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Forest Oil Announces Second Quarter 2012 Results

Stocks in this article: FST

The following table details the components of total cash costs for the comparative periods:

          Three Months Ended June 30,
2012         Per Mcfe         2011         Per Mcfe
(In thousands, except per-unit amounts)
 
Production expense $ 37,689 $ 1.23 $ 39,553 $ 1.30

General and administrative expense (excludingstock-based compensation of $5,707 and $3,057,respectively)

10,714 0.35 10,303 0.34
Interest expense 34,317 1.12 37,819 1.24
Current income tax expense   327   0.01   29,443     0.97  
Total cash costs $ 83,047 $ 2.72 $ 117,118   $ 3.85  
 

Current income tax expense associated withCanadian dividend tax

  -   -   (28,921 )   (0.95 )
Pro forma total cash costs $ 83,047 $ 2.72 $ 88,197   $ 2.90  
 

_________________________ Total cash costs is a non-GAAP measure that is used by management to assess the Company’s cash operating performance. Forest defines total cash costs as all cash operating costs, including production expense; general and administrative expense (excluding stock-based compensation); interest expense; and current income tax expense.

Depreciation and Depletion Expense

Forest's per-unit depreciation and depletion expense for the three months ended June 30, 2012 increased 39% to $2.39 per Mcfe compared to $1.72 per Mcfe in the corresponding 2011 period. The increase was primarily the result of higher finding and development costs associated with Forest's oil and liquids focused capital expenditure program.

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