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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Lonestar Resources Ltd | NASDAQ:LONE | NASDAQ | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.25 | 0.24 | 0.2401 | 0 | 00:00:00 |
From Dec 2019 to Dec 2024
Lonestar Resources US Inc. (OTCQX: LONE) (including its subsidiaries, “Lonestar,” “we,” “us,” “our” or the “Company”) today reported financial and operating results for the three months ended June 30, 2021.
HIGHLIGHTS
Lonestar’s Chief Executive Officer, Frank D. Bracken, III commented, “Our 2021 capital program continues to generate robust growth in production and cash flow, and the front-end loaded nature of that program is expected to yield significant Free Cash Flow in the second half of the year.”
OPERATIONAL UPDATE
EAGLE FORD SHALE TREND - WESTERN REGION
In our Western Region, which encompasses Dimmit and LaSalle Counties, production for 2Q21 averaged approximately 6,604 BOE per day, a 29% increase from 1Q21 production. Production consisted of 2,550 barrels of oil per day (39%), 1,607 barrels of NGL’s per day (24%) and 14,668 Mcf of natural gas per day (37%). The Western region accounted for 56% of the Company’s production during the quarter.
Lonestar recently completed drilling operations on 2.0 gross / 2.0 net wells on its Horned Frog South property, Lonestar has a 100% WI / 77.96% NRI in the Horned Frog Alderman #1H and #2H. These wells commenced flowback in June, and to date, have registered max 30-day production rates averaging 2,306 BOE/d. Production is currently comprised of 59% crude oil and NGL’s on an equivalent basis.
EAGLE FORD SHALE TREND - CENTRAL REGION
In our Central Region, which principally includes Gonzales, Karnes, Lavaca and Fayette Counties, 2Q21 production averaged approximately 4,991 BOE/d, a slight decrease over 1Q21 rates. Production consisted of 3,536 barrels of oil per day (71%), 733 barrels of NGL’s per day (15%), and 4,330 Mcf of natural gas per day (14%). The Central region accounted for 42% of the Company’s production during the quarter.
As part of its Joint Venture with Marathon Oil Corporation, Lonestar, as operator, has permitted a three-well pad on its Hawkeye asset. To date, Lonestar has completed drilling operations on three wells, the Hawkeye #9H, #10H and #11H, with designed perforated intervals exceeding 11,000 feet.
EAGLE FORD SHALE TREND - EASTERN REGION
In our Eastern Region, 1Q22 production averaged approximately 260 BOE/d, a 10% increase over 1Q21 rates. Production consisted of 138 barrels of oil per day (53%), 67 barrels of NGL’s per day (26%), and 334 Mcf of natural gas per day (21%).
ABOUT LONESTAR RESOURCES US INC.
Lonestar is an independent oil and natural gas company based in Fort Worth, Texas, focused on the development, production, and acquisition of unconventional oil, NGLs, and natural gas properties in the Eagle Ford Shale in Texas, where we have accumulated approximately 72,569 gross (52,565 net) acres in what we believe to be the formation’s crude oil and condensate windows, as of June 30, 2021. For more information, please visit www.lonestarresources.com.
CAUTIONARY & FORWARD-LOOKING STATEMENTS
Cautionary Note Regarding Forward Looking Statements
Disclosures in this press release contain certain forward-looking statements within the meaning of the federal securities laws. Statements that do not relate strictly to historical or current facts are forward-looking. These statements contain words such as “possible,” “if,” “will,” “expect” and “assuming” and involve risks and uncertainties including, among others that our business plans may change as circumstances warrant and securities of the Company may not ultimately be offered to the public because of general market conditions or other factors. Accordingly, readers should not place undue reliance on forward-looking statements as a prediction of actual results. For more information concerning factors that could cause actual results to differ materially from those conveyed in the forward-looking statements, please refer to the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, filed with the Securities and Exchange Commission (the “SEC”) on March 31, 2021 and any subsequently filed quarterly reports on Form 10-Q. Any forward-looking statements in this press release are made as of the date of this press release and the Company undertakes no obligation to update or revise such forward-looking statements to reflect events or circumstances that occur, or of which the Company becomes aware, after the date hereof, unless required by law.
(Unaudited Financial Statements to Follow)
*References to “Successor” refer to the new Lonestar reporting entity after the Company’s emergence from bankruptcy on November 30, 2020, and references to “Predecessor” refer to the Lonestar entity prior to emergence from bankruptcy.*
Lonestar Resources US Inc.
Unaudited Condensed Consolidated Balance Sheets
(In thousands, except par value and share data)
June 30, 2021
December 31, 2020
Assets
Current assets
Cash and cash equivalents
$
18,788
$
17,474
Restricted cash
2,157
8,972
Accounts receivable
Oil, natural gas liquid and natural gas sales
18,838
11,635
Joint interest owners and others, net
1,418
4,076
Derivative financial instruments
—
1,703
Prepaid expenses and other
1,710
1,118
Total current assets
42,911
44,978
Property and equipment
Oil and gas properties, using the successful efforts method of accounting
Proved properties
352,788
314,685
Unproved properties
33,808
34,929
Other property and equipment
19,692
19,680
Less accumulated depreciation, depletion and amortization
(12,982
)
(2,056
)
Property and equipment, net
393,306
367,238
Accounts receivable
6,256
6,053
Derivative financial instruments
—
395
Other non-current assets
4,232
4,651
Total assets
$
446,705
$
423,315
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable
$
10,929
$
7,651
Oil, natural gas liquid and natural gas sales payable
22,953
18,760
Accrued liabilities
15,594
15,983
Derivative financial instruments
43,539
7,938
Current maturities of long-term debt
22,157
20,000
Total current liabilities
115,172
70,332
Long-term liabilities
Long-term debt
243,199
255,328
Asset retirement obligations
3,707
4,573
Derivative financial instruments
15,539
835
Total long-term liabilities
262,445
260,736
Commitments and contingencies
Stockholders' equity
Common stock, $0.001 par value, 90,000,000 shares authorized, 10,107,081 and 10,000,149 shares issued and outstanding, respectively
10
10
Additional paid-in capital
93,933
92,953
Accumulated deficit
(24,855
)
(716
)
Total stockholders' equity
69,088
92,247
Total liabilities and stockholders' equity
$
446,705
$
423,315
Lonestar Resources US Inc.
Unaudited Condensed Consolidated Statements of Operations
(In thousands)
Successor
Predecessor
Successor
Predecessor
Three Months Ended June 30, 2021
Three Months Ended June 30, 2020
Six Months Ended June 30, 2021
Six Months Ended June 30, 2020
Revenues
Oil sales
$
36,369
$
11,976
$
64,234
$
41,986
Natural gas liquid sales
4,940
1,762
9,239
4,362
Natural gas sales
4,718
3,482
12,365
7,902
Total revenues
46,027
17,220
85,838
54,250
Expenses
Lease operating
3,933
4,028
8,379
11,667
Gas gathering, processing and transportation
1,520
875
3,062
3,025
Production and ad valorem taxes
2,497
1,721
4,917
4,091
Depreciation, depletion and amortization
5,860
16,575
11,169
40,929
Loss on sale and disposal of oil and gas properties
—
1,254
—
1,254
Impairment of oil and gas properties
—
—
—
199,908
General and administrative
5,962
5,981
9,939
8,856
Other (income) expense
(143
)
58
(138
)
(139
)
Total expenses
19,629
30,492
37,328
269,591
Income (loss) from operations
26,398
(13,272
)
48,510
(215,341
)
Other (expense) income
Interest expense
(4,323
)
(10,512
)
(8,430
)
(22,122
)
Change in fair value of warrants
—
—
—
363
(Loss) gain on derivative financial instruments
(39,892
)
(21,141
)
(64,059
)
80,029
Total other (expense) income
(44,215
)
(31,653
)
(72,489
)
58,270
Loss before income taxes
(17,817
)
(44,925
)
(23,979
)
(157,071
)
Income tax benefit (expense)
—
4,332
(160
)
5,687
Net loss
(17,817
)
(40,593
)
(24,139
)
(151,384
)
Preferred stock dividends
—
(2,308
)
—
(4,566
)
Net loss income attributable to common stockholders
$
(17,817
)
$
(42,901
)
$
(24,139
)
$
(155,950
)
Net loss per common share
Basic
$
(1.77
)
$
(1.70
)
$
(2.40
)
$
(6.20
)
Diluted
$
(1.77
)
$
(1.70
)
$
(2.40
)
$
(6.20
)
Weighted average common shares outstanding
Basic
10,092,980
25,307,714
10,046,821
25,154,151
Diluted
10,092,980
25,307,714
10,046,821
25,154,151
Lonestar Resources US Inc.
Unaudited Condensed Consolidated Statements of Cash Flows
(In thousands)
Successor
Predecessor
Successor
Predecessor
Three Months Ended June 30,
Three Months Ended June 30,
Six Months Ended June 30,
Six Months Ended June 30,
2021
2020
2021
2020
Cash flows from operating activities
Net loss
$
(17,817
)
$
(40,593
)
$
(24,139
)
$
(151,384
)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation, depletion and amortization
5,872
16,575
11,169
40,929
Stock-based compensation
1,088
24
1,088
(1,998
)
Deferred taxes
-
445
-
(931
)
Loss (gain) on derivative financial instruments
39,892
21,140
64,059
(80,029
)
Settlements of derivative financial instruments
(8,780
)
22,902
(12,398
)
23,998
Impairment of oil and natural gas properties
-
-
-
199,908
Loss on disposal of property and equipment
-
-
-
83
Loss on sale of oil and gas properties
-
1,254
-
1,254
Non-cash interest expense
459
606
941
1,374
Change in fair value of warrants
-
-
-
(363
)
Changes in operating assets and liabilities:
Accounts receivable
326
(6,306
)
(5,001
)
(189
)
Prepaid expenses and other assets
(360
)
(523
)
(703
)
(897
)
Accounts payable and accrued expenses
4,834
1,052
(7,619
)
(1,344
)
Net cash provided by operating activities
25,514
16,576
27,397
30,411
Cash flows from investing activities
Acquisition of oil and gas properties
(397
)
(898
)
(1,612
)
(1,714
)
Development of oil and gas properties
(21,100
)
(38,071
)
(21,489
)
(72,824
)
Proceeds from sale of oil and gas properties
337
2,520
337
2,837
Purchases of other property and equipment
(2
)
(112
)
(13
)
(636
)
Net cash used in investing activities
(21,162
)
(36,561
)
(22,777
)
(72,337
)
Cash flows from financing activities
Proceeds from borrowings
-
20,157
-
48,157
Payments on borrowings
(5,058
)
(55
)
(10,121
)
(8,109
)
Net cash provided by financing activities
(5,058
)
20,102
(10,121
)
40,048
Net decrease in cash and cash equivalents
(706
)
117
(5,501
)
(1,878
)
Cash and cash equivalents, beginning of the period
21,651
1,142
26,446
3,137
Cash and cash equivalents, end of the period
$
20,945
$
1,259
$
20,945
$
1,259
Supplemental information:
Cash paid for interest
$
3,848
$
17,079
$
7,496
$
21,036
Non-cash investing and financing activities:
Change in asset retirement obligation
$
(563
)
$
277
$
(945
)
$
24
Change in liabilities for capital expenditures
29,631
(15,769
)
15,326
(16,809
)
NON-GAAP FINANCIAL MEASURES (Unaudited)
Reconciliation of Non-GAAP Financial Measures
Adjusted EBITDAX
Adjusted EBITDAX is not a measure of net income as determined by GAAP. Adjusted EBITDAX is a supplemental non-GAAP financial measure that is used by management and external users of the Company’s consolidated financial statements, such as industry analysts, investors, lenders and rating agencies. The Company defines Adjusted EBITDAX as net (loss) income attributable to common stockholders before depreciation, depletion, amortization and accretion, exploration costs, non-recurring costs, loss (gain) on sales of oil and natural gas properties, impairment of oil and gas properties, stock-based compensation, interest expense, income tax (benefit) expense, rig standby expense, other income (expense), unrealized (gain) loss on derivative financial instruments and unrealized (gain) loss on warrants.
Management believes Adjusted EBITDAX provides useful information to investors because it assists investors in the evaluation of the Company’s operating performance and comparison of the results of the Company’s operations from period to period without regard to its financing methods or capital structure. The Company excludes the items listed above from net (loss) income attributable to common stockholders in arriving at Adjusted EBITDAX to eliminate the impact of certain non-cash items or because these amounts can vary substantially from company to company within its industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDAX should not be considered as an alternative to, or more meaningful than, net (loss) income attributable to common stockholders as determined in accordance with GAAP. Certain items excluded from Adjusted EBITDAX are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure, as well as the historic costs of depreciable assets, none of which are components of Adjusted EBITDAX. The Company’s computations of Adjusted EBITDAX may not be comparable to other similarly titled measures of other companies.
The following table presents a reconciliation of Adjusted EBITDAX to the GAAP financial measure of net loss attributable to common stockholders for each of the periods indicated.
Successor
Successor
Three Months
Three Months
($ in thousands)
Ended June 30, 2021
Ended March 31, 2021
Net Loss
$
(17,817
)
$
(6,322
)
Income tax expense
-
160
Interest expense
4,323
4,106
Depreciation, depletion & amortization
5,860
5,309
EBITDAX
$
(7,634
)
$
3,253
Rig standby expense
-
-
Stock-based compensation
1,376
-
Impairment of oil and gas properties
-
-
Unrealized loss on derivative financial instruments
29,089
18,757
Other income
(262
)
(40
)
Non-recurring expense
1,150
197
Restructuring expenses
6
703
Adjusted EBITDAX
$
23,725
$
22,870
Adjusted Net Income (Loss)
Adjusted net (loss) income comparable to analysts’ estimates as set forth in this release represents income or loss before income taxes adjusted for certain non-cash items (detailed in the accompanying table) less income taxes. We believe adjusted net (loss) income is calculated on the same basis as analysts’ estimates and that many investors use this published research in making investment decisions and evaluating operational trends of the Company and its performance relative to other oil and gas producing companies.
The following table presents a reconciliation of Adjusted Net (Loss) Income to the GAAP financial measure of net loss before taxes for each of the periods indicated.
Lonestar Resources US Inc.
Unaudited Reconciliation of Loss Before Taxes As Reported To Income (Loss) Before Taxes Excluding Certain Items, a non-GAAP measure (Adjusted Net Income (Loss))
Successor
Successor
Three Months
Three Months
($ in thousands)
Ended June 30, 2021
Ended March 31, 2021
Loss before income taxes, as reported
$ (17,817)
$ (6,322)
Adjustments for special items:
Stock-based compensation
1,376
-
Unrealized hedging loss
29,089
18,757
Other
(262)
(40)
Restructuring expenses
6
703
Non-recurring expense
1,150
197
Income before income taxes, as adjusted
13,542
13,295
Income tax (expense) (a)
(2,844)
(2,792)
Net income excluding certain items, a non-GAAP measure
$ 10,698
$ 10,503
Discretionary Fee Cash Flow (“DCF”)
Discretionary cash flow is defined as net cash provided by operating activities before changes in operating assets and liabilities. Management believes that the non-US GAAP measure of discretionary cash flow is useful as an indicator of an oil and natural gas exploration and production company's ability to internally fund exploration and development activities and to service or incur additional debt. The company has also included this information because changes in operating assets and liabilities relate to the timing of cash receipts and disbursements which the company may not control and may not relate to the period in which the operating activities occurred. Operating cash flow should not be considered in isolation or as a substitute for net cash provided by operating activities prepared in accordance with US GAAP.
