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
TheStreet Open House

Halcon Resources Announces First Quarter 2013 Financial Results And Provides Operational Update

Stocks in this article: HK

Average Daily Production Increases 542% Year-Over-Year

Cash Flow Per Share Increases 211% Year-Over-Year

Definitive Agreement Signed for Divestment of Eagle Ford Assets in Fayette and Gonzales Counties

HOUSTON, May 2, 2013 (GLOBE NEWSWIRE) -- Halcón Resources Corporation (NYSE:HK) ("Halcón" or the "Company") today announced its first quarter 2013 financial results and provided an operational update.

After adjusting for selected items (primarily related to the non-cash impact of derivatives and acquisition and merger related transaction costs), Halcón reported net income for the three months ended March 31, 2013 of $17.5 million, or $0.05 per diluted share, compared to a net loss of $2.7 million, or $0.04 per diluted share in the comparable quarter of 2012 (see Selected Item Review and Reconciliation table for additional information). Before adjusting for selected items, the Company reported net income available to common stockholders of $5.5 million, or $0.01 per diluted share for the quarter.

Cash flow from operations before changes in working capital, after adjusting for selected items (see Condensed Consolidated Statements of Cash Flows and Selected Item Review and Reconciliation table for additional information), was $106.4 million for the quarter, or $0.28 per diluted share, compared to $6.3 million, or $0.09 per diluted share for the same period of 2012. Halcón reported cash flow from operations before changes in working capital (see Condensed Consolidated Statements of Cash Flows for a reconciliation to net cash provided by operating activities), before adjusting for selected items, of $104.8 million, or $0.27 per diluted share for the three months ended March 31, 2013.

Revenues for the first quarter of 2013 increased to $190.7 million, compared to $26.9 million for the three months ended March 31, 2012. The increase is primarily attributable to increased production volumes related to the acquisitions of GeoResources, Inc. ("GeoResources"), certain producing assets in East Texas ("East Texas Assets") and two entities owning certain producing assets in the Williston Basin ("Williston Basin Assets") in 2012.

1 of 7

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,550.46 +150.79 0.92%
S&P 500 1,932.05 +28.04 1.47%
NASDAQ 4,388.8790 +72.8050 1.69%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs