Key Highlights
- During the first quarter of 2024, the Company:
- Achieved average total production of 20.2 MBoepd, while successfully implementing a limited turnaround at Bairoil and completing Phase 2 of the Beta infrastructure electrification and emissions reduction project
- Generated net cash provided by operating activities of
$7.7 million and a net loss of$9.4 million - Delivered Adjusted EBITDA of
$24.9 million - Generated
$2.3 million of free cash flow
- Based on better-than-expected first quarter results and higher forecasted crude oil prices for the remainder of 2024, the Company is increasing its 2024 guidance
- The Bairoil monetization process is progressing as expected
- The Beta development program commenced in March with the drilling of the A45 well
- We experienced equipment issues during drilling operations that caused complications and changes to our completion plans for this well
- In order to maintain the development schedule for our remaining wells and the compliance timelines associated with our electrification project, we intend to spud our next development well this month and defer completion of the A45 well until the fourth quarter of 2024
- The Company replaced its prior surety bonds and successfully negotiated new sinking fund payments, saving approximately
$7 million per year - Amplify successfully renegotiated its iodine royalty contracts in
Oklahoma , which is expected to increase Other Revenue in 2024 by$2 -$3 million - As of
March 31, 2024 , net debt was$112 million , consisting of$115 million outstanding under the revolving credit facility and$3 million of cash and cash equivalents- Net Debt to Last Twelve Months (“LTM”) Adjusted EBITDA of 1.3x1
(1) Net debt as of
Key Financial Results
During the first quarter of 2024, the Company reported a net loss of approximately
Due to stronger crude oil prices and reduced downtime at Beta, Amplify generated
As projected, capital investment in the first quarter increased significantly compared to the prior quarter. Despite this increase, Amplify generated net cash provided by operating activities of
First Quarter | Fourth Quarter | |||||
$ in millions | 2024 | 2023 | ||||
Net income (loss) | ( | ) | ||||
Net cash provided by operating activities | ||||||
Average daily production (MBoe/d) | 20.2 | 20.8 | ||||
Total revenues excluding hedges | ||||||
Adjusted EBITDA (a non-GAAP financial measure) | ||||||
Total capital | ||||||
Free Cash Flow (a non-GAAP financial measure) | ||||||
Revolving Credit Facility
On
As of
Corporate Production and Pricing
During the first quarter of 2024, average daily production was approximately 20.2 MBoepd. The Company added incremental oil production in the first quarter of 2024 versus the fourth quarter of 2023, despite curtailments associated with the limited turnaround at Bairoil and scheduled shut-ins at Beta related to the electrification project. Although oil production increased versus the prior quarter, natural gas production was lower quarter over quarter primarily due to third-party interruptions and higher shrinks as a result of processing more ethane. The Company’s product mix for the quarter was 43% crude oil, 18% NGLs, and 39% natural gas.
Three Months | Three Months | |||||||||
Ended | Ended | |||||||||
Production volumes - MBOE: | ||||||||||
Bairoil | 293 | 314 | ||||||||
Beta | 281 | 275 | ||||||||
488 | 506 | |||||||||
676 | 731 | |||||||||
104 | 84 | |||||||||
Total - MBoe | 1,842 | 1,910 | ||||||||
Total - MBoe/d | 20.2 | 20.8 | ||||||||
% - Liquids | 61% | 59% | ||||||||
Total oil, natural gas and NGL revenues for the first quarter of 2024 were approximately
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 2024 | Three Months Ended 2023 | Three Months Ended 2024 | Three Months Ended 2023 | Three Months Ended 2024 | Three Months Ended 2023 | ||||||||||||||||||
Average sales price | |||||||||||||||||||||||
exclusive of realized derivatives and certain deductions from revenue…........ | $ | 72.98 | $ | 75.31 | $ | 24.07 | $ | 23.36 | $ | 2.39 | $ | 2.49 | |||||||||||
Realized derivatives…... | (1.17 | ) | (6.84 | ) | - | - | 1.21 | 0.46 | |||||||||||||||
Average sales price | |||||||||||||||||||||||
with realized derivatives exclusive of certain deductions from revenue…........ | $ | 71.81 | $ | 68.47 | $ | 24.07 | $ | 23.36 | $ | 3.59 | $ | 2.95 | |||||||||||
Certain deductions | |||||||||||||||||||||||
from revenue…......... | - | - | (1.46 | ) | (1.47 | ) | 0.01 | 0.01 | |||||||||||||||
Average sales price | |||||||||||||||||||||||
inclusive of realized derivatives and certain deductions from revenue…........ | $ | 71.81 | $ | 68.47 | $ | 22.61 | $ | 21.89 | $ | 3.60 | $ | 2.96 | |||||||||||
Costs and Expenses
Lease operating expenses in the first quarter of 2024 were approximately
Severance and Ad Valorem taxes in the first quarter were approximately
Amplify incurred
First quarter cash G&A expenses were
Depreciation, depletion and amortization expense for the first quarter totaled
Net interest expense was
Amplify recorded current income tax expense of
Capital Investments
Cash capital investment during the first quarter of 2024 was approximately
The following table details Amplify’s capital invested during the first quarter 2024:
First Quarter | ||||
2024 Capital | ||||
($ MM) | ||||
Bairoil | $ | 1.5 | ||
Beta | $ | 15.7 | ||
$ | 0.8 | |||
$ | 0.1 | |||
$ | 0.4 | |||
Magnify Energy Services | $ | 0.7 | ||
Total Capital Invested | $ | 19.1 | ||
The Company’s capital investments for the remainder of 2024 will be allocated to development and continued facility enhancements at Beta, high-return workovers across our assets, and non-operated projects. In the Eagle Ford, the Company is expecting to participate in 13 gross (0.7 net) new development wells and 2 gross (0.4 net) recompletion projects, while in
In the first quarter, we completed the second phase of the electrification and emissions reduction infrastructure project, which involved successfully replacing our diesel-driven injection pumps with electric pumps on the Elly platform. We are now proceeding with the third and final phase of the project, which involves installing selective catalytic reducers on our rig engines on the Ellen platform. Amplify remains on target to meet the compliance deadline in the fourth quarter of 2024, as prescribed by district air quality regulations.
With respect to the development program, the Company spud the A45 well from the Ellen platform in March and successfully reached the objective formation. Amplify’s formation logs reinforce the Company’s views that the target interval has a high oil saturation and is expected to deliver positive results. During drilling operations, Amplify experienced equipment issues, which led to drilling complications. As a result, we have altered the completion design for the well. Due to equipment availability for the revised completion and because commencement of the third phase of the electrification project is critical to achieve the project deadline, we are deferring the completion of the A45 well until the fourth quarter of 2024. We expect to spud our second development well this month, with its completion anticipated in the second quarter, and we plan to spud two additional development wells in the third quarter.
In the first quarter, Amplify successfully replaced its prior surety bonds with new surety bonds from a different group of providers. As a result, the Company was able to successfully restructure its sinking fund obligations which will lower annual payments by approximately
Iodine Royalty Agreements
In
Updated Full-Year 2024 Guidance
Based on better-than-expected first quarter results and continued strength in crude oil prices, the Company is providing updated guidance for 2024. The following guidance is subject to the cautionary statements and limitations described under the "Forward-Looking Statements" caption at the end of this press release. Amplify's updated 2024 guidance is based on its current expectations regarding capital investment and flat commodity prices for crude oil of
A summary of the guidance is presented below:
Previous Guidance | Updated Guidance | ||||||||||||||||||||||
FY 2024E | FY 2024E | ||||||||||||||||||||||
Low | High | Low | High | ||||||||||||||||||||
Net Average Daily Production | |||||||||||||||||||||||
Oil (MBbls/d) | 8.0 | - | 8.9 | 8.0 | - | 8.9 | |||||||||||||||||
NGL (MBbls/d) | 3.0 | - | 3.3 | 3.1 | - | 3.5 | |||||||||||||||||
Natural Gas (MMcf/d) | 47.0 | - | 52.5 | 44.0 | - | 50.0 | |||||||||||||||||
Total (MBoe/d) | 19.0 | - | 21.0 | 19.0 | - | 21.0 | |||||||||||||||||
Commodity Price Differential / Realizations (Unhedged) | |||||||||||||||||||||||
Oil Differential ($ / Bbl) | ( | ) | - | ( | ( | ) | - | ( | |||||||||||||||
NGL Realized Price (% of WTI NYMEX) | 27% | - | 30% | 27% | - | 30% | |||||||||||||||||
Natural Gas Realized Price (% of | 85% | - | 92% | 88% | - | 94% | |||||||||||||||||
Other Revenue | |||||||||||||||||||||||
Magnify Energy Services ($ MM) | - | - | |||||||||||||||||||||
Other ($ MM) | - | - | - | - | |||||||||||||||||||
Total ($ MM) | $2 | - | $4 | $4 | - | $7 | |||||||||||||||||
Gathering, Processing and Transportation Costs | |||||||||||||||||||||||
Oil ($ / Bbl) | - | - | |||||||||||||||||||||
NGL ($ / Bbl) | - | - | |||||||||||||||||||||
Natural Gas ($ / Mcf) | - | - | |||||||||||||||||||||
Total ($ / Boe) | $2.30 | - | $2.90 | $2.30 | - | $2.90 | |||||||||||||||||
Average Costs | |||||||||||||||||||||||
Lease Operating ($ / Boe) | - | - | |||||||||||||||||||||
Taxes (% of Revenue) (1) | 6.5% | - | 7.5% | 6.5% | - | 7.5% | |||||||||||||||||
Cash General and Administrative ($ / Boe) (2)(3) | - | - | |||||||||||||||||||||
Adjusted EBITDA ($ MM) (2)(3) | $90 | - | $110 | $95 | - | $115 | |||||||||||||||||
Cash Interest Expense ($ MM) | - | - | |||||||||||||||||||||
Capital Expenditures ($ MM) | - | - | |||||||||||||||||||||
Free Cash Flow ($ MM) (2)(3) | $20 | - | $40 | $25 | - | $45 | |||||||||||||||||
(1) Includes production, ad valorem and franchise taxes (2) Refer to “Use of Non-GAAP Financial Measures” for Amplify’s definition and use of cash G&A, Adjusted EBITDA and free cash flow, non-GAAP measures (cash income taxes, which are not included in free cash flow, are expected to range between (3) Amplify believes that a quantitative reconciliation of such forward-looking information to the most comparable financial measure calculated and presented in accordance with GAAP cannot be made available without unreasonable efforts. A reconciliation of these non-GAAP financial measures would require Amplify to predict the timing and likelihood of future transactions and other items that are difficult to accurately predict. Neither of these forward-looking measures, nor their probable significance, can be quantified with a reasonable degree of accuracy. Accordingly, a reconciliation of the most directly comparable forward-looking GAAP measures is not provided. | |||||||||||||||||||||||
Hedging
The following table reflects the hedged volumes under Amplify’s commodity derivative contracts and the average fixed, floor and ceiling prices at which production is hedged for
2024 | 2025 | 2026 | ||||||||
Natural Gas Swaps: | ||||||||||
Average Monthly Volume (MMBtu) | 716,667 | 675,000 | 416,667 | |||||||
Weighted Average Fixed Price ($) | $ | 3.72 | $ | 3.74 | $ | 3.76 | ||||
Natural Gas Collars: | ||||||||||
Two-way collars | ||||||||||
Average Monthly Volume (MMBtu) | 544,444 | 500,000 | 416,667 | |||||||
Weighted Average Ceiling Price ($) | $ | 4.15 | $ | 4.10 | $ | 4.15 | ||||
Weighted Average Floor Price ($) | $ | 3.46 | $ | 3.50 | $ | 3.52 | ||||
Oil Swaps: | ||||||||||
Average Monthly Volume (Bbls) | 85,889 | 53,000 | 30,917 | |||||||
Weighted Average Fixed Price ($) | $ | 74.04 | $ | 70.68 | $ | 70.68 | ||||
Oil Collars: | ||||||||||
Two-way collars | ||||||||||
Average Monthly Volume (Bbls) | 102,000 | 59,500 | ||||||||
Weighted Average Ceiling Price ($) | $ | 80.20 | $ | 80.20 | ||||||
Weighted Average Floor Price ($) | $ | 70.00 | $ | 70.00 | ||||||
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
About Amplify Energy
Conference Call
Amplify will host an investor teleconference tomorrow at
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 that occurred off the coast of
Use of Non-GAAP Financial Measures
This press release and accompanying schedules include the non-GAAP financial measures of Adjusted EBITDA, free cash flow, net debt, and cash G&A. 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; gain or loss on early extinguishment of debt; income tax expenses; depreciation, depletion and amortization; accretion of asset retirement obligations; gains or losses on commodity derivatives; cash settlements received or paid on expired commodity derivative instruments; amortization of gain associated with terminated commodity derivatives; acquisition and divestiture related costs; reorganization items; share-based compensation expense; exploration costs; loss on settlement of AROs; bad debt expense; and other nonrecurring items. 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.
