960
|
|
|
|
|
992
|
|
|
|
|
3,349
|
|
|
|
|
2,783
|
|
Depreciation, depletion and amortization
|
|
|
|
6,371
|
|
|
|
|
10,165
|
|
|
|
|
17,932
|
|
|
|
|
31,044
|
|
Amortization of deferred financing fees
|
|
|
|
151
|
|
|
|
|
161
|
|
|
|
|
763
|
|
|
|
|
481
|
|
Stock-based compensation
|
|
|
|
768
|
|
|
|
|
835
|
|
|
|
|
2,410
|
|
|
|
|
3,085
|
|
Impairment
|
|
|
|
3,806
|
|
|
|
|
59,891
|
|
|
|
|
67,626
|
|
|
|
|
59,891
|
|
Unrealized (gain) loss on derivative contracts
|
|
|
|
(3,484
|
)
|
|
|
|
(10,474
|
)
|
|
|
|
13,533
|
|
|
|
|
(6,198
|
)
|
(Gain) on sale of assets
|
|
|
|
(374
|
)
|
|
|
|
—
|
|
|
|
|
(374
|
)
|
|
|
|
—
|
|
Realized loss on derivative monetization
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
349
|
|
|
|
|
447
|
|
Loss from discontinued operations
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
20
|
|
EBITDA
|
|
|
$
|
4,938
|
|
|
|
$
|
9,198
|
|
|
|
$
|
14,511
|
|
|
|
$
|
31,862
|
|
Raven Drilling EBITDA(a)
|
|
|
|
—
|
|
|
|
|
845
|
|
|
|
|
(186
|
)
|
|
|
|
3,327
|
|
Adjusted EBITDA
|
|
|
$
|
4,938
|
|
|
|
$
|
10,043
|
|
|
|
$
|
14,325
|
|
|
|
$
|
35,189
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
|
$
|
4,938
|
|
|
|
$
|
9,198
|
|
|
|
$
|
14,511
|
|
|
|
$
|
31,862
|
|
Monetized derivative contracts
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
14,370
|
|
|
|
|
4,610
|
|
Expenses related to equity offering/loan amendments
|
|
|
|
82
|
|
|
|
|
—
|
|
|
|
|
1,747
|
|
|
|
|
—
|
|
Adjusted EBITDA per bank covenants
|
|
|
$
|
5,020
|
|
|
|
$
|
9,198
|
|
|
|
$
|
30,628
|
|
|
|
$
|
36,472
|
|
(a) March 2016 through September 2016 Raven Drilling EBITDA is already
included in Net loss.
This release also includes a discussion of “adjusted net loss, excluding
certain non-cash items,” which is a non-GAAP financial measure as
defined under SEC rules. The following table provides a reconciliation
of adjusted net loss, excluding ceiling test impairment and unrealized
changes in derivative contracts and net income (loss) related to Raven
Drilling, LLC for 2015 and January and February 2016 capitalized to the
full cost pool, to net loss for the periods presented. Management
believes that net loss calculated in accordance with GAAP is the most
directly comparable measure to adjusted net loss, excluding certain
non-cash items.
|
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
(In thousands)
|
|
|
September 30,
|
|
|
September 30,
|
|
|
|
|
2016
|
|
|
|
|
2015
|
|
|
|
|
2016
|
|
|
|
|
2015
|
|
Net loss
|
|
|
$
|
(3,260
|
)
|
|
|
$
|
(52,372
|
)
|
|
|
$
|
(91,077
|
)
|
|
|
$
|
(59,691
|
)
|
Impairment
|
|
|
|
3,806
|
|
|
|
|
59,891
|
|
|
|
|
67,626
|
|
|
|
|
59,891
|
|
Net income (loss) related to Raven Drilling(a)
|
|
|
|
—
|
|
|
|
|
229
|
|
|
|
|
(592
|
)
|
|
|
|
1,500
|
|
Unrealized (gain) loss on derivative contracts
|
|
|
|
(3,484
|
)
|
|
|
|
(10,474
|
)
|
|
|
|
13,533
|
|
|
|
|
(6,198
|
)
|
Realized loss on derivative monetization
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
349
|
|
|
|
|
447
|
|
Loss from discontinued operations
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
20
|
|
(Gain) on sale of assets
|
|
|
|
(374
|
)
|
|
|
|
—
|
|
|
|
|
(374
|
)
|
|
|
|
—
|
|
Adjusted net loss, excluding certain non-cash items
|
|
|
$
|
(3,312
|
)
|
|
|
$
|
(2,726
|
)
|
|
|
$
|
(10,535
|
)
|
|
|
$
|
(4,031
|
)
|
Adjusted net loss, excluding certain non-cash items, per share –
basic
|
|
|
$
|
(0.02
|
)
|
|
|
$
|
(0.03
|
)
|
|
|
$
|
(0.09
|
)
|
|
|
$
|
(0.04
|
)
|
Adjusted net loss, excluding certain non-cash items, per share –
diluted
|
|
|
$
|
(0.02
|
)
|
|
|
$
|
(0.03
|
)
|
|
|
$
|
(0.09
|
)
|
|
|
$
|
(0.04
|
)
|
Net loss per share – basic
|
|
|
$
|
(0.02
|
)
|
|
|
$
|
(0.50
|
)
|
|
|
$
|
(0.77
|
)
|
|
|
$
|
(0.57
|
)
|
Net loss per share – diluted
|
|
|
$
|
(0.02
|
)
|
|
|
$
|
(0.50
|
)
|
|
|
$
|
(0.77
|
)
|
|
|
$
|
(0.57
|
)
|
(a) March 2016 through September 2016 Raven Drilling net income is
already included in Net loss.
View source version on businesswire.com: http://www.businesswire.com/news/home/20161108006066/en/ Copyright Business Wire 2016
Source: Business Wire
(November 8, 2016 - 4:15 PM EST)
News by QuoteMedia
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