Abraxas Reports 2002 Third Quarter Financial Results.Business Editors/Energy Writers SAN ANTONIO--(BUSINESS WIRE)--Nov. 13, 2002 Abraxas A`brax´as n. 1. A mystical word used as a charm and engraved on gems among the ancients; also, a gem stone thus engraved. Petroleum Corporation (AMEX AMEX See: American Stock Exchange :ABP 1. (networking) ABP - Alternating bit protocol. 2. ABP - Microsoft Address Book Provider. ) today reported a third quarter of 2002 loss of $8.4 million or $0.28 per share compared to a loss of $5.8 million or $0.22 per share for the third quarter of 2001. Lower gas price realizations in Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of , compared to the third quarter of 2001, combined with previously announced asset sales, resulted in revenues declining from $14.9 million in 2001 to $11.1 million in this quarter. Capital expenditures for the third quarter of 2002 were $9.6 million of which $7.9 million was for development of Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. assets under the Mirant Mirant Services LLC, an Atlanta-based energy company, produces and sells electricity in the United States, the Caribbean, and the Philippines. The company was spun-off from parent, Southern Company, on April 2, 2001. Canada facility. In west Texas, the Company is drilling its fifth well under the joint participation agreement with EOG Resources EOG Resources NYSE: EOG is a Fortune 600 company based in Houston, Texas. This company is one of the largest independent oil and natural gas companies in the United States. History 1999
See: New York Stock Exchange :EOG EOG electro-olfactogram. EOG abbr. electro-oculography EOG electro-oculogram; electro-olfactogram. EOG Electrooculogram, see there ). In Canada, the Company drilled six new wells (five successful) during the quarter and put four new wells on production. At the end of the quarter, three wells were in various stages of completion. The Company currently does not have any drilling operations ongoing in Canada but expects to begin its winter drilling season activity in the near future. CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Bob Watson
"The recovery in natural gas prices and our new well completions in Canada over the last two months are having a significant impact on revenues and cash flow as we enter the fourth quarter. In addition, the hedges that have limited our ability to fully participate in the upside Upside The potential dollar amount by which the market or a stock could rise. Notes: This is basically an educated guess on how high a stock could go in the near future. See also: Bull, Downside from natural gas prices ended in October October: see month. . We continue to work diligently dil·i·gent adj. Marked by persevering, painstaking effort. See Synonyms at busy. [Middle English, from Old French, from Latin d to improve our balance sheet and believe that we will be able to demonstrate progress on that very important goal in the near future." Key quarterly results are summarized below:
Quarter Ended
September 30
(Amounts in thousands)
2002 2001
--------- ---------
Revenues $11,061 $14,901
Operating Income (Loss) $490 $2,187
Net Income (Loss) $(8,438) $(5,849)
Earnings (Loss) Per Share $(.28) $(.22)
EBITDA $5,576 $10,208
Average Oil Price (after hedge) $27.19 $25.06
Average Gas Price (after hedge) $2.08 $2.26
Total Assets $183,893 $310,868
Abraxas invites your participation in a conference call on Thursday Thursday: see week. , Nov. 14, at 1:30 p.m. CST CST abbr. 1. Central Standard Time 2. convulsive shock treatment CST Central Standard Time Noun 1. to discuss the contents of this release and respond to questions. Please call 800/967-7140 between 1:20 and 1:30 p.m. CST, passcode code 555076, if you would like to participate in the call. There will be a replay of the conference call available by calling 888/203-1112, passcode code 555076, beginning approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 4:30 p.m. CST Thursday, Nov. 14, through 5:00 p.m. CST Thursday, Nov. 2l. Abraxas Petroleum Corporation is a San Antonio-based crude oil and natural gas exploitation Exploitation See also Opportunism. Barnum, P. T. (1810–1891) circus impressario famous for his saying, “Never give a sucker an even break.” [Am. Hist. and production company that also processes natural gas. The Company operates in Texas, Wyoming Wyoming, city, United States Wyoming, city (1990 pop. 63,891), Kent co., W Mich., in the greater Grand Rapids metropolitan area, on the Grand River; settled 1832, inc. 1959. and western Canada
Western Canada, commonly referred to as the West . For additional information about the Company, please visit our Web site, www.abraxaspetroleum.com, for the most current and updated information. The Web site is updated daily in order to comply with the SEC Regulation FD (Fair Disclosure). Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. for forward-looking statement forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. : Statements in this release looking forward in time involve known and unknown risks and uncertainties, which may cause the Company's actual results in future periods to be materially different from any future performance suggested in this release. Such factors may include, but may not be necessarily limited to, changes in the prices received by the Company for crude oil and natural gas and our ability to sell certain assets in a timely manner to support liquidity needs. In addition, the Company's future crude oil and natural gas production is highly dependent upon the Company's level of success in acquiring or finding additional reserves. Further, the Company operates in an industry sector where securities values are highly volatile With regard to computer memory, it means "temporary" and not "highly changeable," which is the usual meaning of the word. See volatile memory. 1. (programming) volatile - volatile variable. 2. (storage) volatile - See non-volatile storage. and may be influenced by economic and other factors beyond the Company's control. In the context of forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. information provided for in this release, reference is made to the discussion of risk factors detailed in the Company's filing with the Securities and Exchange Commission during the past 12 months.
ABRAXAS PETROLEUM CORPORATION
QUARTER-END RESULTS
(UNAUDITED)
(In thousands Three Months Nine Months
except per share data) Ended September 30, Ended September 30,
2002 2001 2002 2001
-------- -------- --------- --------
Operations Data:
Revenues $11,061 $14,901 $37,103 $65,103
Cash Flow (Before Working Capital
Changes) (2,967) 724 (4,565) 21,463
Net Loss (8,438) (5,849) (112,827) (6,868)
Net Loss Per Share (.28) (.22) (3.76) (.28)
Weighted Avg. Shares Outstanding
(Millions) 30.0 26.8 30.0 24.3
Production:
Crude Oil (BPD) 720 1,287 789 1,368
NGL (BPD) 570 637 668 742
Natural Gas (MCFPD) 38,055 46,346 42,828 49,159
MMCFEPD 45.8 57.9 51.6 61.8
Prices (net of hedge costs):
Crude Oil ($/BBL) $27.19 $25.06 $22.27 $25.91
NGL's ($/BBL) 20.04 18.05 16.53 24.02
Natural Gas ($/MCF) 2.08 2.26 2.25 3.54
Price per MCFE 2.40 2.57 2.43 3.68
Expenses:
Lease Operating ($/MCFE) $.93 $.84 $.80 $.81
General & Administrative ($/MCFE) .33 .26 .33 .30
Interest ($/MCFE) 2.05 1.51 1.83 1.40
D/D/A ($/MCFE) 1.21 1.51 1.49 1.49
Balance Sheet Data (In $000s)
September 30, 2002 December 31, 2001
Cash $13,358 $7,605
Working Capital (Deficit)(a) (657) (4,994)
Plant/Property/Equipment, Net 149,530 281,894
Total Assets 183,893 303,616
Long-Term Debt 231,199 285,184
Shareholders Equity (Deficit) (138,032) (28,585)
Common Shares Outstanding
(Millions) 30.0 30.0
(a) Working Capital excludes current portion of long-term debt of
$63.5 million in 2002 period.
Abraxas Petroleum Corporation and Subsidiaries
Consolidated Statements of Operations
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2002 2001 2002 2001
------- --------- --------- --------
(In thousands except per share data)
Revenue:
Oil and gas production
revenues $10,129 $ 13,667 $ 34,158 $ 62,043
Gas processing revenues 522 777 1,933 1,711
Rig revenues 169 199 513 607
Other 241 258 499 742
------- -------- --------- --------
11,061 14,901 37,103 65,103
Operating costs and expenses:
Lease operating and
production taxes 3,943 4,488 11,205 13,679
Depreciation, depletion and
amortization 5,086 8,021 21,010 25,150
Proved property impairment -- -- 115,995 --
Rig operations 143 204 439 548
General and administrative 1,399 1,367 4,578 5,051
General and administrative
(Stock-based compensation) -- (1,366) -- (2,767)
------- -------- --------- --------
10,571 12,714 153,227 41,661
------- -------- --------- --------
Operating income (loss) 490 2,187 (116,124) 23,442
Other (income) expense:
Interest income (15) (46) (56) (74)
Amortization of deferred
financing fee 425 405 1,283 1,315
Interest expense 8,616 8,090 25,790 23,700
Other expense -- -- -- 16
------- -------- --------- --------
9,026 8,449 27,017 24,957
------- -------- --------- --------
Net loss from operations
before taxes (8,536) (6,262) (143,141) (1,515)
Income tax expense (benefit) (98) (608) (30,314) 3,677
Minority interest in income of
consolidated foreign
subsidiary -- 195 -- 1,676
------- -------- --------- --------
Net loss $(8,438) $ (5,849) $(112,827) $ (6,868)
======= ======== ========= ========
Loss per common share:
Net loss per common share --
basic and diluted $ (0.28) $ (0.22) $ (3.76) $ (0.28)
======= ======== ========= ========
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