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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Adams Resources and Energy Inc | AMEX:AE | AMEX | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.14 | 0.51% | 27.50 | 28.465 | 27.07 | 27.07 | 6,216 | 23:55:17 |
x
|
Quarterly report pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934
|
Delaware
|
74-1753147
|
|
(State or other jurisdiction of
incorporation or organization)
|
(I.R.S. Employer
Identification No.)
|
17 South Briar Hollow Lane Suite 100, Houston, Texas 77027
|
(Address of principal executive office & Zip Code)
|
Three Months Ended
|
||||||||
March 31,
|
||||||||
2016
|
2015
|
|||||||
REVENUES:
|
||||||||
Marketing
|
$ | 236,394 | $ | 537,748 | ||||
Transportation
|
13,347 | 16,465 | ||||||
Oil and natural gas
|
790 | 1,360 | ||||||
250,531 | 555,573 | |||||||
COSTS AND EXPENSES:
|
||||||||
Marketing
|
229,057 | 526,133 | ||||||
Transportation
|
11,189 | 13,441 | ||||||
Oil and natural gas
|
631 | 1,663 | ||||||
General and administrative
|
2,200 | 3,331 | ||||||
Depreciation, depletion and amortization
|
5,115 | 6,088 | ||||||
248,192 | 550,656 | |||||||
Operating earnings
|
2,339 | 4,917 | ||||||
Other income (expense):
|
||||||||
Interest income
|
103 | 78 | ||||||
Interest expense
|
- | (4 | ) | |||||
Earnings before income taxes and equity investments
|
2,442 | 4,991 | ||||||
Income tax (provision)
|
(888 | ) | (1,894 | ) | ||||
Earnings before equity investments
|
1,554 | 3,097 | ||||||
Earnings (loss) from equity investments, net of tax benefit
of $67 and zero, respectively
|
(124 | ) | - | |||||
Net earnings
|
$ | 1,430 | $ | 3,097 | ||||
EARNINGS PER SHARE:
|
||||||||
Basic and diluted net earnings per common share
|
$ | .34 | $ | .73 | ||||
DIVIDENDS PER COMMON SHARE
|
$ | .22 | $ | .22 |
March 31,
|
December 31,
|
|||||||
2016
|
2015
|
|||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$ | 83,099 | $ | 91,877 | ||||
Accounts receivable, net of allowance for doubtful
|
||||||||
accounts of $200 and $206, respectively
|
73,043 | 71,813 | ||||||
Inventory
|
13,378 | 7,671 | ||||||
Fair value contracts
|
20 | - | ||||||
Income tax receivable
|
629 | 2,587 | ||||||
Prepayments
|
2,251 | 2,589 | ||||||
Total current assets
|
172,420 | 176,537 | ||||||
Property and Equipment
|
||||||||
Marketing
|
64,788 | 65,200 | ||||||
Transportation
|
70,367 | 70,732 | ||||||
Oil and gas (successful efforts method)
|
74,030 | 77,117 | ||||||
Other
|
187 | 187 | ||||||
209,372 | 213,236 | |||||||
Less – Accumulated depreciation, depletion and amortization
|
(152,748 | ) | (153,521 | ) | ||||
56,624 | 59,715 | |||||||
Other Assets:
|
||||||||
Investments
|
2,009 | - | ||||||
Cash deposits and other
|
6,862 | 6,963 | ||||||
$ | 237,915 | $ | 243,215 | |||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
||||||||
Current Liabilities:
|
||||||||
Accounts payable
|
$ | 69,219 | $ | 74,117 | ||||
Accounts payable – related party
|
69 | 40 | ||||||
Fair value contracts
|
373 | 195 | ||||||
Accrued and other liabilities
|
6,136 | 5,845 | ||||||
Total current liabilities
|
75,797 | 80,197 | ||||||
Other Liabilities:
|
||||||||
Asset retirement obligations
|
2,426 | 2,469 | ||||||
Deferred taxes and other liabilities
|
6,680 | 8,039 | ||||||
84,903 | 90,705 | |||||||
Commitments and Contingencies (Note 5)
|
||||||||
Shareholders’ Equity:
|
||||||||
Preferred stock - $1.00 par value, 960,000 shares
|
||||||||
authorized, none outstanding
|
- | - | ||||||
Common stock - $.10 par value, 7,500,000 shares
|
||||||||
authorized, 4,217,596 shares outstanding
|
422 | 422 | ||||||
Contributed capital
|
11,693 | 11,693 | ||||||
Retained earnings
|
140,897 | 140,395 | ||||||
Total shareholders’ equity
|
153,012 | 152,510 | ||||||
$ | 237,915 | $ | 243,215 |
Three Months Ended
|
||||||||
March 31,
|
||||||||
2016
|
2015
|
|||||||
CASH PROVIDED BY OPERATIONS:
|
||||||||
Net earnings
|
$ | 1,430 | $ | 3,097 | ||||
Adjustments to reconcile net earnings to net cash
|
||||||||
from operating activities -
|
||||||||
Depreciation, depletion and amortization
|
5,115 | 6,088 | ||||||
Property sales (gains)
|
(120 | ) | (512 | ) | ||||
Dry hole costs incurred
|
- | 34 | ||||||
Impairment of oil and natural gas properties
|
29 | 208 | ||||||
Deferred income taxes
|
(1,352 | ) | (949 | ) | ||||
Net change in fair value contracts
|
158 | 39 | ||||||
Equity investment (earnings) losses
|
191 | - | ||||||
Decrease (increase) in accounts receivable
|
(1,224 | ) | 25,501 | |||||
Decrease (increase) in inventories
|
(5,707 | ) | (803 | ) | ||||
Decrease (increase) in income tax receivable
|
1,958 | 970 | ||||||
Decrease (increase) in prepayments
|
338 | 342 | ||||||
Increase (decrease) in accounts payable
|
(3,614 | ) | (25,385 | ) | ||||
Increase (decrease) in accrued liabilities
|
393 | 3,509 | ||||||
Other changes, net
|
47 | (8 | ) | |||||
Net cash provided by (used in) operating activities
|
(2,358 | ) | 12,131 | |||||
INVESTING ACTIVITIES:
|
||||||||
Property and equipment additions
|
(4,210 | ) | (3,665 | ) | ||||
Proceeds from property sales
|
920 | 512 | ||||||
Investments
|
(2,200 | ) | - | |||||
Insurance and state collateral (deposits) refunds
|
(2 | ) | (103 | ) | ||||
Net cash (used in) investing activities
|
(5,492 | ) | (3,256 | ) | ||||
FINANCING ACTIVITIES
|
||||||||
Dividend payments
|
(928 | ) | (927 | ) | ||||
Net cash (used in) financing activities
|
(928 | ) | (927 | ) | ||||
Increase (decrease) in cash and cash equivalents
|
(8,778 | ) | 7,948 | |||||
Cash and cash equivalents at beginning of period
|
91,877 | 80,184 | ||||||
Cash and cash equivalents at end of period
|
$ | 83,099 | $ | 88,132 |
March 31,
|
December 31,
|
|||||||
2016
|
2015
|
|||||||
Cash collateral deposits for commodity purchases
|
$ | 2 | $ | 167 | ||||
Insurance premiums
|
1,551 | 1,609 | ||||||
Rents, license and other
|
698 | 813 | ||||||
$ | 2,251 | $ | 2,589 |
Three Months Ended
|
||||||||
March 31,
|
||||||||
2016
|
2015
|
|||||||
Producing property impairments
|
$ | 1 | $ | 203 | ||||
Non-producing property impairments
|
28 | 5 | ||||||
Total
|
$ | 29 | $ | 208 |
March 31,
|
December 31,
|
|||||||
2016
|
2015
|
|||||||
Napoleonville, Louisiana acreage
|
$ | 49 | $ | 49 | ||||
Wyoming and other acreage
|
182 | 182 | ||||||
Total Non-producing Leasehold Costs
|
$ | 231 | $ | 231 |
March 31,
|
December 31,
|
|||||||
2016
|
2015
|
|||||||
Insurance collateral deposits
|
$ | 6,403 | $ | 6,531 | ||||
State collateral deposits
|
142 | 140 | ||||||
Materials and supplies
|
317 | 292 | ||||||
$ | 6,862 | $ | 6,963 |
Three Months Ended
|
||||||||
March 31,
|
||||||||
2016
|
2015
|
|||||||
Revenue gross-up
|
$ | 75,927 | $ | 130,222 |
Three Months Ended
|
||||||||
March 31,
|
||||||||
2016
|
2015
|
|||||||
Stand-by letters of credit
|
$ | 1,000 | $ | 7,000 |
Three Months Ended
|
||||||||
March 31,
|
||||||||
2016
|
2015
|
|||||||
Interest paid
|
$ | - | $ | 4 | ||||
Federal and state tax paid
|
105 | 1,081 |
March 31,
|
||||||||
2016
|
2015
|
|||||||
Property and equipment additions
|
$ | 350 | $ | 566 |
Balance Sheet Location and Amount
|
||||||||||||||||
Current
|
Other
|
Current
|
Other
|
|||||||||||||
Assets
|
Assets
|
Liabilities
|
Liabilities
|
|||||||||||||
Asset Derivatives
|
||||||||||||||||
- Fair Value Forward Hydrocarbon Commodity
|
||||||||||||||||
Contracts at Gross Valuation
|
$ | 20 | $ | - | $ | - | $ | - | ||||||||
Liability Derivatives
|
||||||||||||||||
- Fair Value Forward Hydrocarbon Commodity
|
||||||||||||||||
Contracts at Gross Valuation
|
- | - | 373 | - | ||||||||||||
Less Counterparty Offsets
|
- | - | - | - | ||||||||||||
As Reported Fair Value Contracts
|
$ | 20 | $ | - | $ | 373 | $ | - |
Balance Sheet Location and Amount
|
||||||||||||||||
Current
|
Other
|
Current
|
Other
|
|||||||||||||
Assets
|
Assets
|
Liabilities
|
Liabilities
|
|||||||||||||
Asset Derivatives
|
||||||||||||||||
- Fair Value Forward Hydrocarbon Commodity
|
||||||||||||||||
Contracts at Gross Valuation
|
$ | - | $ | - | $ | - | $ | - | ||||||||
Liability Derivatives
|
||||||||||||||||
- Fair Value Forward Hydrocarbon Commodity
|
||||||||||||||||
Contracts at Gross Valuation
|
- | - | 195 | - | ||||||||||||
Less Counterparty Offsets
|
- | - | - | - | ||||||||||||
As Reported Fair Value Contracts
|
$ | - | $ | - | $ | 195 | $ | - |
Earnings (Loss)
|
||||||||
Three Months Ended
|
||||||||
March 31,
|
||||||||
2016
|
2015
|
|||||||
Revenues – Marketing
|
$ | 158 | $ | (39 | ) | |||
|
Level 1 – quoted prices in active markets for identical assets or liabilities that may be accessed at the measurement date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. For Level 1 valuation of marketable securities, the Company utilizes market quotations provided by its primary financial institution and for the valuation of derivative financial instruments the Company utilizes the New York Mercantile Exchange (‟NYMEX”) for such valuations.
|
|
Level 2 – (a) quoted prices for similar assets or liabilities in active markets, (b) quoted prices for identical assets or liabilities but in markets that are not actively traded or in which little information is released to the public, (c) observable inputs other than quoted prices and (d) inputs derived from observable market data. Source data for Level 2 inputs include information provided by the NYMEX, published price data and indices, third party price survey data and broker provided forward price statistics.
|
|
Level 3 – unobservable market data inputs for assets or liabilities.
|
Market Data Inputs
|
||||||||||||||||||||
Gross Level 1
|
Gross Level 2
|
Gross Level 3
|
Counterparty
|
|||||||||||||||||
Quoted Prices
|
Observable
|
Unobservable
|
Offsets
|
Total
|
||||||||||||||||
Derivatives
|
||||||||||||||||||||
- Current assets
|
$ | - | $ | 20 | $ | - | $ | - | $ | 20 | ||||||||||
- Current liabilities
|
- | (373 | ) | - | - | (373 | ) | |||||||||||||
Net Value
|
$ | - | $ | (353 | ) | $ | - | $ | - | $ | (353 | ) |
Market Data Inputs
|
||||||||||||||||||||
Gross Level 1
|
Gross Level 2
|
Gross Level 3
|
Counterparty
|
|||||||||||||||||
Quoted Prices
|
Observable
|
Unobservable
|
Offsets
|
Total
|
||||||||||||||||
Derivatives
|
||||||||||||||||||||
- Current assets
|
$ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||
