|
SAN ANTONIO--(BUSINESS WIRE)--
Abraxas Petroleum Corporation (AXAS) today reported financial and
operating results for the three and twelve months ended December 31,
2014.
On October 31, 2014 we closed on the sale of our interest in Canadian
Abraxas Petroleum, ULC ("Canadian Abraxas"), a wholly-owned Canadian
subsidiary of Abraxas Petroleum Corporation. As a result of the
disposal of Canadian Abraxas, the results of operations of Canadian
Abraxas are reflected in our Financial Statements and in this document
as “Discontinued Operations” and our remaining operations are referred
to in our Financial Statements and in this document as “Continuing
Operations” or “Continued Operations.” Unless otherwise noted,
all disclosures are for continuing operations.
Financial and Operating Results for the Three
Months Ended December 31, 2014
The three months ended December 31, 2014 resulted in:
-
Production of 624 MBoe (6,785 Boepd); 626 MBoe (6,808 Boepd) inclusive
of discontinued Canadian operations
-
Revenue of $34.2 million inclusive of realized hedge settlements
-
Adjusted EBITDA(a) of $20.6 million inclusive of Raven
Drilling
-
Adjusted discretionary cash flow(a) of $20.0 million
inclusive of Raven Drilling
-
Net income of $30.1 million, or $0.29 per share
-
Adjusted net income(a), excluding certain non-cash items
and inclusive of Raven Drilling of $6.1 million, or $0.06 per share
(a) See reconciliation of non-GAAP financial measures below.
Net income for the three months ended December 31, 2014 was $30.1
million, or $0.29 per share, compared to net income of $27.0 million, or
$0.29 per share, for the three months ended December 31, 2013.
Adjusted net income, excluding certain non-cash items, for the three
months ended December 31, 2014 was $6.1 million, or $0.06 per share,
compared to an adjusted net loss, excluding certain non-cash items, of
$1.4 million or $0.01 per share for the three months ended December 31,
2013. For the three months ended December 31, 2014 and 2013, adjusted
net income excludes the unrealized gain on derivative contracts of $23.0
million and of $0.2 million, respectively. Included in adjusted net
income is the net income for the quarters ended December 31, 2014 and
December 31, 2013 from our subsidiary, Raven Drilling, LLC of $0.8
million and $0.3 million, respectively.
Financial and Operating Results for the Twelve
Months Ended December 31, 2014
The twelve months ended December 31, 2014 resulted in:
-
Production of 2.1 MMBoe (5,720 Boepd); 2.1 MMBoe (5,776 Boepd)
inclusive of discontinued Canadian operations
-
Revenue of $134.1 million inclusive of realized hedge settlements
-
Adjusted EBITDA(a) of $91.5 million inclusive of Raven
Drilling
-
Adjusted discretionary cash flow(a) of $89.2 million
inclusive of Raven Drilling
-
Net income of $63.3 million, or $0.64 per share
-
Adjusted net income(a), excluding certain non-cash items
and inclusive of Raven Drilling of $39.8 million, or $0.40 per share
(a) See reconciliation of non-GAAP financial measures below.
Net income for the twelve months ended December 31, 2014 was $63.3
million, or $0.64 per share, compared to net income of $38.6 million, or
$0.42 per share, for the twelve months ended December 31, 2013.
Adjusted net income, excluding certain non-cash items, for the twelve
months ended December 31, 2014 was $39.8 million, or $0.40 per share,
compared to an adjusted net income, excluding certain non-cash items, of
$13.6 million or $0.15 per share for the twelve months ended
December 31, 2013. For the twelve months ended December 31, 2014 and
2013, adjusted net income excludes the unrealized gain on derivative
contracts of $24.9 million and $2.6 million, respectively. Included in
adjusted net income for the years ended December 31, 2014 and
December 31, 2013 is the net income from our subsidiary, Raven Drilling,
LLC of $2.8 million and $2.7 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,
and require 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 December 31, 2013 were $98.42 per
barrel compared to $53.27 on December 31, 2014; therefore, the
mark-to-market valuation changed considerably period to period.