Cash G&A. Amplify defines cash G&A as general and administrative expense, less share-based compensation expense; acquisition and divestiture costs; bad debt expense; and severance payments. Cash G&A is an important non-GAAP financial measure for Amplify’s investors since it allows for analysis of G&A spend without regard to share-based compensation and other non-recurring expenses which can vary substantially from company to company. The GAAP measures most directly comparable to cash G&A is total G&A expenses.
Contacts
(832) 219-9044
jim.frew@amplifyenergy.com
(832) 219-9051
michael.jordan@amplifyenergy.com
Selected Operating and Financial Data (Tables)
Selected Financial Data - Unaudited | |||||||||||
Statements of Operations Data | |||||||||||
Three Months | Three Months | ||||||||||
Ended | Ended | ||||||||||
(Amounts in $000s, except per share data) | |||||||||||
Revenues: | |||||||||||
Oil and natural gas sales | $ | 75,322 | $ | 78,191 | |||||||
Other revenues | 977 | 794 | |||||||||
Total revenues | 76,299 | 78,985 | |||||||||
Costs and Expenses: | |||||||||||
Lease operating expense | 38,284 | 34,641 | |||||||||
Pipeline incident loss | 707 | 4,299 | |||||||||
Gathering, processing and transportation | 4,774 | 5,073 | |||||||||
Exploration | 41 | 17 | |||||||||
Taxes other than income | 4,911 | 5,908 | |||||||||
Depreciation, depletion and amortization | 8,239 | 7,635 | |||||||||
General and administrative expense | 9,800 | 8,437 | |||||||||
Accretion of asset retirement obligations | 2,061 | 2,029 | |||||||||
Realized (gain) loss on commodity derivatives | (4,303 | ) | 3,191 | ||||||||
Unrealized (gain) loss on commodity derivatives | 20,867 | (47,905 | ) | ||||||||
Other, net | - | 315 | |||||||||
Total costs and expenses | 85,381 | 23,640 | |||||||||
Operating Income (loss) | (9,082 | ) | 55,345 | ||||||||
Other Income (Expense): | |||||||||||
Interest expense, net | (3,527 | ) | (3,811 | ) | |||||||
Other income (expense) | (95 | ) | 80 | ||||||||
Total Other Income (Expense) | (3,622 | ) | (3,731 | ) | |||||||
Income (loss) before reorganization items, net and income taxes | (12,704 | ) | 51,614 | ||||||||
Income tax benefit (expense) - current | (1,395 | ) | 2,298 | ||||||||
Income tax benefit (expense) - deferred | 4,703 | (10,334 | ) | ||||||||
Net income (loss) | $ | (9,396 | ) | $ | 43,578 | ||||||
Earnings per share: | |||||||||||
Basic and diluted earnings (loss) per share | $ | (0.24 | ) | $ | 1.07 | ||||||
Selected Financial Data - Unaudited | |||||||||
Operating Statistics | |||||||||
Three Months | Three Months | ||||||||
Ended | Ended | ||||||||
(Amounts in $000s, except per unit data) | |||||||||
Oil and natural gas revenue: | |||||||||
Oil Sales | $ | 57,422 | $ | 58,883 | |||||
NGL Sales | 7,525 | 7,460 | |||||||
Natural Gas Sales | 10,375 | 11,848 | |||||||
Total oil and natural gas sales - Unhedged | $ | 75,322 | $ | 78,191 | |||||
Production volumes: | |||||||||
Oil Sales - MBbls | 786 | 782 | |||||||
NGL Sales - MBbls | 333 | 341 | |||||||
Natural Gas Sales - MMcf | 4,335 | 4,726 | |||||||
Total - MBoe | 1,842 | 1,910 | |||||||
Total - MBoe/d | 20.2 | 20.8 | |||||||
Average sales price (excluding commodity derivatives): | |||||||||
Oil - per Bbl | $ | 72.98 | $ | 75.31 | |||||
NGL - per Bbl | $ | 22.61 | $ | 21.89 | |||||
Natural gas - per Mcf | $ | 2.39 | $ | 2.51 | |||||
Total - per Boe | $ | 40.89 | $ | 40.93 | |||||
Average unit costs per Boe: | |||||||||
Lease operating expense | $ | 20.78 | $ | 18.14 | |||||
Gathering, processing and transportation | $ | 2.59 | $ | 2.66 | |||||
Taxes other than income | $ | 2.67 | $ | 3.09 | |||||
General and administrative expense | $ | 5.32 | $ | 4.42 | |||||
Depletion, depreciation, and amortization | $ | 4.47 | $ | 4.00 | |||||
Selected Financial Data - Unaudited | |||||||||||||
Asset Operating Statistics | |||||||||||||
Three Months | Three Months | ||||||||||||
Ended | Ended | ||||||||||||
Production volumes - MBOE: | |||||||||||||
Bairoil | 293 | 314 | |||||||||||
Beta | 281 | 275 | |||||||||||
488 | 506 | ||||||||||||
676 | 731 | ||||||||||||
104 | 84 | ||||||||||||
Total - MBoe | 1,842 | 1,910 | |||||||||||
Total - MBoe/d | 20.2 | 20.8 | |||||||||||
% - Liquids | 61% | 59% | |||||||||||
Lease operating expense - $M: | |||||||||||||
Bairoil | $ | 14,451 | $ | 12,805 | |||||||||
Beta | 12,011 | 9,444 | |||||||||||
4,463 | 4,592 | ||||||||||||
5,744 | 6,024 | ||||||||||||
1,615 | 1,776 | ||||||||||||
Total Lease operating expense: | $ | 38,284 | $ | 34,641 | |||||||||
Capital expenditures - $M: | |||||||||||||
Bairoil | $ | 1,461 | $ | (79 | ) | ||||||||
Beta | 15,681 | 7,676 | |||||||||||
768 | 524 | ||||||||||||
93 | (1,191 | ) | |||||||||||
410 | 172 | ||||||||||||
Magnify Energy Services | 679 | - | |||||||||||
Total Capital expenditures: | $ | 19,092 | $ | 7,102 | |||||||||
Selected Financial Data - Unaudited | ||||||||||||
Balance Sheet Data | ||||||||||||
(Amounts in $000s) | ||||||||||||
Assets | ||||||||||||
Cash and Cash Equivalents | ||||||||||||
Accounts Receivable | 36,540 | 39,096 | ||||||||||
Other Current Assets | 22,795 | 38,341 | ||||||||||
Total Current Assets | ||||||||||||
Other Long-Term Assets | 291,629 | 292,750 | ||||||||||
Total Assets | ||||||||||||
Liabilities | ||||||||||||
Accounts Payable | ||||||||||||
Accrued Liabilities | 36,776 | 50,871 | ||||||||||
Other Current Liabilities | 20,809 | 21,944 | ||||||||||
Total Current Liabilities | ||||||||||||
Long-Term Debt | ||||||||||||
Asset Retirement Obligation | 124,062 | 122,001 | ||||||||||
Other Long-Term Liabilities | 12,819 | 13,206 | ||||||||||
Total Liabilities | ||||||||||||
Shareholders' Equity | ||||||||||||
Common Stock & APIC | ||||||||||||
Accumulated Earnings (Deficit) | (53,848 | ) | (44,452 | ) | ||||||||
Total Shareholders' Equity | ||||||||||||
Selected Financial Data - Unaudited | |||||||||||
Statements of Cash Flows Data | |||||||||||
Three Months | Three Months | ||||||||||
Ended | Ended | ||||||||||
(Amounts in $000s) | |||||||||||
Net cash provided by (used in) operating activities | $ | 7,712 | $ | 28,362 | |||||||
Net cash provided by (used in) investing activities | (23,724 | ) | (8,637 | ) | |||||||
Net cash provided by (used in) financing activities | (1,745 | ) | (5,366 | ) | |||||||
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) | |||||||||||
Reconciliation of Adjusted EBITDA to Net Cash Provided from Operating Activities: | |||||||||||
