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

EPL Announces First Quarter 2013 Results

NEW ORLEANS, May 2, 2013 (GLOBE NEWSWIRE) -- EPL Oil & Gas, Inc. (EPL or the Company) (NYSE:EPL) today reported financial and operational results for the first quarter 2013.

Highlights
  • 1Q13 EBITDAX rose 83% versus 1Q12 to $123.6 million and adjusted non-GAAP net income of $35.6 million ($0.91 per diluted share) respectively (see EBITDAX reconciliation in the tables)
  • 1Q13 oil production rose 85% versus 1Q12 to 17,327 Barrels of oil per day (Bopd) and was above guidance impacted by organic growth from ongoing operational activities and the first full quarter of production from the Hilcorp acquisition that closed late last year
  • 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, supported by a strong oil hedge position: current net debt to projected 2013 EBITDAX estimated at 1.3x. Liquidity in the form of cash plus undrawn revolver availability estimated at $290 million

Financial Results

Revenue for the first quarter of 2013 was $182.3 million, compared to $98.8 million for the same period a year ago, driven by higher realized oil production from the Company's focus on oil-weighted acquisitions and organic exploitation projects.

For the first quarter of 2013, EPL reported net income to common stockholders of $29.0 million, or $0.73 per diluted share, compared to net income of $1.5 million, or $0.04 per diluted share, for the same period a year ago. The net income for the first quarter of 2013 included $10.4 million of non-cash costs, primarily attributable to unrealized losses on derivative instruments. Excluding the impact of these non-cash items, EPL's adjusted first quarter net income, a non-GAAP measure, would have been $35.6 million, or $0.91 per diluted share.

1 of 5

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

Chart of I:DJI
DOW 17,745.98 -5.41 -0.03%
S&P 500 2,109.00 +0.43 0.02%
NASDAQ 5,128.7850 +17.0520 0.33%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs