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EPL Announces Fourth Quarter And Year-End Results For 2012

Stocks in this article: EPL

NEW ORLEANS, March 7, 2013 (GLOBE NEWSWIRE) -- EPL Oil & Gas, Inc. (EPL or the Company) (NYSE:EPL) today reported financial and operational results for the fourth quarter and full year 2012.

Highlights

  • 4Q2012 EBITDAX of $95.5 million and net income of $24.2 million ($0.61 per diluted share) respectively. 2012 EBITDAX of $285.9 million, slightly above the Company's guidance range (see EBITDAX reconciliation in the tables). 2012 Net income of $58.8 million ($1.50 per diluted share)
  • 4Q12 oil production rose 43% versus 4Q11 to 13,516 Barrels of oil per day (Bopd) in line with guidance reflecting the impact of the Hilcorp acquisition production only since October 31, 2012 close.
  • 2012 exit oil production estimated at 16,500 Bopd, with 1Q2013 and full year 2013 oil production guidance at 16,000 to 17,000 Bopd and 17,000 to 18,500 Bopd, respectively
  • Estimated proved reserves of 77.4 Mmboe as of December 31, 2012, representing an annual increase of 109% mainly through acquisitions and organic production replacement of 187% at an average cost of $26/Boe.
  • Year-end 2012 PV-10 estimated at $2.0 billion for 1P reserves using SEC prices (see discussion of PV-10 in the appendix)
  • 2013 capital budget remains at $300 million, up 34% over 2012 and dominated by oil projects intended to drive both production and organic reserve growth
  • Continued focus on free cash flow and balance sheet strength: current net debt to projected 2013 EBITDAX estimated at 1.4x and expected to decrease to 1.3x post-close of the currently-pending Bay Marchand (BM) non-operated asset sale for $51.5 million. Post close liquidity in the form of cash plus undrawn revolver availability estimated at $290 million

Financial Results 

Revenue for the fourth quarter of 2012 was $138.9 million, compared to $103.4 million for the same period a year ago, driven by higher realized oil production from the Company's focus on oil-weighted development projects. For full year 2012, revenues increased 22% to $423.6 million versus $348.3 million for full year 2011, due to a 29% increase in 2012 annual oil production, offset by a 3% decrease in oil prices.

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