Sign In  |  Register  |  About Pleasanton  |  Contact Us

Pleasanton, CA
September 01, 2020 1:32pm
7-Day Forecast | Traffic
  • Search Hotels in Pleasanton

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

Amplify Energy Announces Third Quarter 2023 Results, Strategic Updates and Issuance of Inaugural Sustainability Report

HOUSTON, Nov. 06, 2023 (GLOBE NEWSWIRE) -- Amplify Energy Corp. (NYSE: AMPY) (“Amplify” or the “Company”) announced today its operating and financial results for the third quarter of 2023 and additional disclosures.

Strategic Updates

As Amplify continues to evolve, we are pleased to announce the following near-term strategic initiatives:

1) Bairoil Marketing Process - Amplify has engaged an investment banking firm to conduct a market test of its Bairoil assets. The Company will pursue a complete sale of the assets while also considering alternative monetization structures that would maximize the value of the assets for Amplify’s shareholders. The marketing process will commence in the first quarter of 2024.

2) Beta Development Program - Amplify has conducted an in-depth technical review of the undeveloped potential in the Beta field and has decided to commence a Beta development program in the first half of 2024. The Company estimates it can drill and complete wells for approximately $5 – 6 million with IRRs that exceed 100% at current oil pricing.

3) Magnify Energy Services - The Company has created a wholly owned subsidiary, Magnify Energy Services, to provide a variety of oilfield services to Amplify-operated wells. Beginning in East Texas and Oklahoma, Magnify is providing compression, well-testing and other well maintenance services. Over time, Amplify may expand Magnify’s capabilities into other service lines and operating areas. Amplify believes Magnify will improve the Company’s profitability by providing services at a lower cost than current alternatives, while allowing the Company to have greater access to and control over these critical services.

Martyn Willsher, President and Chief Executive Officer, commented, “Amplify has made tremendous strides in 2023 in laying the foundation for unlocking substantial value from our mature, diversified portfolio of cash-flow generating assets. The return of production at Beta, substantial reduction in debt outstanding, and our new credit facility have enabled us to pursue additional opportunities to greatly enhance shareholder value. To that end, we are excited to announce several strategic initiatives.

First, we intend to commence a development program in the Beta field, which retains significant upside for the Company and is expected to increase profitability and operating margins in the coming years. Second, the Company intends to launch a marketing process for its low-decline oil-producing assets in Bairoil, Wyoming while also exploring alternative monetization structures to maximize value potential. Portfolio optimization will enable the Company to further reduce leverage and potentially accelerate Amplify’s ability to return capital to shareholders. Third, we have created a wholly owned subsidiary to insource certain field compressors and service equipment, which will allow us to capture value through efficiencies, reduced costs and greater control over operating expenses.”

Key Highlights

  • During the third quarter of 2023, the Company:
    • Achieved average total production of 20.6 Mboepd, while successfully implementing the planned turnaround at Bairoil
    • Generated net cash provided by operating activities of $18.0 million and a net loss of $13.4 million
    • Delivered Adjusted EBITDA of $19.5 million
    • Generated $6.1 million of free cash flow
  • On October 5, 2023, the Company announced the appointment of Vidisha Prasad to its Board of Directors
  • As of October 31, 2023, net debt was $104 million, consisting of $120 million outstanding under the revolving credit facility and $16 million of cash on hand
    • Net Debt to Last Twelve Months (“LTM”) Adjusted EBITDA of 1.2x1
  • The Company is reaffirming full-year 2023 guidance
  • The Company has issued its inaugural sustainability report which is now available on its website

(1)   Net debt as of October 31, 2023, and LTM Adjusted EBITDA as of the third quarter of 2023

Mr. Willsher commented, “Amplify’s third quarter results were in line with internal projections and included the impact of the planned Bairoil turnaround in September. The Company was able to accelerate the first phase of cost saving initiatives at Beta which should materially reduce future operating expenses. We believe these efforts, in addition to our low leverage, further cost savings initiatives and accretive asset investments, will bolster profitability and enhance our cash-flow generation, which we expect to materially increase in 2024 and beyond.”

Mr. Willsher concluded, “We are also pleased to present Amplify Energy’s inaugural sustainability report, which provides increased transparency to our stakeholders regarding our business and operating practices. This report details our safety procedures, environmental performance, efforts to enhance the long-term sustainability of our business, and dedication to sound corporate governance. We are committed to continuing to improve our disclosures and providing updates on our sustainability milestones.”

Key Financial Results

During the third quarter of 2023, the Company reported a net loss of approximately $13.4 million compared to $9.8 million of net income in the prior quarter. The decrease was primarily attributable to non-cash unrealized losses on commodity derivatives from rising commodity prices during the period.

Amplify generated $19.5 million of Adjusted EBITDA for the third quarter, an increase of approximately $1.9 million from $17.6 million in the prior quarter. The increase was primarily attributable to higher realized commodity prices.

Free cash flow, defined as Adjusted EBITDA less cash interest and capital spending, was $6.1 million for the third quarter of 2023.

    
  Third QuarterSecond Quarter
$ in millions 20232023
Net income (loss) ($13.4)$9.8
Net cash provided by operating activities $18.0$4.9
Average daily production (MBoe/d) 20.621.2
Total revenues excluding hedges $76.8$72.0
Adjusted EBITDA (a non-GAAP financial measure)$19.5$17.6
Total capital $9.7$7.9
Free Cash Flow (a non-GAAP financial measure)$6.1$6.1
    

Inaugural Sustainability Report

The Company issued its inaugural sustainability report, which is available on its website, www.amplifyenergy.com, under the “Sustainability” tab.

The report provides information about Amplify’s environmental, social and governance (“ESG”) initiatives, practices and related metrics.

Revolving Credit Facility

On October 19, 2023, Amplify completed the regularly scheduled semi-annual redetermination of its borrowing base, which was reaffirmed at $150 million with elected commitments of $135 million. The next regularly scheduled borrowing base redetermination is expected to occur in the second quarter of 2024.

As of October 31, 2023, Amplify had net debt of $104 million, consisting of $120 million outstanding under its revolving credit facility and $16 million of cash on hand. Net Debt to LTM Adjusted EBITDA was 1.2x (net debt as of October 31, 2023 and 3Q23 LTM Adjusted EBITDA).

Corporate Production and Pricing Update

During the third quarter of 2023, average daily production was approximately 20.6 MBoepd, a decrease of 3% from 21.2 MBoepd in the second quarter. This decrease was primarily due the planned turnaround at Bairoil (where the field was shut-in for 10 days to perform maintenance and facility improvements), significant flash flooding at Bairoil that impacted operations for several days, and short-term production interruptions at Beta to implement cost savings initiatives. The Company’s product mix for the quarter was 38% crude oil, 18% NGLs, and 44% natural gas.

      
  Three Months  Three Months  
  Ended Ended 
  September 30, 2023 June 30, 2023 
      
Production volumes - MBOE:     
 Oklahoma 536 542 
 Rockies (Bairoil) 263 315 
 Southern California (Beta) 246 158 
 East Texas / North Louisiana 754 792 
 Eagle Ford (Non-Op) 98 121 
 Total - MBoe 1,897 1,928 
 Total - MBoe/d 20.6 21.2 
 % - Liquids 56% 55% 
       

Total oil, natural gas and NGL revenues for the third quarter of 2023 were approximately $76.4 million, before the impact of derivatives, compared to $67.4 million in the prior quarter. The Company realized a loss on commodity derivatives of $3.9 million during the quarter, compared to a $1.5 million gain in the previous quarter. Oil and gas revenues, net of realized hedges, increased $3.6 million for the third quarter compared to the second quarter.

The following table sets forth information regarding average realized sales prices for the periods indicated:

  Crude Oil ($/Bbl)NGLs ($/Bbl)Natural Gas ($/Mcf) 
  Three Months
Ended
September 30,
2023
 Three Months
Ended
June 30,
2023
 Three Months
Ended
September 30,
2023
 Three Months
Ended
June 30,
2023
 Three Months
Ended
September 30,
2023
 Three Months
Ended
June 30,
2023
 
              
Average sales price exclusive of realized derivatives and certain deductions from revenue $78.45  $69.86  $24.89  $21.25  $2.27 $1.93 
Realized derivatives  (9.89)  (4.57)  -   -   0.66  0.92 
              
Average sales price with realized derivatives exclusive of certain deductions from revenue $68.56  $65.29  $24.89  $21.25  $2.93 $2.85 
Certain deductions from revenue  -   -   (1.55)  (1.46)  0.01  0.01 
              
Average sales price inclusive of realized derivatives and certain deductions from revenue $68.56  $65.29  $23.33  $19.80  $2.94 $2.86 
              

Costs and Expenses

Lease operating expenses in the third quarter of 2023 were approximately $37.1 million, or $19.55 per Boe. Operating expenses were $2.2 million higher than second-quarter operating expenses, primarily due to returning the Beta field to production and increased costs associated with the flooding event at Bairoil.

Severance and Ad Valorem taxes in the third quarter were approximately $4.9 million, a decrease of $0.3 million compared to $5.2 million in the prior quarter. Severance and Ad Valorem taxes as a percentage of revenue were approximately 6.5% this quarter compared to 7.7% in the previous quarter.

Amplify incurred $5.0 million, or $2.63 per Boe, of gathering, processing and transportation expenses in the third quarter, compared to $5.1 million, or $2.67 per Boe, in the previous quarter.

Third quarter cash G&A expenses were $6.5 million, an increase of $0.3 million from $6.2 million in the second quarter. We expect cash G&A to remain flat in the fourth quarter.

Depreciation, depletion and amortization expense for the third quarter totaled $7.5 million, or $3.95 per Boe, compared to $7.1 million, or $3.67 per Boe, in the prior quarter.

Net interest expense was $4.5 million this quarter, an increase of $0.8 million from $3.7 million in the second quarter. This increase was primarily due to writing off $0.7 million associated with the prior credit facility.

Amplify recorded a current income tax expense of $1.4 million for the third quarter.

Capital Investment Update

Cash capital investment during the third quarter of 2023 was approximately $9.7 million, a $1.8 million increase from $7.9 million in the prior quarter. The majority of capital investment this quarter was related to workover and facility projects at Beta and the planned turnaround at Bairoil.

The following table details Amplify’s capital incurred during the quarter:

  Third Quarter Year to Date
  2023 Capital Capital
  Spend ($ MM) Spend ($ MM)
Oklahoma $1.0 $4.2
Rockies (Bairoil) $3.3 $3.6
Southern California (Beta) $4.7 $11.4
East Texas / North Louisiana $0.3 $0.6
Eagle Ford (Non-Op) $0.4 $6.9
Total Capital Invested $ 9.7 $ 26.6
     

The Company’s capital investments for the remainder of 2023 will focus primarily on well workovers in addition to facility projects at Beta which will improve operational efficiencies, reduce power expenses and significantly reduce emissions.

Hedging Update

The following table reflects the hedged volumes under Amplify’s commodity derivative contracts and the average fixed, floor and ceiling prices at which production is hedged for October 2023 through December 2026, as of November 6, 2023:

         
  2023 2024 2025 2026
         
Natural Gas Swaps:        
Average Monthly Volume (MMBtu)    662,500�� 675,000  291,667
Weighted Average Fixed Price ($)   $3.72 $3.74 $3.72
         
Natural Gas Collars:        
Two-way collars        
Average Monthly Volume (MMBtu)  1,336,000  627,083  500,000  291,667
Weighted Average Ceiling Price ($) $5.22 $4.32 $4.10 $4.10
Weighted Average Floor Price ($) $3.35 $3.43 $3.50 $3.50
         
Oil Swaps:        
Average Monthly Volume (Bbls)  113,333  61,333  53,000  30,917
Weighted Average Fixed Price ($) $66.91 $73.55 $70.68 $70.68
         
Oil Collars:        
Two-way collars        
Average Monthly Volume (Bbls)  15,000  102,000  59,500  
Weighted Average Ceiling Price ($) $76.16 $80.20 $80.20  
Weighted Average Floor Price ($) $65.00 $70.00 $70.00  
         
Three-way collars        
Average Monthly Volume (Bbls)  50,000      
Weighted Average Ceiling Price ($) $74.54      
Weighted Average Floor Price ($) $58.00      
Weighted Average Sub-Floor Price ($) $43.00      
         

Amplify posted an updated investor presentation containing additional hedging information on its website, www.amplifyenergy.com, under the Investor Relations section.

Quarterly Report on Form 10-Q

Amplify’s financial statements and related footnotes will be available in its Quarterly Report on Form 10-Q for the quarter ended September 30, 2023, which Amplify expects to file with the SEC on November 6, 2023.

About Amplify Energy

Amplify Energy Corp. is an independent oil and natural gas company engaged in the acquisition, development, exploitation and production of oil and natural gas properties. Amplify’s operations are focused in Oklahoma, the Rockies (Bairoil), federal waters offshore Southern California (Beta), East Texas / North Louisiana, and the Eagle Ford (Non-op). For more information, visit www.amplifyenergy.com.

Conference Call

Amplify will host an investor teleconference tomorrow at 10:00 a.m. Central Time to discuss these operating and financial results. Interested parties may join the call by dialing (800) 343-5172 at least 15 minutes before the call begins and providing the Conference ID: AEC3Q23. A telephonic replay will be available for fourteen days following the call by dialing (800) 654-1563 and providing the Conference ID: 10190845.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. Terminology such as “may,” “will,” “would,” “should,” “expect,” “plan,” “project,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “pursue,” “target,” “outlook,” “continue,” the negative of such terms or other comparable terminology are intended to identify forward-looking statements. These statements include, but are not limited to, statements about the Company’s expectations of plans, goals, strategies (including measures to implement strategies), objectives and anticipated results with respect thereto. These statements address activities, events or developments that we expect or anticipate will or may occur in the future, including things such as projections of results of operations, plans for growth, goals, future capital expenditures, competitive strengths, references to future intentions and other such references. These forward-looking statements involve risks and uncertainties and other factors that could cause the Company’s actual results or financial condition to differ materially from those expressed or implied by forward-looking statements. These include risks and uncertainties relating to, among other things: the ongoing impact of the Incident, the Company’s evaluation and implementation of strategic alternatives; the Company’s ability to satisfy debt obligations; the Company’s need to make accretive acquisitions or substantial capital expenditures to maintain its declining asset base, including the existence of unanticipated liabilities or problems relating to acquired or divested business or properties; volatility in the prices for oil, natural gas and NGLs; the Company’s ability to access funds on acceptable terms, if at all, because of the terms and conditions governing the Company’s indebtedness, including financial covenants; general political and economic conditions, globally and in the jurisdictions in which we operate, including conflicts in the Middle East and escalating tensions between Russia and Ukraine and the potential destabilizing effect such conflicts may pose for the global oil and natural gas markets and effects of inflation; the impact of legislation and governmental regulations, including those related to climate change and hydraulic fracturing; and the occurrence or threat of epidemic or pandemic diseases, including the COVID-19 pandemic, or any government response to such occurrence or threat. Please read the Company’s filings with the SEC, including “Risk Factors” in the Company’s Annual Report on Form 10-K, and if applicable, the Company’s Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, which are available on the Company’s Investor Relations website at https://www.amplifyenergy.com/investor-relations/sec-filings/default.aspx or on the SEC’s website at http://www.sec.gov, for a discussion of risks and uncertainties that could cause actual results to differ from those in such forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements in this press release are qualified in their entirety by these cautionary statements. Except as required by law, the Company undertakes no obligation and does not intend to update or revise any forward-looking statements, whether as a result of new information, future results or otherwise.