- Current liabilities
|
- | (195 | ) | - | - | (195 | ) | |||||||||||||
Net Value
|
$ | - | $ | (195 | ) | $ | - | $ | - | $ | (195 | ) |
Segment
|
Depreciation
|
Property and
|
||||||||||||||
Operating
|
Depletion and
|
Equipment
|
||||||||||||||
Revenues
|
Earnings
|
Amortization
|
Additions
|
|||||||||||||
Period Ended March 31, 2016
|
||||||||||||||||
Marketing
|
$ | 236,394 | $ | 4,648 | $ | 2,689 | $ | 263 | ||||||||
Transportation
|
13,347 | 173 | 1,985 | 3,817 | ||||||||||||
Oil and gas
|
790 | (282 | ) | 441 | 130 | |||||||||||
$ | 250,531 | $ | 4,539 | $ | 5,115 | $ | 4,210 | |||||||||
Period Ended March 31, 2015
|
||||||||||||||||
Marketing
|
$ | 537,748 | $ | 8,848 | $ | 2,767 | $ | 1,850 | ||||||||
Transportation
|
16,465 | 1,125 | 1,899 | 166 | ||||||||||||
Oil and gas
|
1,360 | (1,725 | ) | 1,422 | 1,649 | |||||||||||
$ | 555,573 | $ | 8,248 | $ | 6,088 | $ | 3,665 |
Three Months Ended
|
||||||||
March 31,
|
||||||||
2016
|
2015
|
|||||||
Segment operating earnings
|
$ | 4,539 | $ | 8,248 | ||||
- General and administrative
|
(2,200 | ) | (3,331 | ) | ||||
Operating earnings
|
2,339 | 4,917 | ||||||
- Interest income
|
103 | 78 | ||||||
- Interest expense
|
- | (4 | ) | |||||
Earnings before income tax
|
$ | 2,442 | $ | 4,991 |
March 31,
|
December 31,
|
|||||||
2016
|
2015
|
|||||||
Marketing
|
$ | 101,067 | $ | 96,723 | ||||
Transportation
|
35,020 | 35,010 | ||||||
Oil and gas
|
8,243 | 8,930 | ||||||
Other
|
93,531 | 102,552 | ||||||
$ | 237,861 | $ | 243,215 |
Three Months Ended
|
||||||||
March 31,
|
||||||||
2016
|
2015
|
|||||||
Overhead recoveries
|
$ | 21 | $ | 26 | ||||
Affiliate billings to company
|
$ | 11 | $ | 17 | ||||
Company billings to affiliates
|
$ | 1 | $ | 12 | ||||
Rentals paid to affiliate
|
$ | 163 | $ | 143 | ||||
Fees paid to Bencap
|
$ | 36 | $ | - |
March 31,
|
December 31,
|
|||||||
2016
|
2015
|
|||||||
Estimated expenses and liabilities
|
$ | 2,243 | $ | 2,086 |
March 31,
|
December 31,
|
|||||||
2016
|
2015
|
|||||||
Accrued medical claims
|
$ | 1,668 | $ | 1,107 |
-
|
Marketing
|
Three Months Ended
|
||||||||||||
March 31,
|
||||||||||||
2016
|
2015
|
Change
(1)
|
||||||||||
Revenues
|
$ | 236,394 | $ | 537,748 | (56.0 | )% | ||||||
Operating earnings
|
$ | 4,648 | $ | 8,848 | (47.5 | )% | ||||||
Depreciation
|
$ | 2,689 | $ | 2,767 | (2.8 | )% | ||||||
Driver commissions
|
$ | 4,508 | $ | 5,948 | (24.2 | )% | ||||||
Insurance
|
$ | 2,171 | $ | 2,239 | (3.0 | )% | ||||||
Fuel
|
$ | 1,672 | $ | 2,801 | (40.3 | )% |
(1)
|
Represents the percentage increase (decrease) from the prior year.
|
Three Months Ended
|
||||||||
March 31,
|
||||||||
2016
|
2015
|
|||||||
Field Level Purchase Volumes – Per day
(1)
|
||||||||
Crude oil – barrels
|
88,183 | 124,380 | ||||||
Average Purchase Price
|
||||||||
Crude oil – per barrel
|
$ | 29.21 | $ | 43.51 |
Three Months Ended
|
||||||||
March 31,
|
||||||||
2016
|
2015
|
|||||||
As reported segment operating earnings
|
$ | 4,648 | $ | 8,848 | ||||
Add (less) -
|
||||||||
Inventory valuation (gains) losses
|
(2,202 | ) | (104 | ) | ||||
Derivative valuation (gains) losses
|
158 | 39 | ||||||
Field level operating earnings
(1)
|
$ | 2,604 | $ | 8,783 |
(1)
|
Such designation is (a) unique to the Company, (b) not a substitute for GAAP and (c) not comparable to any similar measures developed by industry participants. The Company utilizes such data to evaluate the profitability of its operations.
