Halcón Reports 3Q13 Average Daily Production of 37,707 Boe/d; +237% Year-Over-Year
Company Guiding to > 40% Pro Forma Production Growth in 2014
Halcón Expects > 20 % Reduction in Drilling & Completion Capex in 2014New Company Record IP Rates; 3,914 Boe/d in Williston Basin and 1,262 Boe/d in El Halcón Halcón Announces Positive Early Stage Downspacing Results in Williston Basin HOUSTON, Nov. 4, 2013 (GLOBE NEWSWIRE) -- Halcón Resources Corporation (NYSE:HK) ("Halcón" or the "Company") today announced its third quarter 2013 financial results and provided guidance for 2014. Halcón generated total revenues of $305.0 million for the three months ended September 30, 2013, which represents an increase of 316% compared to the three months ended September 30, 2012. Net production for the period increased 237% year-over-year to an average of 37,707 barrels of oil equivalent per day (Boe/d). Third quarter 2013 production was comprised of 83% oil, 6% natural gas liquids (NGLs) and 11% natural gas. The Company realized 95% of the average NYMEX oil price, 96% of the average NYMEX natural gas price and 34% of the average NYMEX oil price for NGLs during the third quarter of 2013, excluding the impact of derivatives. Halcón reported cash flow from operations before changes in working capital of $179.3 million, or $0.39 per diluted share for the three months ended September 30, 2013 (see Condensed Consolidated Statements of Cash Flows for a reconciliation to net cash provided by operating activities). After adjusting for selected items (see Condensed Consolidated Statements of Cash Flows and Selected Item Review and Reconciliation table for additional information), cash flow from operations before changes in working capital was $179.6 million for the quarter, or $0.39 per diluted share, compared to $29.2 million, or $0.15 per diluted share for the same period of 2012.