Use of Non-GAAP Financial Measures

This press release and accompanying schedules include the non-GAAP financial measures of Adjusted EBITDA, free cash flow and net debt. The accompanying schedules provide a reconciliation of these non-GAAP financial measures to their most directly comparable financial measures calculated and presented in accordance with GAAP. Amplify’s non-GAAP financial measures should not be considered as alternatives to GAAP measures such as net income, operating income, net cash flows provided by operating activities, standardized measure of discounted future net cash flows, or any other measure of financial performance calculated and presented in accordance with GAAP. Amplify’s non-GAAP financial measures may not be comparable to similarly titled measures of other companies because they may not calculate such measures in the same manner as Amplify does.

Adjusted EBITDA. Amplify defines Adjusted EBITDA as net income or loss, plus interest expense; income tax expenses; depreciation, depletion and amortization; accretion of asset retirement obligations; losses on commodity derivative instruments; cash settlements received on expired commodity derivative instruments; share-based compensation expenses; exploration costs; loss on settlement of AROs; bad debt expense; pipeline incident loss; acquisition and divestiture related costs; and LOPI-timing differences. Adjusted EBITDA is commonly used as a supplemental financial measure by management and external users of Amplify’s financial statements, such as investors, research analysts and rating agencies, to assess: (1) its operating performance as compared to other companies in Amplify’s industry without regard to financing methods, capital structures or historical cost basis; (2) the ability of its assets to generate cash sufficient to pay interest and support Amplify’s indebtedness; and (3) the viability of projects and the overall rates of return on alternative investment opportunities. Since Adjusted EBITDA excludes some, but not all, items that affect net income or loss and because these measures may vary among other companies, the Adjusted EBITDA data presented in this press release may not be comparable to similarly titled measures of other companies. The GAAP measures most directly comparable to Adjusted EBITDA are net income and net cash provided by operating activities.

Free cash flow. Amplify defines free cash flow as Adjusted EBITDA, less cash interest expense and capital expenditures. Free cash flow is an important non-GAAP financial measure for Amplify’s investors since it serves as an indicator of the Company’s success in providing a cash return on investment. The GAAP measures most directly comparable to free cash flow are net income and net cash provided by operating activities.

Net debt. Amplify defines net debt as the total principal amount drawn on the revolving credit facility less cash and cash equivalents. The Company uses net debt as a measure of financial position and believes this measure provides useful additional information to investors to evaluate the Company's capital structure and financial leverage.

Contacts

Jim Frew -- Senior Vice President and Chief Financial Officer
(832) 219-9044
jim.frew@amplifyenergy.com 

Michael Jordan -- Director, Finance and Treasurer
(832) 219-9051
michael.jordan@amplifyenergy.com


Selected Operating and Financial Data (Tables)

Amplify Energy Corp.    
Selected Financial Data - Unaudited    
Statements of Operations Data    
      
      
   Three Months  Three Months
   Ended Ended
(Amounts in $000s, except per share data) September 30, 2023 June 30, 2023
      
Revenues:    
 Oil and natural gas sales $76,403  $67,393 
 Other revenues  367   4,578 
    Total revenues  76,770   71,971 
      
Costs and Expenses:    
 Lease operating expense  37,083   34,903 
 Pipeline incident loss  559   6,844 
 Gathering, processing and transportation  4,984   5,149 
 Exploration  -   14 
 Taxes other than income  4,942   5,205 
 Depreciation, depletion and amortization  7,489   7,072 
 General and administrative expense  8,255   7,778 
 Accretion of asset retirement obligations  2,005   1,975 
 Realized (gain) loss on commodity derivatives 3,232   (1,517)
 Unrealized (gain) loss on commodity derivatives 20,096   (2,281)
 Other, net  449   239 
    Total costs and expenses  89,094   65,381 
      