|
March 31, 2016
|
December 31, 2015
|
|||||||||||||||
Average
|
Average
|
|||||||||||||||
Barrels
|
Price
|
Barrels
|
Price
|
|||||||||||||
Crude oil inventory
|
380,449 | $ | 35.16 | 261,718 | $ | 29.31 |
Three Months Ended
|
||||||||
March 31,
|
||||||||
2016
|
2015
|
|||||||
Total transportation revenue
|
$ | 13,347 | $ | 16,465 | ||||
Diesel fuel cost
|
(1,311 | ) | (2,233 | ) | ||||
Revenues net of fuel
|
$ | 12,036 | $ | 14,232 |
Three Months Ended
|
||||||||||||
March 31,
|
||||||||||||
2016
|
2015
|
Change
(1)
|
||||||||||
Revenues
|
$ | 790 | $ | 1,360 | (41.9 | )% | ||||||
Operating earnings (loss)
|
$ | (282 | ) | $ | (1,725 | ) | (83.7 | )% | ||||
Depreciation and depletion
|
$ | 441 | $ | 1,422 | (69.0 | )% | ||||||
Dry hole expense
|
$ | - | $ | 34 | (100.0 | )% | ||||||
Producing property impairments
|
$ | 1 | $ | 203 | (99.5 | )% | ||||||
Prospect impairments
|
$ | 28 | $ | 5 | 460 | % |
(1)
|
Represents the percentage increase (decrease) from the prior year.
|
Three Months Ended
|
||||||||
March 31,
|
||||||||
2016
|
2015
|
|||||||
Crude Oil
|
||||||||
Volume – barrels
|
10,071 | 14,004 | ||||||
Average price per barrel
|
$ | 29.17 | $ | 44.18 | ||||
Natural gas
|
||||||||
Volume – mcf
|
197,433 | 217,261 | ||||||
Average price per mcf
|
$ | 1.95 | $ | 2.86 | ||||
Natural gas liquids
|
||||||||
Volume – barrels
|
11,476 | 10,251 | ||||||
Average price per barrel
|
$ | 9.68 | $ | 11.77 |
-
|
General and administrative
|
-
|
Investments
|
March 31,
|
December 31,
|
|||||||
2016
|
2015
|
|||||||
Cash
|
$ | 83,099 | $ | 91,877 | ||||
Working capital
|
$ | 96,623 | $ | 96,340 | ||||
Three Months Ended
|
||||||||
March 31,
|
||||||||
2016
|
2015
|
|||||||
Net cash provided by (used in) operating activities
|
$ | (2,358 | ) | $ | 12,131 | |||
March 31,
|
December 31,
|
|||||||
2016
|
2015
|
|||||||
Early payments received
|
$ | 9,368 | $ | 16,770 | ||||
Cash collateral received
|
$ | 1,767 | $ | 840 | ||||
Prepayments to suppliers
|
$ | - | $ | 167 | ||||
Early payments to suppliers
|
$ | 9,875 | $ | 11,645 | ||||
Letters of credit outstanding
|
$ | 1,000 | $ | 1,000 |
Expended through
|
Planned
|
|||||||
March 31, 2016
|
Additional 2016
|
|||||||
Crude oil marketing
|
$ | 263 | $ | - | ||||
Truck transportation
|
3,817 | 1,500 | ||||||
Oil and gas exploration
|
130 | - | ||||||
Investments
|
2,200 | 2,500 | ||||||
$ | 6,410 | $ | 4,000 |
ADAMS RESOURCES & ENERGY, INC
|
|
(Registrant)
|
|
Date: May 9, 2016
|
By
/s/Thomas S. Smith
|
Thomas S. Smith
|
|
President, Chief Executive Officer
|
|
(Principal Executive Officer)
|
|
By
/s/Richard B. Abshire
|
|
Richard B. Abshire
|
|
Chief Financial Officer
|
|
(Principal Financial Officer and Principal
|
|
Accounting Officer)
|
|
Exhibit
|
|
Number
|
Description
|
*31.1
|
Certificate of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
*31.2
|
Certificate of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
*32.1
|
Certificate of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
*32.2
|
Certificate of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
* **101.INS-
|
XBRL Instance Document
|
* **101.SCH -
|
XBRL Schema Document
|
* **101.CAL -
|
XBRL Calculation Linkbase Document
|
* **101.DEF
|
XBRL Definition Linkbase Document
|
* **101.LAB -
|
XBLR Label Linkbase Document
|
* **101.PRE -
|
XBRL Presentation Linkbase Document
|
*
|
Exhibits filed herewith
|
**
|
Attached as Exhibit 101 to this report are the following documents formatted in XBRL (Extensible Business Reporting Language): (i) the Consolidated Statements of Income – Three Months Ended March 31, 2016 and 2015, (ii) the Consolidated Balance Sheets – March 31, 2016 and December 31, 2015, (iii) the Consolidated Statements of Cash Flows – Three Months Ended March 31, 2016 and 2015 and (iv) Notes to Consolidated Financial Statements.
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