Erin Energy Corporation Reports Unaudited Consolidated Earnings and Operating Results for the Second Quarter and Earnings for the Six Months Ended June 30, 2017; Reports Impairment of Oil and Gas Properties for the Second Quarter Ended June 30, 2017
For the six months, the company reported operating loss of $116.42 million compared to $55.492 million a year ago. Loss before income taxes was $125.577 million compared to $55.543 million a year ago. Net loss attributable to the company was $125.07 million compared to $54.983 million a year ago. Net loss per share was $0.59 compared to $0.26 a year ago. Net cash provided by operating activities was $4.38 million compared to $1.47 million a year ago. Capital expenditures were $5.75 million compared to $9.667 million a year ago.
For the second-quarter 2017, net daily production was approximately 5,100 bopd, compared with 5,400 bopd for the comparative period in 2016. The company lifted and sold approximately 309,000 net barrels of oil at an average price of $47.15 per barrel, compared to approximately 508,000 net barrels of oil at an average price of $45.58 per barrel during the comparative period 2016.
The company reported impairment of oil and gas properties of $78.71 million in the second quarter of 2017.