Operating Income (loss)  (12,324)  6,590 
      
Other Income (Expense):    
 Interest expense, net  (4,470)  (3,701)
 Other income (expense)  124   122 
 Total Other Income (Expense)  (4,346)  (3,579)
      
 Income (loss) before reorganization items, net and income taxes (16,670)  3,011 
      
Income tax benefit (expense) - current  (1,441)  6,853 
Income tax benefit (expense) - deferred  4,708   (48)
      
 Net income (loss) $(13,403) $9,816 
      
Earnings per share:    
 Basic and diluted earnings (loss) per share $(0.34) $0.24 
      



Selected Financial Data - Unaudited    
Operating Statistics    
      
      
   Three Months  Three Months
   Ended Ended
(Amounts in $000s, except per share data) September 30, 2023 June 30, 2023
      
Oil and natural gas revenue:    
 Oil Sales $57,214 $50,750
 NGL Sales  7,777  6,411
 Natural Gas Sales  11,412  10,232
    Total oil and natural gas sales - Unhedged$76,403 $67,393
      
Production volumes:    
 Oil Sales - MBbls  729  727
 NGL Sales - MBbls  334  324
 Natural Gas Sales - MMcf  5,006  5,263
     Total - MBoe  1,897  1,928
     Total - MBoe/d  20.6  21.2
      
Average sales price (excluding commodity derivatives):   
 Oil - per Bbl $78.45 $69.86
 NGL - per Bbl $23.33 $19.80
 Natural gas - per Mcf $2.28 $1.94
    Total - per Boe $40.28 $34.97
      
Average unit costs per Boe:    
 Lease operating expense $19.54 $18.10
 Gathering, processing and transportation $2.63 $2.67
 Taxes other than income $2.60 $2.70
 General and administrative expense $4.35 $4.03
 Depletion, depreciation, and amortization $3.95 $3.67
      



Selected Financial Data - Unaudited    
Asset Operating Statistics    
      
      
      
   Three Months  Three Months
   Ended Ended
   September 30, 2023 June 30, 2023
      
Production volumes - MBOE:    
 Oklahoma  536   542 
 Rockies (Bairoil)  263   315 
 Southern California (Beta)  246   158 
 East Texas / North Louisiana  754   792 
 Eagle Ford (Non-Op)  98   121 
     Total - MBoe  1,897   1,928 
     Total - MBoe/d  20.6   21.2 
     % - Liquids  56%   55% 
      
Lease operating expense - $M:    
 Oklahoma $5,022  $4,709 
 Rockies (Bairoil)  12,107   12,316 
 Southern California (Beta)  11,902   10,271 
 East Texas / North Louisiana  6,397   6,151 
 Eagle Ford (Non-Op)  1,655   1,457 
 Total Lease operating expense: $37,083  $34,904 
      
Capital expenditures - $M:    
 Oklahoma $955  $1,379 
 Rockies (Bairoil)  3,340   346 
 Southern California (Beta)  4,742   4,718 
 East Texas / North Louisiana  293   134 
 Eagle Ford (Non-Op)  368   1,371 
 Total Capital expenditures: $9,698  $7,948 
      



       
Selected Financial Data - Unaudited    
Balance Sheet Data    
       
       
(Amounts in $000s, except per share data) September 30, 2023 June 30, 2023
       
       
Assets    
 Cash and Cash Equivalents $6,387  $1,865 
 Accounts Receivable  47,864   63,021 
 Other Current Assets  24,003   23,452 
  Total Current Assets $78,254  $88,338 
       
 Net Oil and Gas Properties $346,896  $345,023 
 Other Long-Term Assets  291,955   282,119 
  Total Assets $717,105  $715,480 
       
Liabilities    
 Accounts Payable $18,708  $23,382 
 Accrued Liabilities  55,354   55,387 
 Other Current Liabilities  34,195   22,231 
  Total Current Liabilities $108,257  $101,000 
       
