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EPL Announces First Quarter 2013 Results

Stocks in this article: EPL

For the first quarter of 2013, EBITDAX was $123.6 million and discretionary cash flow was $113.4 million, or $2.89 per share (see reconciliation to GAAP of EBITDAX and discretionary cash flow in the tables). Cash flow from operating activities in the first quarter of 2013 was $78.2 million, a 37% increase compared to cash flow from operating activities for the same quarter a year ago.

Gary C. Hanna, the Company's President and CEO, stated, "I am pleased with our execution so far during this transformational year. The integration of the Hilcorp acquisition is behind us and the properties are performing even better than we anticipated. Although the year is just underway, we are feeling comfortable that our 2013 annual oil production should come within the mid to upper end of our full year guidance range and significantly ramp up during the second half of this year.

"We remain focused on achieving organic growth in terms of production, reserves, and inventory expansion from our high quality acreage. We are just now seeing the reprocessed seismic over the Hilcorp properties come in-house which will allow our technical teams to work the properties' upside potential, and which will undoubtedly over time add substantially to our already robust inventory. With our growing liquidity, continued free cash flow generation and balanced acquire and exploit strategy, we also intend to continue executing on additional prudent acquisition targets to accelerate our growth and provide additional opportunity sets."

Production and Price Realizations

Oil production for the first quarter of 2013 averaged 17,327 Barrels (Bbls) per day, which was above the Company's guidance range and a new record high for the Company. Oil production volumes were 85% higher than in the comparable quarter last year, primarily as a result of the recent Hilcorp acquisition of oil-weighted properties that closed late last year and the continued focus on oil-weighted projects.

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