We have shut-in all of our production and have evacuated all personnel at our production platforms due to Hurricane Isaac. Prior to shutting in, our production was approximately 83.5 million cubic feet equivalent per day, net to Contango. We expect to be back up to full production by Monday, September 3.
| CONTANGO OIL & GAS COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
|Year Ended June 30,|
|Natural gas and oil sales||$||179,272||$||201,721||$||159,010|
|Depreciation, depletion and amortization||49,052||52,198||34,521|
|Impairment of natural gas and oil properties||
|General and administrative expense||10,418||12,341||4,599|
|Loss from investment in affiliates (net of tax of $241)||(449||)||
|Other income (expense)||(312||)||(157||)||511|
|NET INCOME FROM CONTINUING OPERATIONS|
|BEFORE INCOME TAXES||93,512||99,797||81,907|
|Provision for income taxes||(34,299||)||(35,338||)||(31,741||)|
|INCOME FROM CONTINUING OPERATIONS||59,213||64,459||50,166|
|Discontinued operations, net of income taxes||(824||)||574||(480||)|
|NET INCOME ATTRIBUTABLE TO COMMON STOCK||$||58,389||$||65,033||$||49,686|
|NET INCOME (LOSS) PER SHARE:|
|WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:|
The table below sets forth revenue, expense and production data for the fiscal years ended June 30, 2012, 2011 and 2010.
| Year ended
| Year ended
|Natural gas and oil sales||$||179,272||$||201,721||(11||)%||$||201,721||$||159,010||27||%|
|Natural gas (million cubic feet)||23,617||24,268||(3||)%||24,268||21,081||15||%|
|Oil and condensate (thousand barrels)||615||673||(9||)%||673||504||34||%|
|Natural gas liquids (thousand gallons)||27,801||26,926||3||%||26,926||24,690||9||%|
|Total (million cubic feet equivalent)||31,279||32,153||(3||)%||32,153||27,632||16||%|
|Natural gas (million cubic feet per day)||64.5||66.5||(3||)%||66.5||57.8||15||%|
|Oil and condensate (thousand barrels per day)||1.7||1.8||(9||)%||1.8||1.4||34||%|
|Natural gas liquids (thousand gallons per day)||76.0||73.8||3||%||73.8||67.6||9||%|
|Total (million cubic feet equivalent per day)||85.5||88.1||(3||)%||88.1||75.7||16||%|
|Average Sales Price:|
|Natural gas (per thousand cubic feet)||$||3.10||$||4.40||(30||)%||$||4.40||$||4.48||(2||)%|
|Oil and condensate (per barrel)||$||112.75||$||91.98||23||%||$||91.98||$||77.18||19||%|
|Natural gas liquids (per gallon)||$||1.32||$||1.23||7||%||$||1.23||$||1.04||18||%|
|Total (per thousand cubic feet equivalent)||$||5.73||$||6.27||(9||)%||$||6.27||$||5.75||9||%|
|Depreciation, depletion and amortization||$||49,052||$||52,198||(6||)%||$||52,198||$||34,521||51||%|
|Impairment of natural gas and oil properties||$||
|General and administrative expenses||$||10,418||$||12,341||(16||)%||$||12,341||$||4,599||168||%|
|Other income (expense)||$||(312||)||$||(157||)||99||%||$||(157||)||$||511||(131||)%|
|Loss from affiliates (net of tax of $241)||$||(449||)||$||
|Selected data per Mcfe:|
|General and administrative expenses||$||0.33||$||0.38||(13||)%||$||0.38||$||0.17||124||%|
|Depreciation, depletion and amortization of natural gas and oil properties||$||1.54||$||1.61||(4||)%||$||1.61||$||1.24||30||%|
Contango is a Houston-based, independent natural gas and oil company. The Company’s business is to explore, develop, produce and acquire natural gas and oil properties primarily onshore and offshore in the Gulf of Mexico. Additional information can be found on our web page at www.contango.com.
This press release contains forward-looking statements regarding Contango that are intended to be covered by the safe harbor "forward-looking statements" provided by the Private Securities Litigation Reform Act of 1995, based on Contango’s current expectations and includes statements regarding acquisitions and divestitures, estimates of future production, future results of operations, quality and nature of the asset base, the assumptions upon which estimates are based and other expectations, beliefs, plans, objectives, assumptions, strategies or statements about future events or performance (often, but not always, using words such as "expects", “projects”, "anticipates", "plans", "estimates", "potential", "possible", "probable", or "intends", or stating that certain actions, events or results "may", "will", "should", or "could" be taken, occur or be achieved). Statements concerning oil and gas reserves also may be deemed to be forward-looking statements in that they reflect estimates based on certain assumptions that the resources involved can be economically exploited. Forward-looking statements are based on current expectations, estimates and projections that involve a number of risks and uncertainties, which could cause actual results to differ materially from those, reflected in the statements. These risks include, but are not limited to: the risks of the oil and gas industry (for example, operational risks in exploring for, developing and producing crude oil and natural gas; risks and uncertainties involving geology of oil and gas deposits; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to future production, costs and expenses; potential delays or changes in plans with respect to exploration or development projects or capital expenditures; health, safety and environmental risks and risks related to weather such as hurricanes and other natural disasters); uncertainties as to the availability and cost of financing; fluctuations in oil and gas prices; risks associated with derivative positions; inability to realize expected value from acquisitions, inability of our management team to execute its plans to meet its goals, shortages of drilling equipment, oil field personnel and services, unavailability of gathering systems, pipelines and processing facilities and the possibility that government policies may change or governmental approvals may be delayed or withheld. Additional information on these and other factors which could affect Contango’s operations or financial results are included in Contango’s other reports on file with the Securities and Exchange Commission. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from the projections in the forward-looking statements. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Contango does not assume any obligation to update forward-looking statements should circumstances or management's estimates or opinions change.
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