Hot Features
Premium
Register for real-time alerts, custom portfolio, and market movers
What are the details?
TransAtlantic Petroleum Ltd. (NYSE-MKT:TAT) (TSX:TNP) today announced financial results for the quarter ended September 30, 2015 and provided an update on its operations.
Third Quarter 2015 Highlights
– Revenue of $20.2 million
– Consolidated Adjusted EBITDAX from continuing operations of $14.9 million (Adjusted EBITDAX is a non-GAAP financial measure that is defined and reconciled to net income (loss) from continuing operations at the end of this press release)
– Average net sales production of 5,018 BOEPD (comprised of 4,077 BOPD and 5.9 MMCFPD of natural gas)
– Current net production of approximately 5,900 BOEPD with approximately 400 BOPD temporarily shut in
– Net income from continuing operations of $0.2 million (income from continuing operations before income taxes of $1.5 million)
– Excluding the results of the Company’s Albania segment, income from continuing operations before income taxes of $18.3 million1 and Adjusted EBITDAX from continuing operations of $16.4 million
otal revenues were $20.2 million for the three months ended September 30, 2015, compared to $28.5 million for the three months ended June 30, 2015 and $36.1 million for the three months ended September 30, 2014. For the three months ended September 30, 2015, TransAtlantic generated net income from continuing operations of $0.2 million, or $0.00 per share (basic and diluted), compared to net loss from continuing operations of $7.3 million, or $0.18 per share (basic and diluted), for the three months ended June 30, 2015, and net income from continuing operations of $8.3 million, or $0.22 per share (basic and diluted), for the three months ended September 30, 2014.
Net income for the third quarter of 2015 included a $17.3 million impairment expense ($0.7 million was cash spent during the third quarter of 2015), of which $13.6 million was related to TransAtlantic’s Cakran-Mollaj field in Albania. Additionally, we recorded a $1.8 million charge in general and administrative costs related to doubtful receivables of Albanian oil sales and amounts owed by a joint venture partner on TransAtlantic’s Idil license.
Consolidated Adjusted EBITDAX from continuing operations for the three months ended September 30, 2015 was $14.9 million, compared to $17.2 million for the three months ended June 30, 2015 and $24.1 million for the three months ended September 30, 2014.
Excluding the results of the Company’s Albania segment, the Company generated income from continuing operations before income taxes of $18.3 million and Adjusted EBITDAX from continuing operations of $16.4 million for the three months ended September 30, 2015.
Capital expenditures, including seismic and corporate expenditures, totaled $10.2 million for the three months ended September 30, 2015 (consisting of $7.7 million in Turkey and $2.5 million in Albania), compared to $10.9 million for the three months ended June 30, 2015 and $33.4 million for the three months ended September 30, 2014.