 Long-Term Debt $120,000  $120,000 
 Asset Retirement Obligation  119,856   118,627 
 Other Long-Term Liabilities  22,955   17,709 
  Total Liabilities $371,068  $357,336 
       
Shareholders' Equity    
 Common Stock & APIC $434,067  $432,771 
 Accumulated Earnings (Deficit)  (88,030)  (74,627)
  Total Shareholders' Equity $346,037  $358,144 
       



Selected Financial Data - Unaudited    
Statements of Cash Flows Data    
     
     
  Three Months  Three Months
  Ended Ended
(Amounts in $000s, except per share data) September 30, 2023 June 30, 2023
     
     
Net cash provided by (used in) operating activities$18,007  $4,908 
Net cash provided by (used in) investing activities (8,816)  (10,732)
Net cash provided by (used in) financing activities (4,669)  (5,066)
     



Selected Operating and Financial Data (Tables)   
Reconciliation of Unaudited GAAP Financial Measures to Non-GAAP Financial Measures  
Adjusted EBITDA and Free Cash Flow   
     
     
  Three Months  Three Months
  Ended Ended
(Amounts in $000s, except per share data)September 30, 2023 June 30, 2023
     
Reconciliation of Adjusted EBITDA to Net Cash Provided from Operating Activities:  
 Net cash provided by operating activities$18,007  $4,908 
 Changes in working capital (4,985)  13,168 
 Interest expense, net 4,470   3,701 
 Cash settlements received on terminated commodity derivatives (658)  - 
 Amortization and write-off of deferred financing fees (908)  (310)
 Exploration costs -   14 
 Acquisition and divestiture related costs 216   - 
 Plugging and abandonment cost 1,153   528 
 Current income tax expense (benefit) 1,441   (6,853)
 Pipeline incident loss 559   6,844 
 LOPI - timing differences -   (4,636)
 Other 188   188 
Adjusted EBITDA:$19,483  $17,552 
     
Reconciliation of Free Cash Flow to Net Cash Provided from Operating Activities:  
Adjusted EBITDA:$19,483  $17,552 
 Less: Cash interest expense (3,642)  (3,525)
 Less: Capital expenditures (9,698)  (7,947)
Free Cash Flow:$6,143  $6,080 
     



Selected Operating and Financial Data (Tables)    
Reconciliation of Unaudited GAAP Financial Measures to Non-GAAP Financial Measures  
Adjusted EBITDA and Free Cash Flow    
      
      
   Three Months  Three Months
   Ended Ended
(Amounts in $000s, except per share data) September 30, 2023 June 30, 2023
      
Reconciliation of Adjusted EBITDA to Net Income (Loss):   
 Net income (loss) $(13,403) $9,816 
 Interest expense, net  4,470   3,701 
 Income tax expense (benefit) - current  1,441   (6,853)
 Income tax expense (benefit) - deferred  (4,708)  48 
 Depreciation, depletion and amortization  7,489   7,072 
 Accretion of asset retirement obligations  2,005   1,975 
 (Gains) losses on commodity derivatives  23,328   (3,798)
 Cash settlements received (paid) on expired commodity derivative instruments  (3,890)  1,517 
 Acquisition and divestiture related costs  216   - 
 Share-based compensation expense  1,327   1,340 
 Exploration costs  -   14 
 Loss on settlement of AROs  449   239 
 Bad debt expense  12   85 
 Pipeline incident loss  559   6,844 
 LOPI - timing differences  -   (4,636)
 Other  188   188 
 Adjusted EBITDA: $19,483  $17,552 
      
 Reconciliation of Free Cash Flow to Net Income (Loss):   
 Adjusted EBITDA: $19,483  $17,552 
 Less: Cash interest expense  (3,642)  (3,525)
 Less: Capital expenditures  (9,698)  (7,947)
 Free Cash Flow: $6,143  $6,080 
      



Primary Logo

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Photography by Christophe Tomatis
Copyright © 2010-2020 Pleasanton.com & California Media Partners, LLC. All rights reserved.