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Abraxas Announces Third Quarter 2018 Financial and Operating Results SAN ANTONIO
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:
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Production of 926 MBoe (10,070 Boepd)
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Revenue of $41.6 million
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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)
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(a)
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See reconciliation of non-GAAP financial measures below.
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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 $11 million for acreage and
facilities. This budget is designed to generate free cash flow during
2019. Abraxas plans to issue additional guidance for 2019 when results
from the recently completed Bakken wells and one soon to be completed
Delaware well are known.
2018 Production and Guidance Update:
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2018 Operating Guidance
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Operating Costs
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Low
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High
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LOE ($/Boe)
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$4.00
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$6.00
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Production Tax (% Rev)
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8.0%
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9.0%
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Cash G&A ($mm)
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$8.5
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$12.5
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Production (boepd)
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10,000
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11,000
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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.
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ABRAXAS PETROLEUM CORPORATION
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CONSOLIDATED
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FINANCIAL HIGHLIGHTS
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Three Months Ended
September 30,
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Nine Months Ended
September 30,
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(In thousands except per share data)
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2018
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2017
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2018
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2017
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Financial Results:
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Revenue
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$
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41,625
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$
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24,722
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$
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113,171
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$
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56,676
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Net income (loss)
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1,777
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(770
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)
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2,002
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20,115
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Net income (loss) per share - basic
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$
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0.01
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$
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(0.00
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$
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0.01
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$
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0.13
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Net income (loss) per share - diluted
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$
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0.01
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$
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(0.00
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$
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0.01
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$
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0.12
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Capital expenditures - acquisitions
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14,635
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-
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36,404
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-
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Capital expenditures - drilling and completion
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36,974
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50,910
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91,326
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91,363
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Total capital expenditures
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51,609
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50,910
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127,730
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91,363
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EBITDA(a)
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22,252
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15,698
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63,740
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35,550
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Adjusted net income, excluding certain non-cash items(a)
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8,617
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6,103
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26,642
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13,156
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Adjusted net income, excluding certain non-cash items, per share -
basic(a)
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$
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0.05
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$
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0.04
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$
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0.16
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$
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0.08
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Adjusted net income, excluding certain non-cash items, per share -
diluted(a)
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$
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0.05
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$
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0.04
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$
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0.16
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$
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0.08
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Liquidity(a)
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53,750
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51,569
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53,750
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51,569
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Weighted average shares outstanding - basic
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165,392
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163,508
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165,083
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160,031
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Weighted average shares outstanding - diluted
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167,629
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163,508
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167,865
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161,597
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Production from Continuing Operations:
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Crude oil per day (Bblpd)
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6,542
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5,270
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6,025
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3,969
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Natural gas per day (Mcfpd)
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12,797
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12,006
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12,754
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10,089
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Natural gas liquids per day (Bblpd)
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1,395
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1,474
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1,428
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1,269
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Crude oil equivalent per day (Boepd)
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10,070
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8,745
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9,579
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6,920
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Crude oil equivalent (Mboe)
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926
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805
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2,615
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1,889
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Realized Prices, net of realized hedging activity:
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Crude oil ($ per Bbl)
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$
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50.36
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$
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46.88
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$
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51.02
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$
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47.51
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Natural gas ($ per Mcf)
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1.61
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1.72
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1.69
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1.82
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Natural gas liquids ($ per Bbl)
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20.86
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11.03
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17.27
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10.27
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Crude oil equivalent ($per Boe)
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37.66
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32.47
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36.92
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31.78
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Expenses:
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Lease operating ($ per Boe)
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$
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7.26
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$
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5.08
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$
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6.51
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$
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6.16
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Production taxes (% of oil and gas revenue)
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8.6
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%
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8.3
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%
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8.1
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%
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8.5
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%
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General and administrative, excluding stock-based compensation ($
per Boe)
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$
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2.33
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$
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5.35
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$
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2.48
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$
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4.34
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Cash interest ($ per Boe)
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2.11
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0.94
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1.78
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0.81
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Depreciation, depletion and amortization ($ per Boe)
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11.89
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9.79
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11.41
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9.35
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(a) See reconciliation of non-GAAP financial measures below.
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ABRAXAS PETROLEUM CORPORATION
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CONSOLIDATED
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BALANCE SHEET DATA
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(In thousands)
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September 30,
2018
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December 31,
2017
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Cash
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$
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-
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$
|
1,618
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Working capital
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(49,434
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)
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(34,361
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Property and equipment - net
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332,328
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237,767
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Total assets
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381,493
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273,806
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Long-term debt - less current maturities
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149,159
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87,354
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Stockholders' equity
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110,218
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106,308
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Common shares outstanding
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166,610
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|
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165,890
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Working capital per bank loan covenants(a)
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(26,795
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)
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(23,262
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)
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(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.
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ABRAXAS PETROLEUM CORPORATION
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CONSOLIDATED
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STATEMENTS OF OPERATIONS
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Three Months Ended
September 30,
|
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Nine Months Ended
September 30,
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(In thousands except per share data)
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2018
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2017
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2018
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2017
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Revenues:
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Oil
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$
|
37,039
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$
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21,339
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$
|
100,505
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$
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48,153
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Gas
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1,897
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1,873
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5,882
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4,918
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Natural gas liquids
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2,677
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|
1,495
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6,735
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3,559
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41,613
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24,707
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113,122
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56,630
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Other
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12
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15
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49
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46
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41,625
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24,722
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113,171
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56,676
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Operating costs and expenses:
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Lease operating
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6,724
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|
4,089
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17,023
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|
|
11,628
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Production and ad valorem taxes
|
|
|
3,569
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|
|
2,045
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|
9,167
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|
|
|
4,823
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|
|
Depreciation, depletion, and amortization
|
|
|
11,011
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|
|
7,877
|
|
|
|
29,846
|
|
|
|
17,666
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|
General and administrative (including stock-based compensation of
$428, $750, $1,894 and $2,499 respectively)
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2,586
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|
|
5,057
|
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|
|
8,379
|
|
|
|
10,692
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|
|
|
|
|
23,890
|
|
|
19,068
|
|
|
|
64,415
|
|
|
|
44,809
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Operating income
|
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|
17,735
|
|
|
5,654
|
|
|
|
48,756
|
|
|
|
11,867
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|
|
|
|
|
|
|
|
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Other (income) expense:
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Interest income
|
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-
|
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|
-
|
|
|
|
(1
|
)
|
|
|
(1
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)
|
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Interest expense
|
|
|
2,083
|
|
|
868
|
|
|
|
5,039
|
|
|
|
1,876
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|
|
Amortization of deferred financing fees
|
|
|
113
|
|
|
100
|
|
|
|
320
|
|
|
|
354
|
|
|
Loss (gain) on derivative contracts
|
|
|
13,568
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|
|
5,456
|
|
|
|
41,215
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|
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|
(10,375
|
)
|
|
Loss (gain) on sale of non-oil and gas assets
|
|
|
194
|
|
|
-
|
|
|
|
181
|
|
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|
(102
|
)
|
|
|
|
|
15,958
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|
|
6,424
|
|
|
|
46,754
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|
|
|
(8,248
|
)
|
|
Income (loss) before income tax
|
|
|
1,777
|
|
|
(770
|
)
|
|
|
2,002
|
|
|
|
20,115
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|
|
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
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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
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20181107005851/en/ Copyright Business Wire 2018
Source: Business Wire
(November 7, 2018 - 4:05 PM EST)
News by QuoteMedia
www.quotemedia.com
|