Net cash provided by operating activities | $ | 7,712 | $ | 28,362 | |||||||
Changes in working capital | 11,217 | (10,961 | ) | ||||||||
Interest expense, net | 3,527 | 3,811 | |||||||||
Amortization of gain associated with terminated commodity derivatives | - | 658 | |||||||||
Amortization and write-off of deferred financing fees | (304 | ) | (301 | ) | |||||||
Exploration costs | 41 | 17 | |||||||||
Acquisition and divestiture related costs | 14 | 3 | |||||||||
Plugging and abandonment cost | - | 558 | |||||||||
Current income tax expense (benefit) | 1,395 | (2,298 | ) | ||||||||
Pipeline incident loss | 707 | 4,299 | |||||||||
Other | 592 | 1,042 | |||||||||
Adjusted EBITDA: | $ | 24,901 | $ | 25,190 | |||||||
Reconciliation of Free Cash Flow to Net Cash Provided from Operating Activities: | |||||||||||
Adjusted EBITDA: | $ | 24,901 | $ | 25,190 | |||||||
Less: Cash interest expense | 3,526 | 3,660 | |||||||||
Less: Capital expenditures | 19,092 | 7,102 | |||||||||
Free Cash Flow: | $ | 2,283 | $ | 14,428 | |||||||
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) | |||||||||||
Reconciliation of Adjusted EBITDA to Net Income (Loss): | |||||||||||
Net income (loss) | $ | (9,396 | ) | $ | 43,578 | ||||||
Interest expense, net | 3,527 | 3,811 | |||||||||
Income tax expense (benefit) - current | 1,395 | (2,298 | ) | ||||||||
Income tax expense (benefit) - deferred | (4,703 | ) | 10,334 | ||||||||
Depreciation, depletion and amortization | 8,239 | 7,635 | |||||||||
Accretion of asset retirement obligations | 2,061 | 2,029 | |||||||||
(Gains) losses on commodity derivatives | 16,564 | (44,714 | ) | ||||||||
Cash settlements received (paid) on expired commodity derivative instruments | 4,303 | (3,191 | ) | ||||||||
Amortization of gain associated with terminated commodity derivatives | - | 658 | |||||||||
Acquisition and divestiture related costs | 14 | 3 | |||||||||
Share-based compensation expense | 1,531 | 1,672 | |||||||||
Exploration costs | 41 | 17 | |||||||||
Loss on settlement of AROs | - | 315 | |||||||||
Bad debt expense | 26 | - | |||||||||
Pipeline incident loss | 707 | 4,299 | |||||||||
Other | 592 | 1,042 | |||||||||
Adjusted EBITDA: | $ | 24,901 | $ | 25,190 | |||||||
Reconciliation of Free Cash Flow to Net Income (Loss): | |||||||||||
Adjusted EBITDA: | $ | 24,901 | $ | 25,190 | |||||||
Less: Cash interest expense | 3,526 | 3,660 | |||||||||
Less: Capital expenditures | 19,092 | 7,102 | |||||||||
Free Cash Flow: | $ | 2,283 | $ | 14,428 | |||||||
Selected Operating and Financial Data (Tables) | |||||||
Reconciliation of Unaudited GAAP Financial Measures to Non-GAAP Financial Measures | |||||||
Cash General and Administrative Expenses | |||||||
Three Months | Three Months | ||||||
Ended | Ended | ||||||
(Amounts in $000s) | |||||||
General and administrative expense | $ | 9,800 | $ | 8,437 | |||
Less: Share-based compensation expense | 1,531 | 1,672 | |||||
Less: Acquisition and divestiture costs | 14 | 3 | |||||
Less: Bad debt expense | 26 | — | |||||
Less: Severance payments | 344 | 590 | |||||
Total Cash General and Administrative Expense | $ | 7,885 | $ | 6,172 | |||
Source:
2024 GlobeNewswire, Inc., source