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EPL Announces First Quarter 2013 Results

Stocks in this article: EPL

Natural gas production averaged 32.1 million cubic feet (Mmcf) per day in the first quarter of 2013, which was on the high end of the Company's guidance range. EPL has continued its focus on oil development opportunities which have higher revenue generation capability than natural gas.

Price realizations for the first quarter of 2013, all of which are stated before the impact of derivative instruments, averaged $111.94 per barrel for crude oil and $3.64 per thousand cubic feet (Mcf) of natural gas, compared to $114.87 per barrel of crude oil and $2.48 per Mcf of natural gas in the same quarter a year ago. The Company's crude oil is advantaged by receiving Heavy Louisiana Sweet and Light Louisiana Sweet crude oil basis differentials.

Operating Expenses

Lease operating expenses (LOE) for the first quarter of 2013 totaled $41.6 million, while general and administrative (G&A) expenses were $7.1 million. Reported LOE and G&A increased over the same periods a year ago mainly due to property acquisitions. G&A expenses included non-cash stock based compensation recorded in the first quarter of 2013 of $1.6 million.

Capital Expenditures and P&A Operations

During the first three months of 2013, costs incurred for development and exploration activities totaled approximately $71.8 million, which combined with $0.5 million spent on seismic purchases, resulted in a total expenditure of $72.3 million. So far to date, the Company has completed 11 operations, including 7 successful sidetracks and drillwells and 3 successful workovers, with an overall 91% success rate. Additionally, during the first quarter, the Company was the high bidder at $2.1 million on 5 leases comprising 13,892 acres in the shallow Gulf of Mexico shelf. Over the last two years, EPL has purchased approximately 41,000 acres of leasehold that has enhanced the acreage position surrounding its prolific core field areas.

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