Comments
Bob Watson, Abraxas' President and CEO, commented, "After a tremendous
2014 for Abraxas, we now enter a very tumultuous 2015 from a commodity
price perspective. We remain focused on preserving our abundant
liquidity and strong balance sheet, which we endeavor to use to our
advantage in a distressed environment. We are also blessed with an
attractive asset base that presents numerous opportunities to expand our
capital program should commodity prices and service costs dictate.
Although we significantly reduced LOE costs on a $/Boe basis in 2014, we
look to continue that trend in 2015 by optimizing our operations in the
current downturn. We look forward to updating the market on the results
of some of these efforts in the near future."
Conference Call
Abraxas Petroleum Corporation (AXAS) will host its fourth quarter
and full year 2014 earnings conference call at 11 AM ET on March 5,
2015. To participate in the conference call, please dial 888.713.4199
and enter the passcode 21930439. 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 until April 5, 2015 by
dialing 888.286.8010 and entering the passcode 67742028 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.
|
|
ABRAXAS PETROLEUM CORPORATION
|
CONSOLIDATED
|
FINANCIAL HIGHLIGHTS
|
|
(In thousands except per share data)
|
|
|
Three Months Ended December 31,
|
|
|
Twelve Months Ended December 31,
|
|
|
|
|
2014
|
|
|
|
|
2013
|
|
|
|
|
2014
|
|
|
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Results:
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
$
|
31,192
|
|
|
|
$
|
22,198
|
|
|
|
$
|
133,776
|
|
|
|
$
|
92,324
|
|
Adjusted EBITDA(a) |
|
|
|
20,597
|
|
|
|
|
8,885
|
|
|
|
|
91,458
|
|
|
|
|
50,654
|
|
Adjusted discretionary cash flow(a) |
|
|
|
20,043
|
|
|
|
|
7,960
|
|
|
|
|
89,214
|
|
|
|
|
46,421
|
|
Net income
|
|
|
|
30,132
|
|
|
|
|
26,996
|
|
|
|
|
63,269
|
|
|
|
|
38,647
|
|
Net income per share – basic
|
|
|
$
|
0.29
|
|
|
|
$
|
0.29
|
|
|
|
$
|
0.64
|
|
|
|
$
|
0.42
|
|
Net income per share – diluted
|
|
|
$
|
0.28
|
|
|
|
$
|
0.29
|
|
|
|
$
|
0.62
|
|
|
|
$
|
0.41
|
|
Adjusted net income (loss), excluding certain non-cash items(a) |
|
|
|
6,088
|
|
|
|
|
(1,384
|
)
|
|
|
|
39,837
|
|
|
|
|
13,634
|
|
Adjusted net income (loss), excluding certain non-cash items(a),
per share – basic
|
|
|
$
|
0.06
|
|
|
|
$
|
(0.01
|
)
|
|
|
$
|
0.40
|
|
|
|
$
|
0.15
|
|
Adjusted net income (loss), excluding certain non-cash items(a),
per share – diluted
|
|
|
$
|
0.06
|
|
|
|
$
|
(0.01
|
)
|
|
|
$
|
0.39
|
|
|
|
$
|
0.15
|
|
Weighted average shares outstanding – basic
|
|
|
|
104,419
|
|
|
|
|
92,502
|
|
|
|
|
98,835
|
|
|
|
|
92,451
|
|
Weighted average shares outstanding – diluted
|
|
|
|
106,937
|
|
|
|
|
94,035
|
|
|
|
|
101,468
|
|
|
|
|
93,538
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Production from Continuing Operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
Crude oil per day (Bblpd)
|
|
|
|
4,560
|
|
|
|
|
2,331
|
|
|
|
|
3,819
|
|
|
|
|
2,272
|
|
Natural gas per day (Mcfpd)
|
|
|
|
9,027
|
|
|
|
|
7,563
|
|
|
|
|
7,994
|
|
|
|
|
9,159
|
|
Natural gas liquids per day (Bblpd)
|
|
|
|
720
|
|
|
|
|
415
|
|
|
|
|
568
|
|
|
|
|
402
|
|
Crude oil equivalent per day (Boepd)
|
|
|
|
6,785
|
|
|
|
|
4,007
|
|
|
|
|
5,720
|
|
|
|
|
4,201
|
|
Crude oil equivalent (MBoe)
|
|
|
|
624
|
|
|
|
|
369
|
|
|
|
|
2,088
|
|
|
|
|
1,533
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Production inclusive of Discontinued Operations(b):
|
|
|
|
|
|
|
|
|
|
|
|
|
Crude oil per day (Bblpd)
|
|
|
|
4,574
|
|
|
|
|
2,375
|
|
|
|
|
3,851
|
|
|
|
|
2,329
|
|
Natural gas per day (Mcfpd)
|
|
|
|
9,076
|
|
|
|
|
7,738
|
|
|
|
|
8,122
|
|
|
|
|
9,373
|
|
Natural gas liquids per day (Bblpd)
|
|
|
|
721
|
|
|
|
|
420
|
|
|
|
|
571
|
|
|
|
|
407
|
|
Crude oil equivalent per day (Boepd)
|
|
|
|
6,808
|
|
|
|
|
4,084
|
|
|
|
|
5,776
|
|
|
|
|
4,298
|
|
Crude oil equivalent (MBoe)
|
|
|
|
626
|
|
|
|
|
376
|
|
|
|
|
2,108
|
|
|
|
|
1,569
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized Prices, net of realized hedging activity:
|
|
|
|
|
|
|
|
|
|
|
|
|
Crude oil ($ per Bbl)
|
|
|
$
|
70.11
|
|
|
|
$
|
79.42
|
|
|
|
$
|
82.79
|
|
|
|
$
|
85.95
|
|
Natural gas ($ per Mcf)
|
|
|
|
3.70
|
|
|
|
|
3.58
|
|
|
|
|
4.07
|
|
|
|
|
3.27
|
|
Natural gas liquids ($ per Bbl)
|
|
|
|
22.99
|
|
|
|
|
38.27
|
|
|
|
|
32.02
|
|
|
|
|
34.32
|
|
Crude oil equivalent ($ per Boe)
|
|
|
|
54.49
|
|
|
|
|
56.94
|
|
|
|
|
64.14
|
|
|
|
|
56.90
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease operating ($ per Boe)
|
|
|
$
|
12.04
|
|
|
|
$
|
17.94
|
|
|
|
$
|
12.39
|
|
|
|
$
|
15.13
|
|
Production taxes (% of oil and gas revenue)
|
|
|
|
8.6
|
%
|
|
|
|
8.9
|
%
|
|
|
|
8.6
|
%
|
|
|
|
9.1
|
%
|
General and administrative, excluding stock-based compensation ($
per Boe)
|
|
|
|
7.71
|
|
|
|
|
11.97
|
|
|
|
|
5.11
|
|
|
|
|
6.45
|
|
Cash interest ($ per Boe)
|
|
|
|
0.81
|
|
|
|
|
2.31
|
|
|
|
|
0.96
|
|
|
|
|
2.57
|
|
Depreciation, depletion and amortization ($ per Boe)
|
|
|
|
20.34
|
|
|
|
|
18.39
|
|
|
|
|
20.66
|
|
|
|
|
16.69
|
|
(a) See reconciliation of non-GAAP financial measures below.
(b) Includes Canadian Abraxas Petroleum ULC's production which was sold
effective October 31, 2014 and is now considered discontinued operations.
|
|
BALANCE SHEET DATA
|
|
(In thousands)
|
|
|
December 31, 2014
|
|
|
December 31, 2013
|
|
|
|
|
|
|
|
Cash
|
|
|
$
|
3,772
|
|
|
|
$
|
5,205
|
|
Working capital (a) |
|
|
|
(52,835
|
)
|
|
|
|
(38,401
|
)
|
Property and equipment – net
|
|
|
|
322,879
|
|
|
|
|
180,645
|
|
Total assets
|
|
|
|
374,900
|
|
|
|
|
223,650
|
|
|
|
|
|
|
|
|
Long-term debt
|
|
|
|
76,554
|
|
|
|
|
41,790
|
|
Stockholders’ equity
|
|
|
|
207,493
|
|
|
|
|
86,906
|
|
Common shares outstanding
|
|
|
|
106,187
|
|
|
|
|
92,906
|
|
(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
|
|
(In thousands except per share data)
|
|
|
Twelve Months Ended December 31,
|
|
|
|
|
2014
|
|
|
|
|
2013
|
|
|
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
Oil and gas production
|
|
|
$
|
133,701
|
|
|
|
$
|
92,268
|
|
|
|
$
|
65,590
|
|
Other
|
|
|
|
75
|
|
|
|
|
56
|
|
|
|
|
74
|
|
|
|
|
|
133,776
|
|
|
|
|
92,324
|
|
|
|
|
65,664
|
|
Operating costs and expenses:
|
|
|
|
|
|
|
|
|
|
Lease operating
|
|
|
|
25,875
|
|
|
|
|
23,205
|
|
|
|
|
22,578
|
|
Production and ad valorem taxes
|
|
|
|
11,462
|
|
|
|
|
8,437
|
|
|
|
|
6,588
|
|
Depreciation, depletion, and amortization
|
|
|
|
43,139
|
|
|
|
|
25,588
|
|
|
|
|
20,953
|
|
General and administrative (including stock-based compensation of
$2,703, $2,114, and $2,091, respectively)
|
|
|
|
13,378
|
|
|
|
|
11,997
|
|
|
|
|
10,013
|
|
|
|
|
|
93,854
|
|
|
|
|
69,227
|
|
|
|
|
60,132
|
|
Operating income
|
|
|
|
39,922
|
|
|
|
|
23,097
|
|
|
|
|
5,532
|
|
|
|
|
|
|
|
|
|
|
|
Other (income) expense:
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
|
(2
|
)
|
|
|
|
(3
|
)
|
|
|
|
(4
|
)
|
Interest expense
|
|
|
|
2,570
|
|
|
|
|
4,556
|
|
|
|
|
5,503
|
|
Amortization of deferred financing fees
|
|
|
|
934
|
|
|
|
|
1,367
|
|
|
|
|
937
|
|
(Gain) on sale of properties
|
|
|
|
—
|
|
|
|
|
(33,377
|
)
|
|
|
|
—
|
|
(Gain) loss on derivative contracts - realized
|
|
|
|
(361
|
)
|
|
|
|
5,035
|
|
|
|
|
459
|
|
(Gain) on derivative contracts - unrealized
|
|
|
|
(24,876
|
)
|
|
|
|
(2,561
|
)
|
|
|
|
(2,669
|
)
|
Earnings from equity method investment
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(2,207
|
)
|
Other
|
|
|
|
(7
|
)
|
|
|
|
539
|
|
|
|
|
97
|
|
|
|
|
|
(21,742
|
)
|
|
|
|
(24,444
|
)
|
|
|
|
2,116
|
|
Net income before income tax
|
|
|
|
61,664
|
|
|
|
|
47,541
|
|
|
|
|
3,416
|
|
Income tax (benefit) expense
|
|
|
|
(287
|
)
|
|
|
|
700
|
|
|
|
|
310
|
|
Net income from continuing operations
|
|
|
$
|
61,951
|
|
|
|
$
|
46,841
|
|
|
|
$
|
3,106
|
|
Net income (loss) from discontinued operations - net of tax
|
|
|
$
|
1,318
|
|
|
|
$
|
(8,194
|
)
|
|
|
$
|
(21,897
|
)
|
Net income (loss)
|
|
|
|
63,269
|
|
|
|
|
38,647
|
|
|
|
|
(18,791
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per common share - basic
|
|
|
|
|
|
|
|
|
|
Continuing operations
|
|
|
$
|
0.63
|
|
|
|
$
|
0.51
|
|
|
|
$
|
0.04
|
|
Discontinued operations
|
|
|
$
|
0.01
|
|
|
|
$
|
(0.09
|
)
|
|
|
$
|
(0.24
|
)
|
Net income per common share - basic
|
|
|
$
|
0.64
|
|
|
|
$
|
0.42
|
|
|
|
$
|
(0.20
|
)
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per common share - diluted
|
|
|
|
|
|
|
|
|
|
Continuing operations
|
|
|
$
|
0.61
|
|
|
|
$
|
0.50
|
|
|
|
$
|
0.04
|
|
Discontinued operations
|
|
|
$
|
0.01
|
|
|
|
$
|
(0.09
|
)
|
|
|
$
|
(0.24
|
)
|
Net income per common share - diluted
|
|
|
$
|
0.62
|
|
|
|
$
|
0.41
|
|
|
|
$
|
(0.20
|
)
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
98,835
|
|
|
|
|
92,451
|
|
|
|
|
91,914
|
|
Diluted
|
|
|
|
101,468
|
|
|
|
|
93,538
|
|
|
|
|
91,914
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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"), 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 calculated in accordance with GAAP is the most directly
comparable measure to discretionary cash flow; therefore, operating
income is utilized as the starting point for the discretionary cash flow
reconciliation.