Successor
Successor
Three Months
Three Months
($ in thousands)
Ended June 30, 2021
Ended March 31, 2021
Adjusted EBITDAX
$
23,725
$
22,870
Plus:
Cash Interest Expense, Net (1)
(3,864
)
(3,624
)
Current Income Tax Expense
-
(160
)
Discretionary Cash Flow
$
19,861
$
19,086
Less:
Capital Expenditures
(26,285
)
(12,123
)
Free Cash Flow
$
(6,424
)
$
6,963
1 Cash interest is presented on an accrual basis and excludes non-cash amortization expense
Lonestar Resources US Inc.
Unaudited Results of Operations
In thousands, except per share and unit data
Successor
Predecessor
Successor
Predecessor
Three Months Ended June 30, 2021
Three Months Ended June 30, 2020
Six Months Ended June 30, 2021
Six Months Ended June 30, 2020
Operating Results
Net loss attributable to common stockholders
$
(17,817
)
$
(42,901
)
$
(24,139
)
$
(155,950
)
Net loss per common share – basic
(1.77
)
(1.70
)
(2.40
)
(6.20
)
Net loss per common share – diluted
(1.77
)
(1.70
)
(2.40
)
(6.20
)
Net cash provided by operating activities
25,514
16,576
27,397
30,411
Revenues
Oil
$
36,369
$
11,976
$
64,234
$
41,986
NGLs
4,940
1,762
9,239
4,362
Natural gas
4,718
3,482
12,365
7,902
Total revenues
$
46,027
$
17,220
$
85,838
$
54,250
Total production volumes by product
Oil (Bbls)
566,379
579,179
1,066,377
1,237,680
NGLs (Bbls)
219,247
267,462
414,935
570,933
Natural gas (Mcf)
1,759,213
2,203,209
3,188,404
4,313,625
Total barrels of oil equivalent (6:1)
1,078,828
1,213,843
2,012,713
2,527,551
Daily production volumes by product
Oil (Bbls/d)
6,224
6,365
5,859
6,800
NGLs (Bbls/d)
2,409
2,939
2,280
3,137
Natural gas (Mcf/d)
19,332
24,211
17,519
23,701
Total barrels of oil equivalent (BOE/d)
11,855
13,339
11,059
13,888
Average realized prices
Oil ($ per Bbl)
$
64.21
$
20.16
$
60.24
$
33.92
NGLs ($ per Bbl)
22.53
6.59
22.27
7.64
Natural gas ($ per Mcf)
2.68
1.58
3.88
1.83
Total oil equivalent, excluding the effect from commodity derivatives ($ per BOE)
42.66
14.19
42.65
21.46
Total oil equivalent, including the effect from commodity derivatives ($ per BOE)
32.65
31.22
34.59
32.88
Operating and other expenses
Lease operating
$
3,933
$
4,028
$
8,379
$
11,667
Gas gathering, processing and transportation
1,520
875
3,062
3,025
Production and ad valorem taxes
2,497
1,721
4,917
4,091
Depreciation, depletion and amortization
5,860
16,575
11,169
40,929
General and administrative
5,962
5,981
9,939
8,856
Interest expense
4,323
10,512
8,430
22,122
Operating and other expenses per BOE
Lease operating
$
3.65
$
3.32
$
4.16
$
4.62
Gas gathering, processing and transportation
1.41
0.72
1.52
1.20
Production and ad valorem taxes
2.31
1.42
2.44
1.62
Depreciation, depletion and amortization
5.43
13.65
5.55
16.19
General and administrative
5.53
4.93
4.94
3.50
Interest expense
4.01
8.66
4.19
8.75
View source version on businesswire.com: https://www.businesswire.com/news/home/20210810005997/en/
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