Abraxas Announces Third Quarter 2013 Results

Abraxas Petroleum Corporation (NASDAQ:AXAS) today reported financial and operating results for the three and nine months ended September 30, 2013.

Financial and Operating Results for the Three Months Ended September 30, 2013

The three months ended September 30, 2013 resulted in:
  • Production of 440 MBoe (4,781 Boepd)
  • Revenue of $29.1 million
  • Adjusted EBITDA (a) of $18.1 million inclusive of Raven Drilling
  • Adjusted discretionary cash flow (a) of $17.1 million inclusive of Raven Drilling
  • Net income of $3.2 million, or $0.03 per share
  • Adjusted net income (a), excluding certain non-cash items and inclusive of Raven Drilling of $8.4 million, or $0.09 per share

(a) See reconciliation of non-GAAP financial measures below.

Net income for the three months ended September 30, 2013 was $3.2 million, or $0.03 per share, compared to a net loss of $18.6 million, or $(0.20) per share, for the three months ended September 30, 2012.

Adjusted net income, excluding certain non-cash items, for the three months ended September 30, 2013 was $8.4 million, or $0.09 per share, compared to an adjusted net loss, excluding certain non-cash items, of $0.5 million or $(0.01) per share for the three months ended September 30, 2012. For the three months ended September 30, 2013 and 2012, adjusted net income (loss) excludes the unrealized loss on derivative contracts of $4.5 million and $5.3 million, respectively. Also excluded is a full cost impairment on Canadian assets of $0.2 million and $11.8 million for the quarters ended September 30, 2013 and September 30, 2012, respectively. Included in adjusted net income for the quarters ended September 30, 2013 and September 30, 2012 is the net income from our subsidiary, Raven Drilling, LLC of $0.6 million and $1.1 million, respectively.

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