Abraxas Announces 2013 Results

Abraxas Petroleum Corporation (NASDAQ:AXAS) today reported financial and operating results for the three and twelve months ended December 31, 2013.

Financial and Operating Results for the Three Months Ended December 31, 2013

The three months ended December 31, 2013 resulted in:
  • Production of 376 MBoe (4,084 Boepd)
  • Revenue of $22.5 million
  • Adjusted EBITDA (a) of $8.2 million inclusive of Raven Drilling
  • Adjusted discretionary cash flow (a) of $7.3 million inclusive of Raven Drilling
  • Net income of $27.0 million, or $0.29 per share
  • Adjusted net loss (a), excluding certain non-cash items and inclusive of Raven Drilling of $2.3 million, or $0.03 per share

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

Net income for the three months ended December 31, 2013 was $27.0 million, or $0.29 per share, compared to a net loss of $11.9 million, or $0.13 per share, for the three months ended December 31, 2012.

Adjusted net loss, excluding certain non-cash items and a gain on the sale of Wycross Properties of $33.4 million, for the three months ended December 31, 2013 was $2.3 million, or $0.03 per share, compared to an adjusted net loss, excluding certain non-cash items, of $3.2 million or $0.03 per share for the three months ended December 31, 2012. For the three months ended December 31, 2013 and 2012, adjusted net income (loss) excludes the unrealized gain (loss) on derivative contracts of $0.2 million and ($1.5) million, respectively. Also excluded is a full cost impairment on Canadian assets of $3.9 million and $6.7 million for the quarters ended December 31, 2013 and December 31, 2012, respectively. Included in adjusted net income for the quarters ended December 31, 2013 and December 31, 2012 is the net income from our subsidiary, Raven Drilling, LLC of $0.3 million and $0.5 million, respectively.

If you liked this article you might like

16 Stocks to Own as the U.S. Economy's Expansion Turns 8 Years Old

Stocks Under $10 Portfolio: An Energy Play, a Rate Hike and Rebounding Markets

Oil and Gas Companies Could Still Do Some Paring

These 7 Stocks Under $10 Are Making Big Moves Higher

7 Breakout Stocks Under $10 Set to Soar Higher