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Abraxas Announces 2011 Results And Provides An Operational Update

Stocks in this article: AXAS

Safe Harbor for forward-looking statements: Statements in this release looking forward in time involve known and unknown risks and uncertainties, which may cause Abraxas’ actual results in future periods to be materially different from any future performance suggested in this release. Such factors may include, but may not be necessarily limited to, changes in the prices received by Abraxas for crude oil and natural gas. In addition, Abraxas’ future crude oil and natural gas production is highly dependent upon Abraxas’ level of success in acquiring or finding additional reserves. Further, Abraxas operates in an industry sector where the value of securities is highly volatile and may be influenced by economic and other factors beyond Abraxas’ control. In the context of forward-looking information provided for in this release, reference is made to the discussion of risk factors detailed in Abraxas’ filings with the Securities and Exchange Commission during the past 12 months.

 
ABRAXAS PETROLEUM CORPORATION
CONSOLIDATED
 
FINANCIAL HIGHLIGHTS
       
Three Months Ended

December 31,

Twelve Months Ended

December 31,

2011     2010 2011     2010
Financial Results (In thousands except per share data):
Revenues $ 16,453 $ 13,834 $ 64,622 $ 58,060
EBITDA (a) 7,742 6,330 31,504 28,200
Discretionary cash flow (a) 6,298 3,615 24,714 17,310
Net income (loss) (5,260 ) (13,861 ) 13,743 1,766
Net income (loss) per share – basic $ (0.06 ) $ (0.18 ) $ 0.15 $ 0.02
Adjusted net income (loss), excluding certain non-cash items (a)

(11,215

)

(1,391

)

6,267

(3,732

)

Adjusted net income (loss), excluding certain non-cash items (a), per share – basic

$

(0.12

)

$

(0.02

)

$

0.07

$

(0.05

)

Weighted average shares outstanding – basic 91,590 75,989 90,151 75,923
 
Production:
Crude oil per day (Bopd) 1,564 1,369 1,479 1,366
Natural gas per day (Mcfpd) 11,248 13,345 11,567 15,011
Natural gas liquids (Bblpd) 111 29 77 28
Crude oil equivalent per day (Boepd) 3,549 3,621 3,484 3,896
Crude oil equivalent (MBoe) 327 333 1,272 1,422
Crude oil equivalent per day (Boepd) (b) 3,749 3,621 3,762 3,896
Crude oil equivalent (MBoe) (b) 345 333 1,373 1,422
 
Realized Prices, net of realized hedging activity:
Crude oil ($ per Bbl) $ 77.23 $ 66.44 $ 76.11 $ 66.76
Natural gas ($ per Mcf) 5.58 4.96 5.64 4.97
Natural gas liquids ($ per Bbl) 49.77 38.54 50.07 37.81
Crude oil equivalent ($ per Boe) 53.28 43.68 52.13 42.81
 
Expenses:
Lease operating ($ per Boe) $ 19.38 $ 14.25 $ 16.97 $ 13.69
Production taxes (% of oil and gas revenue) 9.3 % 10.1 % 8.9 % 10.2 %
General and administrative, excluding stock-based compensation ($ per Boe)

5.49

6.27

5.85

5.14

Cash interest ($ per Boe) 2.62 6.39 3.49 6.03

Depreciation, depletion and amortization ($ per Boe)

14.77

11.15

12.73

11.40

(a) See reconciliation of non-GAAP financial measures below.(b) Includes Abraxas’ equity interest in Blue Eagle’s production.

 

BALANCE SHEET DATA

     
(In thousands) December 31, 2011 December 31, 2010
 
Cash $ $ 99
Working capital (a) (14,404 ) (5,948 )
Property and equipment – net 179,552 117,248
Total assets 241,150 182,909
 
Long-term debt 126,258 140,940
Stockholders’ equity (deficit) 62,651 (14,976 )
Common shares outstanding 92,261 76,428

(a) Excludes current maturities of long-term debt and current derivative assets and liabilities.

 
ABRAXAS PETROLEUM CORPORATION
CONSOLIDATED
 
STATEMENTS OF OPERATIONS
 
(In thousands except per share data) Year Ended December 31,
2011     2010     2009
 
Revenues:
Oil and gas production $ 64,615 $ 58,050 $ 51,829
Other   7     10     7  
64,622 58,060 51,836
Operating costs and expenses:
Lease operating 21,581 19,475 20,265
Production and ad valorem taxes 5,766 5,910 5,803
Depreciation, depletion, and amortization 16,194 16,212 17,886
Ceiling test impairment 4,787
General and administrative (including stock-based compensation of $1,987, $1,560 and $1,239)  

9,433

   

8,869

   

7,705

 
  52,974     55,253     51,659  
Operating income 11,648 2,807 177
 
Other (income) expense:
Interest income (7 ) (8 ) (15 )
Interest expense 4,898 9,106 11,346
Amortization of deferred financing fees 1,762 2,479 1,326
Loss (gain) on derivative contracts - realized 676 (526 ) (15,328 )
(Gain) loss on derivative contracts - unrealized (7,476 ) (10,285 ) 27,650
Financing fees 362
Equity in (income) loss of joint venture (2,187 ) 473
Other   316     (119 )   2,071  
  (2,018 )   1,120     27,412  
Income (loss) before income tax and non-controlling interest 13,666 1,687 (27,235 )
Income tax benefit (expense)   77     79     (1,290 )
Income (loss) before non-controlling interest 13,743 1,766 (28,525 )
Non-controlling interest           9,745  
Net income (loss) $ 13,743   $ 1,766   $ (18,780 )
     
Net income (loss) per common share - basic $ 0.15   $ 0.02   $ (0.34 )
Net income (loss) per common share - diluted $ 0.15   $ 0.02   $ (0.34 )
 
Weighted average shares outstanding:
Basic 90,151 75,923 55,499
Diluted 92,244 77,224 55,499
 

ABRAXAS PETROLEUM CORPORATION

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

To fully assess Abraxas’ operating results, management believes that, although not prescribed under generally accepted accounting principles ("GAAP"), discretionary cash flow and EBITDA are appropriate measures of Abraxas' ability to satisfy capital expenditure obligations and working capital requirements. Discretionary cash flow and EBITDA are non-GAAP financial measures as defined under SEC rules. Abraxas' discretionary cash flow and EBITDA should not be considered in isolation or as a substitute for other financial measurements prepared in accordance with GAAP or as a measure of the Company's profitability or liquidity. As discretionary cash flow and EBITDA exclude some, but not all items that affect net income and may vary among companies, the discretionary cash flow and EBITDA presented below may not be comparable to similarly titled measures of other companies. Management believes that operating income calculated in accordance with GAAP is the most directly comparable measure to discretionary cash flow and EBITDA; therefore, operating income is utilized as the starting point for these reconciliations.

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