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.