This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Abraxas Announces $11 Million Second Quarter Profit On Sequential Twelve Percent Increase In Production Despite Lower Oil Prices

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 its oil and gas. In addition, Abraxas’ future oil and gas production is highly dependent upon Abraxas’ level of success in acquiring or finding additional reserves. Further, Abraxas operates in an industry 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 in this release, reference is made to the discussion of risk factors detailed in Abraxas’ filings with the Securities and Exchange Commission (“SEC”) during the past 12 months.

 
 
ABRAXAS PETROLEUM CORPORATION
 
FINANCIAL HIGHLIGHTS

(UNAUDITED)

 
    Three Months Ended     Six Months Ended

(In thousands except per share data)

June 30, June 30,
  2012         2011     2012         2011  
Financial Results:
Revenues $ 15,938 $ 16,656 $ 32,331 $ 30,504
EBITDA (a) 8,882 7,402 16,948 14,155
Discretionary cash flow (a) 7,149 5,588 13,562 10,276
Net income (loss) 10,903 8,937 11,720 (1,082 )
Net income (loss) per share – basic $ 0.12 $ 0.10 $ 0.13 $ (0.01 )
Adjusted net income (loss) (a) 1,913 978 3,606 1,937
Adjusted net income (loss) per share (a) – basic $ 0.02 $ 0.01 $ 0.04 $ 0.02
Weighted average shares outstanding – basic 91,808 91,409 91,775 88,653
 
Production:
Crude oil per day (Bopd) 1,735 1,394 1,673 1,342
Natural gas per day (Mcfpd) 11,307 11,622 10,895 11,597
Natural gas liquids per day (Bblpd) 320 58 276 51
Crude oil equivalent per day (Boepd) 3,940 3,389 3,764 3,326
Crude oil equivalent (MBoe) 358.5 308.4 685.1 602.1
Crude oil equivalent per day (Boepd) (b) 4,272 3,845 4,044 3,758
Crude oil equivalent (MBoe) (b) 388.7 349.9 735.9 680.2
 
Realized Prices, net of realized hedging activity:
Crude oil ($ per Bbl) $ 69.31 $ 77.46 $ 70.86 $ 74.33
Natural gas ($ per Mcf) 5.24 5.70 5.42 5.67
Natural gas liquids ($ per Bbl) 37.53 52.28 40.20 50.28
Crude oil equivalent ($ per Boe) 48.61 52.31 50.12 50.55
 
Expenses:
Lease operating ($ per Boe) $ 15.01 $ 18.05 $ 16.52 $ 15.91
Production taxes (% of oil and gas revenue) 9.3 % 8.6 % 9.2 % 8.8 %
General and administrative, excluding stock-based compensation ($ per Boe)

4.69

5.64

4.53

6.68

Cash interest ($ per Boe) 3.21 3.97 3.25 4.51

Depreciation, depletion and amortization ($ per Boe)

15.00

12.26

14.91

11.98

(a) See reconciliation of non-GAAP financial measures below.

4 of 8

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,232.02 -53.72 -0.29%
S&P 500 2,126.06 -4.76 -0.22%
NASDAQ 5,089.3620 -1.4320 -0.03%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs