EP ENERGY LLC
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2020 and December 31, 2019 and
for the quarter and six month periods ended June 30, 2020 and June 30, 2019
EP ENERGY LLC
TABLE OF CONTENTS
Index | Page | |
Condensed Consolidated Balance Sheets as of June 30, 2020 and December 31, 2019 | ||
Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2020 and 2019 | 5 | |
Condensed Consolidated Statements of Changes of Equity for the period from December 31, 2018 to June 30, | 6 | |
2020 | ||
Notes to the Consolidated Financial Statements | 7 | |
Management's Discussion and Analysis of Financial Condition and Results of Operations | 21 | |
Quantitative and Qualitative Disclosures About Market Risk | 35 |
Below is a list of terms that are common to our industry and used throughout this document:
/d | = | per day |
Bbl | = | barrel |
Boe | = | barrel of oil equivalent |
LLS | = | light Louisiana sweet crude oil |
MBoe | = | thousand barrels of oil equivalent |
MBbls | = | thousand barrels |
Mcf | = | thousand cubic feet |
MMBtu | = | million British thermal units |
MMBbls | = | million barrels |
MMcf | = | million cubic feet |
Mt. Belvieu | = | Mont Belvieu natural gas liquids pricing index |
NGLs | = | natural gas liquids |
NYMEX | = | New York Mercantile Exchange |
TBtu | = | trillion British thermal units |
WTI | = | West Texas intermediate |
When we refer to oil and natural gas in "equivalents", we are doing so to compare quantities of oil with quantities of natural gas or to express these different commodities in a common unit. In calculating equivalents, we use a generally recognized standard in which one Bbl of oil and/or NGLs is equal to six Mcf of natural gas. Also, when we refer to cubic feet measurements, all measurements are at a pressure of 14.7 pounds per square inch.
When we refer to "us", "we", "our", "ours", "the Company" or "EP Energy", we are describing EP Energy LLC and/or its subsidiaries.
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EP ENERGY LLC (DEBTOR IN POSSESSION)
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In millions) (Unaudited)
Quarter ended | Six months ended | ||||||||||
June 30, | June 30, | ||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||
Operating revenues | |||||||||||
Oil | $ | 67 | $ | 204 | $ | 218 | $ | 397 | |||
Natural gas | 7 | 8 | 15 | 26 | |||||||
NGLs | 5 | 15 | 16 | 33 | |||||||
Financial derivatives | (34) | 29 | 199 | (66) | |||||||
Total operating revenues | 45 | 256 | 448 | 390 | |||||||
Operating expenses | |||||||||||
Transportation costs | 8 | 23 | 24 | 48 | |||||||
Lease operating expense | 20 | 30 | 53 | 67 | |||||||
General and administrative | 22 | 43 | 41 | 64 | |||||||
Depreciation, depletion and amortization | 32 | 94 | 148 | 188 | |||||||
Gain on sale of assets | 1 | - | 1 | - | |||||||
Impairment charges | - | - | 2,324 | - | |||||||
Exploration and other expense | 3 | 1 | 3 | 2 | |||||||
Taxes, other than income taxes | 7 | 20 | 20 | 31 | |||||||
Total operating expenses | 93 | 211 | 2,614 | 400 | |||||||
Operating (loss) income | (48) | 45 | (2,166) | (10) | |||||||
Other income | - | - | 1 | - | |||||||
Gain on extinguishment/modification of debt | - | - | - | 10 | |||||||
Interest expense | (4) | (95) | (34) | (190) | |||||||
Reorganization items, net | (5) | - | (93) | - | |||||||
Loss before income taxes | (57) | (50) | (2,292) | (190) | |||||||
Income tax benefit | - | - | - | - | |||||||
Net loss | $ | (57) | $ | (50) | $ | (2,292) | $ | (190) | |||
See accompanying notes.
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EP ENERGY LLC (DEBTOR IN POSSESSION)
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions) (Unaudited)
June 30, 2020 | December 31, 2019 | ||||
ASSETS | |||||
Current assets | |||||
Cash and cash equivalents | $ | 24 | $ | 32 | |
Restricted cash | - | 1 | |||
Accounts receivable | |||||
Customer, net of allowance of less than $1 in 2020 and 2019 | 91 | 127 | |||
Other, net of allowance of $1 in 2020 and 2019 | 15 | 16 | |||
Materials and supplies | 35 | 42 | |||
Derivative instruments | 105 | 9 | |||
Other | 11 | 27 | |||
Total current assets | 281 | 254 | |||
Property, plant and equipment, at cost | |||||
Oil and natural gas properties | 5,220 | 7,388 | |||
Other property, plant and equipment | 71 | 73 | |||
5,291 | 7,461 | ||||
Less accumulated depreciation, depletion and amortization | 4,162 | 4,026 | |||
Total property, plant and equipment, net | 1,129 | 3,435 | |||
Other assets | |||||
Unamortized debt issue costs | 2 | - | |||
Operating lease assets and other | 10 | 21 | |||
12 | 21 | ||||
Total assets | $ | 1,422 | $ | 3,710 | |
See accompanying notes.
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EP Energy Corp. published this content on 28 August 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 August 2020 13:38:02 UTC