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

BPZ Energy Provides First Quarter 2013 Financial Results And Announces Loan Amendments

For the three months ended March 31, 2013, depletion expense decreased $3.5 million to $4.6 million from $8.1 million during the same period in 2012 primarily due to the sale of a 49% participating interest in the Block Z-1 license contract.

Standby Costs

For the three months ended March 31, 2013, the Company's share of standby costs was $1.1 million including the CX-11 workover rig and the CX-15 drilling rig. For the three months ending March 31, 2012, the Company incurred $1.2 million of standby rig costs. 

Other Expense

For the three months ended March 31, 2013, other expense decreased $7.5 million to $5.2 million compared to $12.7 million for the same period in 2012. The decrease is primarily due to $1.9 million of lower net interest expense resulting from lower interest bearing debt outstanding between the two periods, and a $5.9 million decrease in losses on derivatives due to lower crude oil prices during the 2013 quarter.

Income Taxes

For the three months ended March 31, 2013, the Company recognized income tax expense of $0.3 million on a loss before income taxes of $12.5 million.  For the comparable 2012 period, the Company recognized an income tax benefit of $4.3 million on a loss before income taxes of $31.6 million.  The decrease in the loss before income taxes is mainly a result of the lower GG&E expenses, partially offset by the impact on operating income from the sale of a 49% participating interest in the Z -1 license contract to Pacific Rubiales.

Liquidity, Capital Expenditures and Capital Resources

Liquidity

At March 31, 2013, the Company had cash and cash equivalents of $63.0 million and restricted cash of $66.5 million, an accounts receivable balance of $45.6 million and working capital of $54.1 million. 

Capital and Exploratory Expenditures

The Company's non-Block Z-1 total capital and exploratory expenditures for the first quarter ended March 31, 2013 were $0.6 million, excluding capitalized interest of $2.6 million. 

3 of 7

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
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,070.40 +46.34 0.26%
S&P 500 2,114.49 +6.20 0.29%
NASDAQ 5,016.9290 +11.5380 0.23%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs