This Day On The Street
Continue to site right-arrow
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
TheStreet Open House

BPZ Energy Reports Third Quarter 2013 Financial Results And Provides Update On Development Drilling

Earnings before interest, income taxes, depletion, depreciation, amortization, and exploration expense (EBITDAX) was a negative $67,000 for the third quarter 2013 compared to a positive $6.5 million for the same period last year.  EBITDAX for the nine months ended September 2013 was a negative $4.0 million compared with a positive $33.6 million for the same period in 2012.  EBITDAX is a non-GAAP measure.  Please also see the reconciliation to net loss included at end of the press release. 

The comparisons of the third quarter and year-to-date 2013 results vs. the same periods in 2012 are impacted by the sale of a 49% participating interest in the Block Z-1 license contract to Pacific Rubiales Energy Corp, which closed in December 2012. 

Production

BPZ Energy maintains a 51% working interest in offshore Block Z-1, and the Company's respective share of production is referenced as net oil production.   

Net oil production from the Corvina and Albacora fields for the three months ended September 30, 2013 was 122 thousand barrels (MBbls), or 1,330 bopd, compared to pro forma net oil production of 134 MBbls, or 1,451 bopd for the same period in 2012. 

For the nine months ended September 30, 2013, net oil production was 386 MBbls, or 1,414 bopd, compared to pro forma net oil production of 478 MBbls, or 1,753 bopd for the same period in 2012. 

The decrease in net oil production in the year-over-year comparisons is due to natural declines in oil production at both the Corvina and Albacora fields.

Revenue

For the three months ended September 30, 2013, oil revenue after royalty payments decreased by $16.0 million to $12.5 million from $28.5 million for the same period in 2012.  The decrease is due to a decrease in the amount of oil sold of 162 MBbls, slightly offset by an increase of $1.21, or 1%, in the average per barrel sales price received from $100.25 to $101.46 per barrel.  Total oil sales for the three months ended September 30, 2013 were 123 MBbls compared to 285 MBbls for the same period in 2012.      

2 of 11

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
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
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!
SYM TRADE IT LAST %CHG

Markets

DOW 17,678.23 -40.31 -0.23%
S&P 500 2,056.15 -4.90 -0.24%
NASDAQ 4,863.3620 -13.1570 -0.27%

Partners Compare Online Brokers

Free Reports

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