Discretionary cash flow is defined as operating income 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, instead, the results of Raven Drilling’s
operations are credited to the full cost pool. 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 income for
the periods presented.
|
|
|
Three Months Ended
|
|
|
Twelve Months Ended
|
(In thousands)
|
|
|
December 31,
|
|
|
December 31,
|
|
|
|
|
2014
|
|
|
|
|
2013
|
|
|
|
|
2014
|
|
|
|
|
2013
|
|
Operating income
|
|
|
$
|
2,842
|
|
|
|
$
|
1,969
|
|
|
|
$
|
39,922
|
|
|
|
$
|
23,097
|
|
Depreciation, depletion and amortization
|
|
|
|
12,698
|
|
|
|
|
6,781
|
|
|
|
|
43,139
|
|
|
|
|
25,588
|
|
Stock-based compensation
|
|
|
|
653
|
|
|
|
|
452
|
|
|
|
|
2,703
|
|
|
|
|
2,114
|
|
Realized gain (loss) on derivative contracts
|
|
|
|
2,984
|
|
|
|
|
(1,203
|
)
|
|
|
|
361
|
|
|
|
|
(5,035
|
)
|
Cash interest
|
|
|
|
(503
|
)
|
|
|
|
(852
|
)
|
|
|
|
(2,009
|
)
|
|
|
|
(3,938
|
)
|
Discretionary cash flow
|
|
|
$
|
18,674
|
|
|
|
$
|
7,147
|
|
|
|
$
|
84,116
|
|
|
|
$
|
41,826
|
|
Cash flow from Raven Drilling operations
|
|
|
|
1,369
|
|
|
|
|
813
|
|
|
|
|
5,098
|
|
|
|
|
4,595
|
|
Adjusted discretionary cash flow
|
|
|
$
|
20,043
|
|
|
|
$
|
7,960
|
|
|
|
$
|
89,214
|
|
|
|
$
|
46,421
|
|
EBITDA is defined as net income 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. 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 income for the
periods presented.
(In thousands)
|
|
|
Three Months Ended December 31,
|
|
|
Twelve Months Ended December 31,
|
|
|
|
|
2014
|
|
|
|
|
2013
|
|
|
|
|
2014
|
|
|
|
|
2013
|
|
Net income
|
|
|
$
|
30,132
|
|
|
|
$
|
26,996
|
|
|
|
$
|
63,269
|
|
|
|
$
|
38,647
|
|
Net interest expense
|
|
|
|
643
|
|
|
|
|
997
|
|
|
|
|
2,568
|
|
|
|
|
4,553
|
|
Income tax (benefit) expense
|
|
|
|
(287
|
)
|
|
|
|
614
|
|
|
|
|
(287
|
)
|
|
|
|
700
|
|
Depreciation, depletion and amortization
|
|
|
|
12,698
|
|
|
|
|
6,781
|
|
|
|
|
43,139
|
|
|
|
|
25,588
|
|
Amortization of deferred financing fees
|
|
|
|
155
|
|
|
|
|
347
|
|
|
|
|
934
|
|
|
|
|
1,367
|
|
Stock-based compensation
|
|
|
|
653
|
|
|
|
|
452
|
|
|
|
|
2,703
|
|
|
|
|
2,114
|
|
Unrealized (gain) on derivative contracts
|
|
|
|
(22,977
|
)
|
|
|
|
(187
|
)
|
|
|
|
(24,876
|
)
|
|
|
|
(2,561
|
)
|
Other non-cash items
|
|
|
|
—
|
|
|
|
|
534
|
|
|
|
|
(7
|
)
|
|
|
|
539
|
|
(Gain) loss on sale of discontinuing operations
|
|
|
|
(1,840
|
)
|
|
|
|
4,843
|
|
|
|
|
(1,318
|
)
|
|
|
|
8,194
|
|
(Gain) on sale of properties
|
|
|
|
—
|
|
|
|
|
(33,377
|
)
|
|
|
|
—
|
|
|
|
|
(33,377
|
)
|
EBITDA
|
|
|
$
|
19,177
|
|
|
|
$
|
8,000
|
|
|
|
$
|
86,125
|
|
|
|
$
|
45,764
|
|
Raven Drilling EBITDA
|
|
|
|
1,420
|
|
|
|
|
885
|
|
|
|
|
5,333
|
|
|
|
|
4,890
|
|
Adjusted EBITDA
|
|
|
$
|
20,597
|
|
|
|
$
|
8,885
|
|
|
|
$
|
91,458
|
|
|
|
$
|
50,654
|
|
This release also includes a discussion of “adjusted net income,
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 income, excluding ceiling test impairment
and unrealized changes in derivative contracts and net income related to
Raven Drilling, LLC capitalized to the full cost pool, to net income for
the periods presented. 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.
(In thousands)
|
|
|
Three Months Ended December 31,
|
|
|
Twelve Months Ended December 31,
|
|
|
|
|
2014
|
|
|
|
|
2013
|
|
|
|
|
2014
|
|
|
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
$
|
30,132
|
|
|
|
$
|
26,996
|
|
|
|
$
|
63,269
|
|
|
|
$
|
38,647
|
|
Net income related to Raven Drilling
|
|
|
|
773
|
|
|
|
|
341
|
|
|
|
|
2,762
|
|
|
|
|
2,731
|
|
Unrealized (gain) on derivative contracts
|
|
|
|
(22,977
|
)
|
|
|
|
(187
|
)
|
|
|
|
(24,876
|
)
|
|
|
|
(2,561
|
)
|
(Gain) loss on sale of discontinuing operations
|
|
|
|
(1,840
|
)
|
|
|
|
4,843
|
|
|
|
|
(1,318
|
)
|
|
|
|
8,194
|
|
(Gain) on sale of properties
|
|
|
|
—
|
|
|
|
|
(33,377
|
)
|
|
|
|
—
|
|
|
|
|
(33,377
|
)
|
Adjusted net income (loss), excluding certain non-cash items
|
|
|
$
|
6,088
|
|
|
|
$
|
(1,384
|
)
|
|
|
$
|
39,837
|
|
|
|
$
|
13,634
|
|
Adjusted net income (loss), excluding certain non-cash items, per
share – basic
|
|
|
$
|
0.06
|
|
|
|
$
|
(0.01
|
)
|
|
|
$
|
0.40
|
|
|
|
$
|
0.15
|
|
Adjusted net income (loss), excluding certain non-cash items, per
share – diluted
|
|
|
$
|
0.06
|
|
|
|
$
|
(0.01
|
)
|
|
|
$
|
0.39
|
|
|
|
$
|
0.15
|
|
Net income per share – basic
|
|
|
$
|
0.29
|
|
|
|
$
|
0.29
|
|
|
|
$
|
0.64
|
|
|
|
$
|
0.42
|
|
Net income per share – diluted
|
|
|
$
|
0.28
|
|
|
|
$
|
0.29
|
|
|
|
$
|
0.62
|
|
|
|
$
|
0.41
|
|
|
|