Comstock Resources, Inc. Reports Second Quarter 2013 Financial And Operating Results
Financial Results for the Three Months and Six Months Ended
Comstock reported net income of
The second quarter of 2013 results from continuing operations include an impairment of oil and gas properties and unevaluated leases of
Comstock's production from continuing operations in the second quarter of 2013 was 551,000 barrels of oil and 14.2 billion cubic feet of natural gas or 17.5 billion cubic feet of natural gas equivalent ("Bcfe") as compared to the 24.5 Bcfe produced in the second quarter of 2012. Oil production in the second quarter, which averaged 6,048 barrels of oil per day, grew 26% from the 4,803 barrels per day produced in the first quarter of 2013 and increased 20% from oil production in the second quarter of 2012. Gas production declined 35% from 2012 due to the lack of drilling activity in the Company's Haynesville shale natural gas properties.
Comstock's average realized natural gas price improved by 86% to
Comstock reported net income of
The 2013 results include an unrealized loss from derivative financial instruments of
Oil production related to continuing operations for the six months ended
The operations of the Company's
2013 Drilling Results
Comstock reported on the results to date of its 2013 drilling program related to its continuing operations which is focused on developing its Eagle Ford oil shale properties in South Texas. During the first six months of 2013, Comstock spent
Since the beginning of 2013, the Company has completed 25 (15.4 net) horizontal Eagle Ford shale wells including six (3.8 net) wells drilled in 2012. The 25 Eagle Ford shale wells that were completed had an average per well initial production rate of 796 barrels of oil equivalent ("BOE") per day. The four wells with the highest initial production rates were
The two natural gas wells were completed in the Bossier shale formation in
Comstock has planned a conference call for
This press release may contain "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations and are subject to a number of factors and uncertainties which could cause actual results to differ materially from those described herein. Although the Company believes the expectations in such statements to be reasonable, there can be no assurance that such expectations will prove to be correct.
COMSTOCK RESOURCES, INC. OPERATING RESULTS (In thousands, except per share amounts) |
|||||||||||||||
Three Months Ended June 30, |
Six Months Ended June 30, |
||||||||||||||
2013 |
2012 |
2013 |
2012 |
||||||||||||
Revenues: |
|||||||||||||||
Oil and gas sales |
$ |
107,820 |
$ |
90,329 |
$ |
202,840 |
$ |
194,101 |
|||||||
Gain on sale of oil and gas properties |
81 |
20,338 |
81 |
27,065 |
|||||||||||
Total revenues |
107,901 |
110,667 |
202,921 |
221,166 |
|||||||||||
Operating expenses: |
|||||||||||||||
Production taxes |
3,883 |
2,861 |
6,004 |
6,108 |
|||||||||||
Gathering and transportation |
4,354 |
7,106 |
8,556 |
14,821 |
|||||||||||
Lease operating |
12,962 |
12,193 |
26,168 |
25,651 |
|||||||||||
Exploration(1) |
9,754 |
37 |
12,347 |
1,390 |
|||||||||||
Depreciation, depletion and amortization |
85,244 |
85,675 |
170,211 |
162,986 |
|||||||||||
General and administrative |
9,056 |
9,033 |
17,843 |
17,831 |
|||||||||||
Impairment of oil and gas properties |
652 |
5,301 |
652 |
5,350 |
|||||||||||
Total operating expenses |
125,905 |
122,206 |
241,781 |
234,137 |
|||||||||||
Operating loss |
(18,004) |
(11,539) |
(38,860) |
(12,971) |
|||||||||||
Other income (expenses): |
|||||||||||||||
Gain on sale of marketable securities |
— |
— |
7,877 |
26,621 |
|||||||||||
Realized gain from derivatives |
2,881 |
2,719 |
5,201 |
1,365 |
|||||||||||
Unrealized gain (loss) from derivatives |
640 |
34,797 |
(8,127) |
24,610 |
|||||||||||
Other income |
196 |
283 |
441 |
522 |
|||||||||||
Interest expense(2) |
(19,240) |
(13,351) |
(36,818) |
(25,654) |
|||||||||||
Total other income (expenses) |
(15,523) |
24,448 |
(31,426) |
27,464 |
|||||||||||
Income (loss) before income taxes |
(33,527) |
12,909 |
(70,286) |
14,493 |
|||||||||||
Benefit from income taxes |
11,996 |
3,801 |
24,238 |
3,634 |
|||||||||||
Income (loss) from continuing operations |
(21,531) |
16,710 |
(46,048) |
18,127 |
|||||||||||
Income (loss) from discontinued operations, net of income taxes |
151,236 |
(9,545) |
148,609 |
(9,587) |
|||||||||||
Net income |
$ |
129,705 |
$ |
7,165 |
$ |
102,561 |
$ |
8,540 |
|||||||
Net income (loss) per share: |
|||||||||||||||
Basic — income (loss) from continuing operations |
$ |
(0.45) |
$ |
0.35 |
$ |
(0.95) |
$ |
0.38 |
|||||||
— income (loss) from discontinued operations |
3.13 |
(0.20) |
3.07 |
(0.20) |
|||||||||||
— net income |
$ |
2.68 |
$ |
0.15 |
$ |
2.12 |
$ |
0.18 |
|||||||
Diluted — income (loss) from continuing operations |
$ |
(0.45) |
$ |
0.35 |
$ |
(0.95) |
$ |
0.38 |
|||||||
— income (loss) from discontinued operations |
3.13 |
(0.20) |
3.07 |
(0.20) |
|||||||||||
— net income |
$ |
2.68 |
$ |
0.15 |
$ |
2.12 |
$ |
0.18 |
|||||||
Dividends per common share |
$ |
0.125 |
$ |
— |
$ |
0.125 |
$ |
— |
|||||||
Weighted average shares outstanding: |
|||||||||||||||
Basic |
46,754 |
46,426 |
46,742 |
46,399 |
|||||||||||
Diluted |
46,754 |
46,426 |
46,742 |
46,399 |
(1) |
Includes impairments of unevaluated leases of $9.5 million, $— million, $11.9 million and $1.3 million in the three months and six months ended June 30, 2013 and 2012, respectively. |
||||||||
(2) |
$0.7 million, $3.1 million, $1.7 million and $6.2 million of interest expense was capitalized for the three months and six months ended June 30, 2013 and 2012, respectively. |
COMSTOCK RESOURCES, INC. OPERATING RESULTS (In thousands) |
|||||||||||||
Three Months Ended June 30, |
Six Months Ended June 30, |
||||||||||||
2013 |
2012 |
2013 |
2012 |
||||||||||
OPERATING CASH FLOW: |
|||||||||||||
Net income |
$ |
129,705 |
$ |
7,165 |
$ |
102,561 |
$ |
8,540 |
|||||
Reconciling items: |
|||||||||||||
Income from discontinued operations |
(151,236) |
9,545 |
(148,609) |
9,587 |
|||||||||
Deferred income taxes |
(11,993) |
(3,685) |
(24,238) |
(3,435) |
|||||||||
Depreciation, depletion and amortization |
85,244 |
85,675 |
170,211 |
162,986 |
|||||||||
Impairment of oil and gas properties |
652 |
5,301 |
652 |
5,350 |
|||||||||
Dry hole costs and lease impairments |
9,465 |
— |
11,908 |
1,315 |
|||||||||
Gain on sale of assets |
(81) |
(20,338) |
(7,958) |
(53,686) |
|||||||||
Unrealized (gain) loss on derivatives |
(640) |
(34,797) |
8,127 |
(24,610) |
|||||||||
Debt issuance cost and discount amortization |
1,631 |
1,159 |
3,218 |
2,103 |
|||||||||
Stock-based compensation |
3,222 |
3,325 |
6,440 |
6,860 |
|||||||||
Operating cash flow from continuing operations |
65,969 |
53,350 |
122,312 |
115,010 |
|||||||||
Excess income taxes from stock-based compensation |
273 |
265 |
2,015 |
1,670 |
|||||||||
Decrease (increase) in accounts receivable |
(3,790) |
12,810 |
(20,760) |
17,880 |
|||||||||
Decrease (increase) in other current assets |
(237) |
(2,999) |
243 |
(2,889) |
|||||||||
(Decrease) increase in accounts payable and accrued expenses |
(20,310) |
(62,611) |
11,917 |
(14,283) |
|||||||||
Net cash provided by continuing operations |
41,905 |
815 |
115,727 |
117,338 |
|||||||||
Net cash provided by discontinued operations(1) |
(31,244) |
7,903 |
(7,715) |
24,510 |
|||||||||
Net cash provided by operating activities |
$ |
10,661 |
$ |
8,718 |
$ |
108,012 |
$ |
141,898 |
|||||
(1) $1.2 million, $6.7 million, $6.7 million and $11.8 million for the three months and six months ended June 30, 2013 and 2012, respectively, excluding working capital changes. |
|||||||||||||
EBITDAX: |
|||||||||||||
Net income (loss) from continuing operations |
$ |
(21,531) |
$ |
16,710 |
$ |
(46,048) |
$ |
18,127 |
|||||
Interest expense |
19,240 |
13,351 |
36,818 |
25,654 |
|||||||||
Benefit from income taxes |
(11,996) |
(3,801) |
(24,238) |
(3,634) |
|||||||||
Depreciation, depletion and amortization |
85,244 |
85,675 |
170,211 |
162,986 |
|||||||||
Exploration |
9,754 |
37 |
12,347 |
1,390 |
|||||||||
Impairments of oil and gas properties |
652 |
5,301 |
652 |
5,350 |
|||||||||
Gain on sale of assets |
(81) |
(20,338) |
(7,958) |
(53,686) |
|||||||||
Unrealized (gain) loss from derivatives |
(640) |
(34,797) |
8,127 |
(24,610) |
|||||||||
Stock-based compensation |
3,222 |
3,325 |
6,440 |
6,860 |
|||||||||
EBITDAX from continuing operations |
83,864 |
65,463 |
156,351 |
138,437 |
|||||||||
EBITDAX from discontinued operations |
4,684 |
7,901 |
13,651 |
13,960 |
|||||||||
Total EBITDAX |
$ |
88,548 |
$ |
73,364 |
$ |
170,002 |
$ |
152,397 |
As of |
||||||
June 30, |
December 31, |
|||||
BALANCE SHEET DATA: |
||||||
Cash and cash equivalents |
$ |
263,737 |
$ |
4,471 |
||
Marketable securities |
— |
12,312 |
||||
Derivative financial instruments |
3,524 |
11,651 |
||||
Other current assets |
67,245 |
46,652 |
||||
Assets of discontinued operations |
— |
518,934 |
||||
Property and equipment, net |
1,909,809 |
1,958,687 |
||||
Other |
17,907 |
19,944 |
||||
Total assets |
$ |
2,262,222 |
$ |
2,572,651 |
||
Current liabilities |
$ |
122,126 |
$ |
112,893 |
||
Liabilities of discontinued operations |
— |
33,280 |
||||
Long-term debt |
883,324 |
1,324,383 |
||||
Deferred income taxes |
209,529 |
149,901 |
||||
Other non-current liabilities |
18,862 |
18,660 |
||||
Stockholders' equity |
1,028,381 |
933,534 |
||||
Total liabilities and stockholders' equity |
$ |
2,262,222 |
$ |
2,572,651 |
COMSTOCK RESOURCES, INC. REGIONAL OPERATING RESULTS (In thousands, except per unit amounts) |
|||||||||||||||||||||||
For the Three Months Ended June 30, 2013 |
|||||||||||||||||||||||
East Texas/ |
South Texas |
Other |
Continuing Operations |
Discontinued Operations |
Total |
||||||||||||||||||
Oil production (Mbbls) |
16 |
530 |
5 |
551 |
96 |
647 |
|||||||||||||||||
Gas production (MMcf) |
12,038 |
1,782 |
386 |
14,206 |
141 |
14,347 |
|||||||||||||||||
Total production (MMcfe) |
12,132 |
4,962 |
415 |
17,509 |
720 |
18,229 |
|||||||||||||||||
Oil sales |
$ |
1,453 |
$ |
53,128 |
$ |
492 |
$ |
55,073 |
$ |
8,043 |
$ |
63,116 |
|||||||||||
Oil hedging gains(1) |
— |
— |
— |
2,881 |
— |
2,881 |
|||||||||||||||||
Total oil sales including hedging |
1,453 |
53,128 |
492 |
57,954 |
8,043 |
65,997 |
|||||||||||||||||
Natural gas sales |
43,145 |
7,969 |
1,633 |
52,747 |
783 |
53,530 |
|||||||||||||||||
Total oil and gas sales and realized gains from derivatives |
$ |
44,598 |
$ |
61,097 |
$ |
2,125 |
$ |
110,701 |
$ |
8,826 |
$ |
119,527 |
|||||||||||
Average oil price (per barrel) |
$ |
94.00 |
$ |
100.23 |
$ |
101.36 |
$ |
100.06 |
$ |
83.34 |
$ |
97.57 |
|||||||||||
Average oil price including hedging (per barrel) |
$ |
94.00 |
$ |
100.23 |
$ |
101.36 |
$ |
105.30 |
$ |
83.34 |
$ |
102.02 |
|||||||||||
Average gas price (per Mcf) |
$ |
3.58 |
$ |
4.47 |
$ |
4.23 |
$ |
3.71 |
$ |
5.55 |
$ |
3.73 |
|||||||||||
Average price (per Mcfe) |
$ |
3.68 |
$ |
12.31 |
$ |
5.12 |
$ |
6.16 |
$ |
12.26 |
$ |
6.40 |
|||||||||||
Average price including hedging (per Mcfe) |
$ |
3.68 |
$ |
12.31 |
$ |
5.12 |
$ |
6.32 |
$ |
12.26 |
$ |
6.56 |
|||||||||||
Production taxes |
$ |
929 |
$ |
2,810 |
$ |
144 |
$ |
3,883 |
$ |
427 |
$ |
4,310 |
|||||||||||
Gathering and transportation |
$ |
3,479 |
$ |
782 |
$ |
93 |
$ |
4,354 |
$ |
170 |
$ |
4,524 |
|||||||||||
Lease operating |
$ |
6,755 |
$ |
5,482 |
$ |
725 |
$ |
12,962 |
$ |
3,545 |
$ |
16,507 |
|||||||||||
Production taxes (per Mcfe) |
$ |
0.08 |
$ |
0.57 |
$ |
0.35 |
$ |
0.22 |
$ |
0.59 |
$ |
0.24 |
|||||||||||
Gathering and transportation (per Mcfe) |
$ |
0.29 |
$ |
0.16 |
$ |
0.22 |
$ |
0.25 |
$ |
0.24 |
$ |
0.25 |
|||||||||||
Lease operating (per Mcfe) |
$ |
0.55 |
$ |
1.10 |
$ |
1.75 |
$ |
0.74 |
$ |
4.92 |
$ |
0.90 |
|||||||||||
Oil and Gas Capital Expenditures: |
|||||||||||||||||||||||
Exploratory leasehold |
$ |
— |
$ |
2,600 |
$ |
— |
$ |
2,600 |
$ |
2,653 |
$ |
5,253 |
|||||||||||
Development leasehold |
49 |
50 |
— |
99 |
— |
99 |
|||||||||||||||||
Development drilling |
9,259 |
62,461 |
— |
71,720 |
32,077 |
103,797 |
|||||||||||||||||
Other development |
196 |
692 |
9 |
897 |
700 |
1,597 |
|||||||||||||||||
Total |
$ |
9,504 |
$ |
65,803 |
(2) |
$ |
9 |
$ |
75,316 |
$ |
35,430 |
$ |
110,746 |
(1) |
Reported as realized gain from derivatives in operating results. |
||||||
(2) |
Net of acreage and facility reimbursements received of $13.4 million from joint venture partner. |
COMSTOCK RESOURCES, INC. REGIONAL OPERATING RESULTS (In thousands, except per unit amounts) |
||||||||||||||||||
For the Three Months Ended June 30, 2012 |
||||||||||||||||||
East Texas/ |
South Texas |
Other |
Continuing Operations |
Discontinued Operations |
Total |
|||||||||||||
Oil production (Mbbls) |
20 |
425 |
14 |
459 |
124 |
583 |
||||||||||||
Gas production (MMcf) |
19,012 |
2,210 |
526 |
21,748 |
145 |
21,893 |
||||||||||||
Total production (MMcfe) |
19,129 |
4,762 |
613 |
24,504 |
885 |
25,389 |
||||||||||||
Oil sales |
$ |
1,860 |
$ |
43,385 |
$ |
1,502 |
$ |
46,747 |
$ |
9,520 |
$ |
56,267 |
||||||
Oil hedging gains(1) |
— |
— |
— |
2,719 |
— |
2,719 |
||||||||||||
Total oil sales including hedging |
1,860 |
43,385 |
1,502 |
49,466 |
9,520 |
58,986 |
||||||||||||
Natural gas sales |
36,594 |
5,656 |
1,332 |
43,582 |
887 |
44,469 |
||||||||||||
Total oil and gas sales and realized gains from derivatives |
$ |
38,454 |
$ |
49,041 |
$ |
2,834 |
$ |
93,048 |
$ |
10,407 |
$ |
103,455 |
||||||
Average oil price (per barrel) |
$ |
95.33 |
$ |
101.98 |
$ |
104.92 |
$ |
101.79 |
$ |
77.19 |
$ |
96.58 |
||||||
Average oil price including hedging (per barrel) |
$ |
95.33 |
$ |
101.98 |
$ |
104.92 |
$ |
107.71 |
$ |
77.19 |
$ |
101.25 |
||||||
Average gas price (per Mcf) |
$ |
1.92 |
$ |
2.56 |
$ |
2.53 |
$ |
2.00 |
$ |
6.12 |
$ |
2.03 |
||||||
Average price (per Mcfe) |
$ |
2.01 |
$ |
10.30 |
$ |
4.62 |
$ |
3.69 |
$ |
11.76 |
$ |
3.97 |
||||||
Average price including hedging (per Mcfe) |
$ |
2.01 |
$ |
10.30 |
$ |
4.62 |
$ |
3.80 |
$ |
11.76 |
$ |
4.07 |
||||||
Production taxes |
$ |
606 |
$ |
1,992 |
$ |
263 |
$ |
2,861 |
$ |
519 |
$ |
3,380 |
||||||
Gathering and transportation |
$ |
6,244 |
$ |
735 |
$ |
127 |
$ |
7,106 |
$ |
232 |
$ |
7,338 |
||||||
Lease operating |
$ |
7,977 |
$ |
3,135 |
$ |
1,081 |
$ |
12,193 |
$ |
1,755 |
$ |
13,948 |
||||||
Production taxes (per Mcfe) |
$ |
0.03 |
$ |
0.42 |
$ |
0.43 |
$ |
0.12 |
$ |
0.59 |
$ |
0.13 |
||||||
Gathering and transportation (per Mcfe) |
$ |
0.33 |
$ |
0.15 |
$ |
0.21 |
$ |
0.29 |
$ |
0.26 |
$ |
0.29 |
||||||
Lease operating (per Mcfe) |
$ |
0.42 |
$ |
0.66 |
$ |
1.76 |
$ |
0.49 |
$ |
1.98 |
$ |
0.55 |
||||||
Oil and Gas Capital Expenditures: |
||||||||||||||||||
Exploratory leasehold |
$ |
1,774 |
$ |
1,611 |
$ |
— |
$ |
3,385 |
$ |
4,373 |
$ |
7,758 |
||||||
Development leasehold |
84 |
— |
— |
84 |
— |
84 |
||||||||||||
Exploratory drilling |
200 |
1,923 |
— |
2,123 |
— |
2,123 |
||||||||||||
Development drilling |
22,336 |
72,124 |
— |
94,460 |
44,541 |
139,001 |
||||||||||||
Other development |
(42) |
218 |
(18) |
158 |
(336) |
(178) |
||||||||||||
Total |
$ |
24,352 |
$ |
75,876 |
$ |
(18) |
$ |
100,210 |
$ |
48,578 |
$ |
148,788 |
(1) |
Reported as realized gain from derivatives in operating results. |
COMSTOCK RESOURCES, INC. REGIONAL OPERATING RESULTS (In thousands, except per unit amounts) |
|||||||||||||||||||||||
For the Six Months Ended June 30, 2013 |
|||||||||||||||||||||||
East Texas/ |
South Texas |
Other |
Continuing Operations |
Discontinued Operations |
Total |
||||||||||||||||||
Oil production (Mbbls) |
32 |
940 |
11 |
983 |
270 |
1,253 |
|||||||||||||||||
Gas production (MMcf) |
25,437 |
3,563 |
834 |
29,834 |
410 |
30,244 |
|||||||||||||||||
Total production (MMcfe) |
25,627 |
9,204 |
899 |
35,730 |
2,031 |
37,761 |
|||||||||||||||||
Oil sales |
$ |
2,957 |
$ |
96,674 |
$ |
1,182 |
$ |
100,813 |
$ |
22,777 |
$ |
123,590 |
|||||||||||
Oil hedging gains(1) |
— |
— |
— |
5,201 |
— |
5,201 |
|||||||||||||||||
Total oil sales including hedging |
2,957 |
96,674 |
1,182 |
106,014 |
22,777 |
128,791 |
|||||||||||||||||
Natural gas sales |
84,302 |
14,440 |
3,285 |
102,027 |
2,348 |
104,375 |
|||||||||||||||||
Total oil and gas sales and realized gains from derivatives |
$ |
87,259 |
$ |
111,114 |
$ |
4,467 |
$ |
208,041 |
$ |
25,125 |
$ |
233,166 |
|||||||||||
Average oil price (per barrel) |
$ |
93.79 |
$ |
102.83 |
$ |
108.22 |
$ |
102.60 |
$ |
84.30 |
$ |
98.65 |
|||||||||||
Average oil price including hedging (per barrel) |
$ |
93.79 |
$ |
102.83 |
$ |
108.22 |
$ |
107.89 |
$ |
84.30 |
$ |
102.80 |
|||||||||||
Average gas price (per Mcf) |
$ |
3.31 |
$ |
4.05 |
$ |
3.94 |
$ |
3.42 |
$ |
5.73 |
$ |
3.45 |
|||||||||||
Average price (per Mcfe) |
$ |
3.40 |
$ |
12.07 |
$ |
4.97 |
$ |
5.68 |
$ |
12.37 |
$ |
6.04 |
|||||||||||
Average price including hedging (per Mcfe) |
$ |
3.40 |
$ |
12.07 |
$ |
4.97 |
$ |
5.82 |
$ |
12.37 |
$ |
6.17 |
|||||||||||
Production taxes |
$ |
698 |
$ |
5,030 |
$ |
276 |
$ |
6,004 |
$ |
1,120 |
$ |
7,124 |
|||||||||||
Gathering and transportation |
$ |
7,036 |
$ |
1,394 |
$ |
126 |
$ |
8,556 |
$ |
501 |
$ |
9,057 |
|||||||||||
Lease operating |
$ |
14,248 |
$ |
10,194 |
$ |
1,726 |
$ |
26,168 |
$ |
9,853 |
$ |
36,021 |
|||||||||||
Production taxes (per Mcfe) |
$ |
0.03 |
$ |
0.55 |
$ |
0.31 |
$ |
0.17 |
$ |
0.55 |
$ |
0.19 |
|||||||||||
Gathering and transportation (per Mcfe) |
$ |
0.27 |
$ |
0.15 |
$ |
0.14 |
$ |
0.24 |
$ |
0.25 |
$ |
0.24 |
|||||||||||
Lease operating (per Mcfe) |
$ |
0.56 |
$ |
1.11 |
$ |
1.92 |
$ |
0.73 |
$ |
4.85 |
$ |
0.95 |
|||||||||||
Oil and Gas Capital Expenditures: |
|||||||||||||||||||||||
Exploratory leasehold |
$ |
— |
$ |
4,539 |
$ |
— |
$ |
4,539 |
$ |
8,856 |
$ |
13,395 |
|||||||||||
Development leasehold |
49 |
234 |
— |
283 |
— |
283 |
|||||||||||||||||
Development drilling |
12,306 |
113,202 |
— |
125,508 |
81,735 |
207,243 |
|||||||||||||||||
Other development |
1,272 |
1,829 |
64 |
3,165 |
880 |
4,045 |
|||||||||||||||||
Total |
$ |
13,627 |
$ |
119,804 |
(2) |
$ |
64 |
$ |
133,495 |
$ |
91,471 |
$ |
224,966 |
(1) |
Reported as realized gain from derivatives in operating results. |
|||||||
(2) |
Net of acreage and facility reimbursements received of $21.5 million from joint venture partner. |
COMSTOCK RESOURCES, INC. REGIONAL OPERATING RESULTS (In thousands, except per unit amounts) |
||||||||||||||||||
For the Six Months Ended June 30, 2012 |
||||||||||||||||||
East Texas/ |
South Texas |
Other |
Continuing Operations |
Discontinued Operations |
Total |
|||||||||||||
Oil production (Mbbls) |
47 |
828 |
17 |
892 |
197 |
1,089 |
||||||||||||
Gas production (MMcf) |
38,112 |
4,870 |
1,061 |
44,043 |
272 |
44,315 |
||||||||||||
Total production (MMcfe) |
38,392 |
9,837 |
1,167 |
49,396 |
1,451 |
50,847 |
||||||||||||
Oil sales |
$ |
4,611 |
$ |
85,859 |
$ |
1,805 |
$ |
92,275 |
$ |
16,633 |
$ |
108,908 |
||||||
Oil hedging gains(1) |
— |
— |
— |
1,365 |
— |
1,365 |
||||||||||||
Total oil sales including hedging |
4,611 |
85,859 |
1,805 |
93,640 |
16,633 |
110,273 |
||||||||||||
Natural gas sales |
84,096 |
14,792 |
2,938 |
101,826 |
1,691 |
103,517 |
||||||||||||
Total oil and gas sales and realized gains from derivatives |
$ |
88,707 |
$ |
100,651 |
$ |
4,743 |
$ |
195,466 |
$ |
18,324 |
$ |
213,790 |
||||||
Average oil price (per barrel) |
$ |
98.91 |
$ |
103.70 |
$ |
103.10 |
$ |
103.44 |
$ |
84.61 |
$ |
100.04 |
||||||
Average oil price including hedging (per barrel) |
$ |
98.91 |
$ |
103.70 |
$ |
103.10 |
$ |
104.97 |
$ |
84.61 |
$ |
101.29 |
||||||
Average gas price per Mcf) |
$ |
2.21 |
$ |
3.04 |
$ |
2.77 |
$ |
2.31 |
$ |
6.22 |
$ |
2.34 |
||||||
Average price (per Mcfe) |
$ |
2.31 |
$ |
10.23 |
$ |
4.06 |
$ |
3.93 |
$ |
12.63 |
$ |
4.18 |
||||||
Average price including hedging (per Mcfe) |
$ |
2.31 |
$ |
10.23 |
$ |
4.06 |
$ |
3.96 |
$ |
12.63 |
$ |
4.20 |
||||||
Production taxes |
$ |
1,407 |
$ |
4,283 |
$ |
418 |
$ |
6,108 |
$ |
909 |
$ |
7,017 |
||||||
Gathering and transportation |
$ |
13,077 |
$ |
1,507 |
$ |
237 |
$ |
14,821 |
$ |
409 |
$ |
15,230 |
||||||
Lease operating |
$ |
16,638 |
$ |
6,854 |
$ |
2,159 |
$ |
25,651 |
$ |
3,046 |
$ |
28,697 |
||||||
Production taxes (per Mcfe) |
$ |
0.04 |
$ |
0.44 |
$ |
0.36 |
$ |
0.12 |
$ |
0.63 |
$ |
0.14 |
||||||
Gathering and transportation (per Mcfe) |
$ |
0.34 |
$ |
0.15 |
$ |
0.20 |
$ |
0.30 |
$ |
0.28 |
$ |
0.30 |
||||||
Lease operating (per Mcfe) |
$ |
0.43 |
$ |
0.70 |
$ |
1.85 |
$ |
0.52 |
$ |
2.10 |
$ |
0.56 |
||||||
Oil and Gas Capital Expenditures: |
||||||||||||||||||
Acquisitions |
$ |
— |
$ |
— |
$ |
— |
$ |
— |
$ |
3,235 |
$ |
3,235 |
||||||
Exploratory leasehold |
3,369 |
3,099 |
— |
6,468 |
8,014 |
14,482 |
||||||||||||
Development leasehold |
429 |
1,216 |
— |
1,645 |
— |
1,645 |
||||||||||||
Exploratory drilling |
568 |
2,328 |
— |
2,896 |
— |
2,896 |
||||||||||||
Development drilling |
90,544 |
136,562 |
— |
227,106 |
79,057 |
306,163 |
||||||||||||
Other development |
984 |
825 |
131 |
1,940 |
— |
1,940 |
||||||||||||
Total |
$ |
95,894 |
$ |
144,030 |
$ |
131 |
$ |
240,055 |
$ |
90,306 |
$ |
330,361 |
(1) |
Reported as realized gain from derivatives in operating results. |
SOURCE
Gary H. Guyton, Director of Planning and Investor Relations, (972) 668-8834