Abraxas Petroleum Corporation (NASDAQ:AXAS) today reported financial and operating results for the three and nine months ended September 30, 2012 and provided an operational update.
Financial and Operating Results
Including Abraxas’ equity interest in the Blue Eagle joint venture (which was dissolved on August 31, 2012), the three months ended September 30, 2012 resulted in:
- Production of 384.3 MBoe (4,177 Boepd), up 3% over Q3 2011, of which 53% was oil or natural gas liquids.
The three months ended September 30, 2012 resulted in:
- Production of 370.5 MBoe (4,027 Boepd), excluding Abraxas’ equity interest in Blue Eagle’s production, a 3% increase over Q2 2012;
- Revenue of $17.2 million;
- EBITDA (a) of $5.8 million;
- Discretionary cash flow (a) of $5.2 million;
- Net loss of $18.6 million, or $0.20 per share; and
- Adjusted net loss (a) of $547,000, or $0.01 per share.
- Debt Covenant Metrics:Working Capital 1.49:1.0 (min 1.0:1.0)Debt to EBITDA 3.31:1.0 (max 4.0:1.0)Interest Coverage 7.96:1.0 (min 2.5:1.0) (a) See reconciliation of non-GAAP financial measures below.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV