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EPL Announces First Quarter 2013 Results

Stocks in this article: EPL

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.

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