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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Bill Barrett Corp. (delisted) | NYSE:BBG | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 4.84 | 0.00 | 01:00:00 |
DENVER, Aug. 4, 2016 /PRNewswire/ -- Bill Barrett Corporation (the "Company") (NYSE: BBG) reports second quarter of 2016 financial and operating results, including these highlights:
Chief Executive Officer and President Scot Woodall commented, "Executing on the items within our control is paying off as we reported very good second quarter results that were paced by production volumes that were 18% higher than the first quarter and capital expenditures and operating costs that were below expectations. We recognized a significant reduction in well costs during the first half of the year, allowing us to cut our capital expenditure outlook for the second time this year. We are raising the low end of our production outlook despite the loss of production associated with the sale of non-core Uinta Basin assets. We continue to benefit from having no firm marketing commitments for our oil volumes and achieved a 14% sequential improvement to the first quarter in the pricing of our DJ Basin barrels as regional infrastructure continues to improve. We have maintained positive momentum with respect to reducing costs as a result of increased operating efficiencies and expect per unit LOE to maintain a downward trend. Looking ahead to the remainder of the year, we are monitoring industry conditions to determine the appropriate time to resume drilling operations. Based on our current internal projections and pricing scenarios, we are positioned to be cash flow positive this year even at the high-end of our updated capital range. We remain financially well positioned with a cash position in excess of $100 million (pro forma for the Uinta Basin asset sale), an undrawn credit facility, and a solid hedge position that provides ample liquidity."
OPERATING AND FINANCIAL RESULTS
The following table summarizes the operating and financial results for the second quarter of 2016 and 2015 and the first quarter of 2016:
Three Months Ended |
Three Months Ended | ||||||||||||||||
2016 |
2015 |
Change |
2016 |
Change | |||||||||||||
Combined production sales volumes (MBoe) |
1,607 |
1,628 |
(1) |
% |
1,367 |
18 |
% | ||||||||||
Net cash provided by (used in) operating activities ($ millions) |
$ |
8.3 |
$ |
37.3 |
(78) |
% |
$ |
40.5 |
(80) |
% | |||||||
Discretionary cash flow ($ millions) (1) |
$ |
32.8 |
$ |
51.4 |
(36) |
% |
$ |
24.4 |
34 |
% | |||||||
Combined realized prices with hedging (per Boe) |
$ |
44.84 |
$ |
60.13 |
(25) |
% |
$ |
45.42 |
(1) |
% | |||||||
Net income (loss) ($ millions) |
$ |
(48.4) |
$ |
(44.6) |
(9) |
% |
$ |
(46.5) |
(4) |
% | |||||||
Per share, basic |
$ |
(0.93) |
$ |
(0.92) |
(1) |
% |
$ |
(0.96) |
3 |
% | |||||||
Per share, diluted |
$ |
(0.93) |
$ |
(0.92) |
(1) |
% |
$ |
(0.96) |
3 |
% | |||||||
Adjusted net income (loss) ($ millions) (1) |
$ |
(6.7) |
$ |
(4.0) |
(68) |
% |
$ |
(13.7) |
51 |
% | |||||||
Per share, basic |
$ |
(0.13) |
$ |
(0.08) |
(63) |
% |
$ |
(0.28) |
54 |
% | |||||||
Per share, diluted |
$ |
(0.13) |
$ |
(0.08) |
(63) |
% |
$ |
(0.28) |
54 |
% | |||||||
Weighted average shares outstanding, basic (in thousands) |
51,832 |
48,299 |
7 |
% |
48,499 |
7 |
% | ||||||||||
Weighted average shares outstanding, diluted (in thousands) |
51,832 |
48,299 |
7 |
% |
48,499 |
7 |
% | ||||||||||
EBITDAX ($ millions) (1) |
$ |
47.3 |
$ |
66.4 |
(29) |
% |
$ |
39.4 |
20 |
% |
(1) |
Discretionary cash flow, adjusted net income (loss) and EBITDAX are non-GAAP (Generally Accepted Accounting Principles) measures. Please reference the reconciliations to GAAP financial statements at the end of this release. |
Oil, natural gas and natural gas liquids ("NGL") production from the Denver-Julesburg ("DJ") Basin and Uinta Oil Program ("UOP") totaled 1.6 million barrels of oil equivalent ("MMBoe") in the second quarter of 2016, which was 18% higher on a sequential basis to the first quarter of 2016 and 14% higher than the Company's guidance of 1.4 MMBoe. Second quarter production exceeded guidance primarily due to initial production from a 16-well drilling and spacing unit ("DSU") located in Section 5-62-22 in NE Wattenberg that began producing earlier than forecast. Lower production sales volumes to the comparable 2015 period were primarily the result of non-core asset sales in the DJ Basin and UOP that were completed during 2015 and 2016.
Second quarter of 2016 production was 64% oil, 20% natural gas and 16% NGLs, which was consistent with guidance.
Three Months Ended |
Three Months Ended | |||||||||||||
2016 |
2015 |
Change |
2016 |
Change | ||||||||||
Production Sales Data: |
||||||||||||||
Oil (MBbls) |
1,023 |
1,120 |
(9) |
% |
886 |
15 |
% | |||||||
Natural gas (MMcf) |
1,944 |
1,800 |
8 |
% |
1,626 |
20 |
% | |||||||
NGLs (MBbls) |
260 |
208 |
25 |
% |
210 |
24 |
% | |||||||
Combined volumes (MBoe) |
1,607 |
1,628 |
(1) |
% |
1,367 |
18 |
% | |||||||
Daily combined volumes (Boe/d) |
17,659 |
17,890 |
(1) |
% |
15,022 |
18 |
% |
Cash operating costs (lease operating expense ("LOE"), gathering, transportation and processing costs and production tax expense) averaged $7.85 per Boe in the second quarter of 2016 compared to $6.81 per Boe in the first quarter of 2016. Lower per unit cash operating costs in the first quarter of 2016 were related to an annual adjustment of Colorado ad valorem tax based on actual assessments and of the related Colorado severance tax credit. Normalized production taxes are expected to approximate 8% of pre-hedge revenue for the remainder of 2016.
LOE averaged $5.28 per Boe in the second quarter of 2016, down 18% compared to the first quarter of 2016 and 25% lower than the second quarter of 2015. LOE for the DJ Basin averaged $3.74 per Boe in the second quarter of 2016 compared to $4.80 per Boe in the first quarter of 2016 and $5.84 per Boe in the second quarter of 2015. This was primarily a result of increased operating efficiencies and service cost reductions. Per unit LOE is expected to continue a downward trend following the Uinta Basin asset sale reflecting a higher LOE component associated with the properties.
Three Months Ended |
Three Months Ended | ||||||||||||||||
2016 |
2015 |
Change |
2016 |
Change | |||||||||||||
Average Costs (per Boe): |
|||||||||||||||||
Lease operating expenses |
$ |
5.28 |
$ |
7.01 |
(25) |
% |
$ |
6.46 |
(18) |
% | |||||||
Gathering, transportation and processing expense |
0.38 |
0.57 |
(33) |
% |
0.58 |
(34) |
% | ||||||||||
Production tax expenses |
2.19 |
2.34 |
(6) |
% |
(0.23) |
*NM |
|||||||||||
Depreciation, depletion and amortization |
27.05 |
32.36 |
(16) |
% |
30.74 |
(12) |
% |
* Not meaningful |
Uinta Basin Asset Sale
The Company announced on July 14, 2016, that it closed the sale of certain non-core assets located in the Uinta Basin for net cash proceeds of approximately $30 million, subject to customary post-closing adjustments. The proceeds from the sale will be used for general corporate purposes and to enhance the Company's liquidity position.
Debt and Liquidity
At June 30, 2016, the principal debt balance was $718.9 million, while cash and cash equivalents were $87.4 million, resulting in net debt (principal balance of debt outstanding less the cash and cash equivalents balance) of $631.5 million. Pro forma for the Uinta Basin asset sale, the Company maintains a cash position in excess of $100 million.
The Company announced on June 2, 2016, that it completed a privately negotiated exchange with a holder of the Company's 7.625% Senior Notes due 2019 (the "Notes"). As a result of this transaction, the principal amount of the Notes was reduced by $84.7 million or 21% and net debt by 12%. This transaction will also result in annual interest savings of approximately $6.5 million.
Capital Expenditures
The Company exhibited continued capital discipline during the second quarter of 2016 as capital expenditures ("capex") totaled $15.6 million, which was significantly below the Company's guidance range of $30-$35 million. This was primarily due to the most recent XRL well costs being executed approximately 15% below forecast drilling and completion cost of $4.75 million and the timing of infrastructure related spending and other non-drilling related capital.
Capex included completing 8 XRL wells that began initial flowback operations during the quarter and consisted of $13.9 million for drilling, $0.3 million for leaseholds, and $1.4 million for infrastructure and corporate assets. The Company did not spud any new wells and had minimal capital expenditures associated with the Uinta Basin.
Three Months Ended |
Six Months Ended | ||||||||||||||||||
Average |
Wells |
Capital |
Average |
Wells |
Capital | ||||||||||||||
Basin: |
|||||||||||||||||||
Denver-Julesburg |
14,176 |
— |
$ |
15.2 |
12,923 |
4 |
$ |
59.3 |
|||||||||||
Uinta |
3,385 |
— |
0.3 |
3,363 |
— |
1.0 |
|||||||||||||
Other |
98 |
— |
0.1 |
55 |
— |
1.1 |
|||||||||||||
Total |
17,659 |
— |
$ |
15.6 |
16,341 |
4 |
$ |
61.4 |
(1) |
Includes operated and non-operated wells |
OPERATIONAL HIGHLIGHTS
DJ Basin
(1) |
Standard completion design includes ~9,500' lateral with plug-and-perf, 55-stage completion, and ~1,000 lbs of sand/lateral foot |
Uinta Oil Program
Given the outlook for commodity prices and a focus on its core DJ Basin assets, the Company has curtailed activity in the UOP and did not drill or complete any wells during the second quarter of 2016. Operations continue to be focused on improving operational efficiencies, and associated cost reductions have been realized as a result of lower lease operating costs.
2016 OPERATING GUIDANCE
The Company is providing the following update to its 2016 operating guidance. See "Forward-Looking Statements" below.
COMMODITY HEDGES UPDATE
Generally, it is the Company's strategy to hedge 50%-70% of production on a forward 12-month to 18-month basis to reduce the risks associated with unpredictable future commodity prices to provide certainty for a portion of its cash flow and to support its capital expenditure program.
The following table summarizes hedge positions as of August 4, 2016:
Oil (WTI) |
Natural Gas (NWPL) | |||||||||||
Period |
Volume |
Price |
Volume |
Price | ||||||||
3Q16 |
7,750 |
72.57 |
5,000 |
4.10 |
||||||||
4Q16 |
7,750 |
72.57 |
5,000 |
4.10 |
||||||||
1Q17 |
5,250 |
59.73 |
10,000 |
2.96 |
||||||||
2Q17 |
5,250 |
59.73 |
10,000 |
2.96 |
||||||||
3Q17 |
2,500 |
66.99 |
10,000 |
2.96 |
||||||||
4Q17 |
2,500 |
66.99 |
10,000 |
2.96 |
Realized sales prices will reflect basis differentials from the index prices to the sales location.
UPCOMING EVENTS
Second Quarter Conference Call and Webcast
The Company plans to host a conference call on Friday, August 5, 2016, to discuss the results and management's outlook for the future. The call is scheduled at 10:00 a.m. Eastern time (8:00 a.m. Mountain time). Please join the webcast conference call live or for replay via the Internet at www.billbarrettcorp.com, accessible from the home page. To join by telephone, call (855) 760-8152 ((631) 485-4979 international callers) with passcode 48781208. The webcast will remain on the Company's website for approximately 30 days and a replay of the call will be available through August 12, 2016 at (855) 859-2056 ((404) 537-3406 international) with passcode 48781208.
Investor Events
Members of the Company's management will participate in the following investor events:
DISCLOSURE STATEMENTS
Forward-Looking Statements
All statements in this press release, other than statements of historical fact, may be deemed to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Words such as expects, forecast, guidance, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements herein; however, these are not the exclusive means of identifying forward-looking statements. In particular, the Company is providing "2016 Operating Guidance," which contains projections for certain 2016 operational and financial metrics. Additional forward-looking statements in this release relate to, among other things, future capital expenditures, projects and opportunities.
These and other forward-looking statements in this press release are based on management's judgment as of the date of this release and are subject to numerous risks and uncertainties. Actual results may vary significantly from those indicated in the forward-looking statements. Please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2015 filed with the SEC, and other filings, including our Current Reports on Form 8-K and Quarterly Reports on Form 10-Q, all of which are incorporated by reference herein, for further discussion of risk factors that may affect the forward-looking statements. The Company encourages you to consider the risks and uncertainties associated with projections and other forward-looking statements and to not place undue reliance on any such statements. In addition, the Company assumes no obligation to publicly revise or update any forward-looking statements based on future events or circumstances.
ABOUT BILL BARRETT CORPORATION
Bill Barrett Corporation (NYSE: BBG), headquartered in Denver, Colorado, develops oil and natural gas in the Rocky Mountain region of the United States. Additional information about the Company may be found on its website www.billbarrettcorp.com.
BILL BARRETT CORPORATION | ||||||||||||||||||||||||||
Selected Operating Highlights | ||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||
Three Months Ended |
Six Months Ended | |||||||||||||||||||||||||
2016 |
2015 |
2016 |
2015 | |||||||||||||||||||||||
Production Data: |
||||||||||||||||||||||||||
Oil (MBbls) |
1,023 |
1,120 |
1,909 |
2,245 |
||||||||||||||||||||||
Natural gas (MMcf) |
1,944 |
1,800 |
3,564 |
3,558 |
||||||||||||||||||||||
NGLs (MBbls) |
260 |
208 |
471 |
371 |
||||||||||||||||||||||
Combined volumes (MBoe) |
1,607 |
1,628 |
2,974 |
3,209 |
||||||||||||||||||||||
Daily combined volumes (Boe/d) |
17,659 |
17,890 |
16,341 |
17,729 |
||||||||||||||||||||||
Average Sales Prices (before the effects of realized hedges): | ||||||||||||||||||||||||||
Oil (per Bbl) |
$ |
39.93 |
$ |
48.68 |
$ |
34.20 |
$ |
42.89 |
||||||||||||||||||
Natural gas (per Mcf) |
1.50 |
2.33 |
1.57 |
2.46 |
||||||||||||||||||||||
NGLs (per Bbl) |
12.55 |
12.76 |
11.15 |
13.00 |
||||||||||||||||||||||
Combined (per Boe) |
29.26 |
37.70 |
25.60 |
34.24 |
||||||||||||||||||||||
Average Realized Sales Prices (after the effects of realized hedges): | ||||||||||||||||||||||||||
Oil (per Bbl) |
$ |
63.34 |
$ |
78.44 |
$ |
63.50 |
$ |
77.35 |
||||||||||||||||||
Natural gas (per Mcf) |
2.07 |
4.10 |
2.16 |
4.01 |
||||||||||||||||||||||
NGLs (per Bbl) |
12.55 |
12.76 |
11.15 |
13.00 |
||||||||||||||||||||||
Combined (per Boe) |
44.84 |
60.13 |
45.11 |
60.07 |
||||||||||||||||||||||
Average Costs (per Boe): |
||||||||||||||||||||||||||
Lease operating expenses |
$ |
5.28 |
$ |
7.01 |
$ |
5.82 |
$ |
7.85 |
||||||||||||||||||
Gathering, transportation and processing expense |
0.38 |
0.57 |
0.47 |
0.58 |
||||||||||||||||||||||
Production tax expenses |
2.19 |
2.34 |
1.08 |
1.98 |
||||||||||||||||||||||
Depreciation, depletion and amortization |
27.05 |
32.36 |
28.81 |
32.70 |
||||||||||||||||||||||
General and administrative expense (1) |
6.18 |
9.01 |
7.52 |
8.73 |
(1) |
Includes long-term cash and equity incentive compensation of $1.61 and $1.70 for the three months ended June 30, |
BILL BARRETT CORPORATION | |||||||
Consolidated Condensed Balance Sheets | |||||||
(Unaudited) | |||||||
As of |
As of | ||||||
2016 |
2015 | ||||||
(in thousands) | |||||||
Assets: |
|||||||
Cash and cash equivalents |
$ |
87,423 |
$ |
128,836 |
|||
Assets classified as held for sale |
33,717 |
— |
|||||
Other current assets (1) |
78,503 |
145,481 |
|||||
Property and equipment, net |
1,116,793 |
1,170,684 |
|||||
Other noncurrent assets (1) |
26,159 |
61,519 |
|||||
Total assets |
$ |
1,342,595 |
$ |
1,506,520 |
|||
Liabilities and Stockholders' Equity: |
|||||||
Liabilities associated with assets held for sale |
$ |
4,785 |
$ |
— |
|||
Other current liabilities |
78,437 |
145,231 |
|||||
Long-term debt, net of debt issuance costs |
711,279 |
794,652 |
|||||
Other long-term liabilities (1) |
14,570 |
17,221 |
|||||
Stockholders' equity |
533,524 |
549,416 |
|||||
Total liabilities and stockholders' equity |
$ |
1,342,595 |
$ |
1,506,520 |
(1) |
At June 30, 2016, the estimated fair value of all of the Company's commodity derivative instruments was a net asset of |
BILL BARRETT CORPORATION | |||||||||||||||
Consolidated Statements of Operations | |||||||||||||||
(Unaudited) | |||||||||||||||
Three Months Ended |
Six Months Ended | ||||||||||||||
2016 |
2015 |
2016 |
2015 | ||||||||||||
(in thousands, except per share amounts) | |||||||||||||||
Operating and Other Revenues: |
|||||||||||||||
Oil, gas and NGLs |
$ |
47,025 |
$ |
61,382 |
$ |
76,146 |
$ |
109,868 |
|||||||
Other |
259 |
1,236 |
572 |
1,784 |
|||||||||||
Total operating and other revenues |
47,284 |
62,618 |
76,718 |
111,652 |
|||||||||||
Operating Expenses: |
|||||||||||||||
Lease operating |
8,479 |
11,405 |
17,306 |
25,196 |
|||||||||||
Gathering, transportation and processing |
611 |
933 |
1,399 |
1,875 |
|||||||||||
Production tax |
3,520 |
3,816 |
3,205 |
6,350 |
|||||||||||
Exploration |
21 |
92 |
48 |
125 |
|||||||||||
Impairment, dry hole costs and abandonment |
234 |
1,090 |
792 |
2,345 |
|||||||||||
(Gain) Loss on divestitures |
(708) |
(644) |
(708) |
(682) |
|||||||||||
Depreciation, depletion and amortization |
40,392 |
52,674 |
82,408 |
104,928 |
|||||||||||
Unused commitments |
4,568 |
4,387 |
9,136 |
8,775 |
|||||||||||
General and administrative (1) |
9,937 |
14,672 |
22,357 |
28,001 |
|||||||||||
Total operating expenses |
67,054 |
88,425 |
135,943 |
176,913 |
|||||||||||
Operating Income (Loss) |
(19,770) |
(25,807) |
(59,225) |
(65,261) |
|||||||||||
Other Income and Expense: |
|||||||||||||||
Interest and other income |
57 |
144 |
94 |
419 |
|||||||||||
Interest expense |
(15,423) |
(17,390) |
(31,169) |
(33,820) |
|||||||||||
Commodity derivative gain (loss) (2) |
(21,980) |
(27,657) |
(13,312) |
6,781 |
|||||||||||
Gain (loss) on extinguishment of debt |
8,697 |
(818) |
8,697 |
1,749 |
|||||||||||
Total other income and expense |
(28,649) |
(45,721) |
(35,690) |
(24,871) |
|||||||||||
Income (Loss) before Income Taxes |
(48,419) |
(71,528) |
(94,915) |
(90,132) |
|||||||||||
(Provision for) Benefit from Income Taxes |
— |
26,947 |
— |
33,820 |
|||||||||||
Net Income (Loss) |
$ |
(48,419) |
$ |
(44,581) |
$ |
(94,915) |
$ |
(56,312) |
|||||||
Net Income (Loss) per Common Share |
|||||||||||||||
Basic |
$ |
(0.93) |
$ |
(0.92) |
$ |
(1.89) |
$ |
(1.17) |
|||||||
Diluted |
$ |
(0.93) |
$ |
(0.92) |
$ |
(1.89) |
$ |
(1.17) |
|||||||
Weighted Average Common Shares Outstanding |
|||||||||||||||
Basic |
51,832 |
48,299 |
50,165 |
48,249 |
|||||||||||
Diluted |
51,832 |
48,299 |
50,165 |
48,249 |
(1) |
Includes long-term cash and equity incentive compensation of $2.6 million and $2.8 million for the three months |
(2) |
The table below summarizes the realized and unrealized gains and losses the Company recognized related to its oil |
Three Months Ended |
Six Months Ended | ||||||||||||||
2016 |
2015 |
2016 |
2015 | ||||||||||||
(in thousands) | |||||||||||||||
Included in commodity derivative gain (loss): |
|||||||||||||||
Realized gain (loss) on derivatives (1) |
$ |
25,043 |
$ |
36,523 |
$ |
58,005 |
$ |
82,898 |
|||||||
Prior year unrealized (gain) loss transferred to realized (gain) loss (1) |
(27,863) |
(38,234) |
(57,349) |
(78,968) |
|||||||||||
Unrealized gain (loss) on derivatives (1) |
(19,160) |
(25,946) |
(13,968) |
2,851 |
|||||||||||
Total commodity derivative gain (loss) |
$ |
(21,980) |
$ |
(27,657) |
$ |
(13,312) |
$ |
6,781 |
(1) |
Realized and unrealized gains and losses on commodity derivatives are presented herein as separate line |
BILL BARRETT CORPORATION | |||||||||||||||
Consolidated Statements of Cash Flows | |||||||||||||||
(Unaudited) | |||||||||||||||
Three Months Ended |
Six Months Ended | ||||||||||||||
2016 |
2015 |
2016 |
2015 | ||||||||||||
(in thousands) | |||||||||||||||
Operating Activities: |
|||||||||||||||
Net income (loss) |
$ |
(48,419) |
$ |
(44,581) |
$ |
(94,915) |
$ |
(56,312) |
|||||||
Adjustments to reconcile to net cash provided by operations: |
|||||||||||||||
Depreciation, depletion and amortization |
40,392 |
52,674 |
82,408 |
104,928 |
|||||||||||
Impairment, dry hole costs and abandonment expense |
234 |
1,090 |
792 |
2,345 |
|||||||||||
Unrealized derivative (gain) loss |
47,023 |
64,180 |
71,317 |
76,117 |
|||||||||||
Deferred income tax benefit |
— |
(26,947) |
— |
(33,820) |
|||||||||||
Incentive compensation and other non-cash charges |
2,102 |
2,470 |
5,431 |
5,213 |
|||||||||||
Amortization of deferred financing costs |
863 |
2,283 |
1,502 |
3,350 |
|||||||||||
(Gain) loss on sale of properties |
(708) |
(644) |
(708) |
(682) |
|||||||||||
(Gain) loss on extinguishment of debt |
(8,697) |
818 |
(8,697) |
(1,749) |
|||||||||||
Change in operating assets and liabilities: |
|||||||||||||||
Accounts receivable |
(2,869) |
8,045 |
9,544 |
17,109 |
|||||||||||
Prepayments and other assets |
(311) |
225 |
(902) |
(1,139) |
|||||||||||
Accounts payable, accrued and other liabilities |
(16,196) |
(12,017) |
(3,943) |
(13,678) |
|||||||||||
Amounts payable to oil and gas property owners |
649 |
(3,527) |
(3,387) |
3,311 |
|||||||||||
Production taxes payable |
(5,799) |
(6,753) |
(9,663) |
(13,852) |
|||||||||||
Net cash provided by (used in) operating activities |
$ |
8,264 |
$ |
37,316 |
$ |
48,779 |
$ |
91,141 |
|||||||
Investing Activities: |
|||||||||||||||
Additions to oil and gas properties, including acquisitions |
(25,419) |
(83,114) |
(86,680) |
(194,123) |
|||||||||||
Additions of furniture, equipment and other |
(209) |
(269) |
(991) |
(878) |
|||||||||||
Proceeds from sale of properties and other investing activities |
13 |
103 |
(1,225) |
66,518 |
|||||||||||
Proceeds from the sale of short-term investments |
— |
50,000 |
— |
50,000 |
|||||||||||
Cash paid for short-term investments |
— |
— |
— |
(114,883) |
|||||||||||
Net cash provided by (used in) investing activities |
$ |
(25,615) |
$ |
(33,280) |
$ |
(88,896) |
$ |
(193,366) |
|||||||
Financing Activities: |
|||||||||||||||
Principal payments on debt |
(109) |
(105) |
(218) |
(24,976) |
|||||||||||
Deferred financing costs and other |
(680) |
(1,821) |
(1,078) |
(2,821) |
|||||||||||
Net cash provided by (used in) financing activities |
$ |
(789) |
$ |
(1,926) |
$ |
(1,296) |
$ |
(27,797) |
|||||||
Increase (Decrease) in Cash and Cash Equivalents |
(18,140) |
2,110 |
(41,413) |
(130,022) |
|||||||||||
Beginning Cash and Cash Equivalents |
105,563 |
33,772 |
128,836 |
165,904 |
|||||||||||
Ending Cash and Cash Equivalents |
$ |
87,423 |
$ |
35,882 |
$ |
87,423 |
$ |
35,882 |
BILL BARRETT CORPORATION | |||||||||||||||
Reconciliation of Discretionary Cash Flow, Adjusted Net Income (Loss) and EBITDAX | |||||||||||||||
(Unaudited) | |||||||||||||||
Discretionary Cash Flow Reconciliation | |||||||||||||||
Three Months Ended |
Six Months Ended | ||||||||||||||
2016 |
2015 |
2016 |
2015 | ||||||||||||
(in thousands, except per share amounts) | |||||||||||||||
Net Income (Loss) |
$ |
(48,419) |
$ |
(44,581) |
$ |
(94,915) |
$ |
(56,312) |
|||||||
Adjustments to reconcile to discretionary cash flow: |
|||||||||||||||
Depreciation, depletion and amortization |
40,392 |
52,674 |
82,408 |
104,928 |
|||||||||||
Impairment, dry hole and abandonment expense |
234 |
1,090 |
792 |
2,345 |
|||||||||||
Exploration expense |
21 |
92 |
48 |
125 |
|||||||||||
Unrealized derivative (gain) loss |
47,023 |
64,180 |
71,317 |
76,117 |
|||||||||||
Deferred income tax benefit |
— |
(26,947) |
— |
(33,820) |
|||||||||||
Incentive compensation and other non-cash charges |
2,102 |
2,470 |
5,431 |
5,213 |
|||||||||||
Amortization of deferred financing costs |
863 |
2,283 |
1,502 |
3,350 |
|||||||||||
(Gain) loss on sale of properties |
(708) |
(644) |
(708) |
(682) |
|||||||||||
(Gain) loss on extinguishment of debt |
(8,697) |
818 |
(8,697) |
(1,749) |
|||||||||||
Discretionary Cash Flow |
$ |
32,811 |
$ |
51,435 |
$ |
57,178 |
$ |
99,515 |
|||||||
Adjusted Net Income (Loss) Reconciliation | |||||||||||||||
Three Months Ended |
Six Months Ended | ||||||||||||||
2016 |
2015 |
2016 |
2015 | ||||||||||||
(in thousands, except per share amounts) | |||||||||||||||
Net Income (Loss) |
$ |
(48,419) |
$ |
(44,581) |
$ |
(94,915) |
$ |
(56,312) |
|||||||
(Provision for) Benefit from income taxes |
— |
26,947 |
— |
33,820 |
|||||||||||
Income (Loss) before income taxes |
(48,419) |
(71,528) |
(94,915) |
(90,132) |
|||||||||||
Adjustments to net income (loss): |
|||||||||||||||
Unrealized derivative (gain) loss |
47,023 |
64,180 |
71,317 |
76,117 |
|||||||||||
Impairment expense |
— |
445 |
183 |
503 |
|||||||||||
(Gain) loss on sale of properties |
(708) |
(644) |
(708) |
(682) |
|||||||||||
(Gain) loss on extinguishment of debt |
(8,697) |
818 |
(8,697) |
(1,749) |
|||||||||||
Adjusted Income (Loss) before income taxes |
(10,801) |
(6,729) |
(32,820) |
(15,943) |
|||||||||||
Adjusted (provision for) benefit from income taxes (1) |
4,061 |
2,703 |
12,373 |
6,008 |
|||||||||||
Adjusted Net Income (Loss) |
$ |
(6,740) |
$ |
(4,026) |
$ |
(20,447) |
$ |
(9,935) |
|||||||
Per share, diluted |
$ |
(0.13) |
$ |
(0.08) |
$ |
(0.41) |
$ |
(0.21) |
(1) |
Adjusted (provision for) benefit from income taxes is calculated using the Company's current effective tax rate prior |
EBITDAX Reconciliation | |||||||||||||||
Three Months Ended |
Six Months Ended | ||||||||||||||
2016 |
2015 |
2016 |
2015 | ||||||||||||
(in thousands, except per share amounts) | |||||||||||||||
Net Income (Loss) |
$ |
(48,419) |
$ |
(44,581) |
$ |
(94,915) |
$ |
(56,312) |
|||||||
Adjustments to reconcile to EBITDAX: |
|||||||||||||||
Depreciation, depletion and amortization |
40,392 |
52,674 |
82,408 |
104,928 |
|||||||||||
Impairment, dry hole and abandonment expense |
234 |
1,090 |
792 |
2,345 |
|||||||||||
Exploration expense |
21 |
92 |
48 |
125 |
|||||||||||
Unrealized derivative (gain) loss |
47,023 |
64,180 |
71,317 |
76,117 |
I | ||||||||||
Incentive compensation and other non-cash charges |
2,102 |
2,470 |
5,431 |
5,213 |
|||||||||||
(Gain) loss on sale of properties |
(708) |
(644) |
(708) |
(682) |
|||||||||||
(Gain) loss on extinguishment of debt |
(8,697) |
818 |
(8,697) |
(1,749) |
|||||||||||
Interest and other income |
(57) |
(144) |
(94) |
(419) |
|||||||||||
Interest expense |
15,423 |
17,390 |
31,169 |
33,820 |
|||||||||||
(Provision for) Benefit from Income Taxes |
— |
(26,947) |
— |
(33,820) |
|||||||||||
EBITDAX |
$ |
47,314 |
$ |
66,398 |
$ |
86,751 |
$ |
129,566 |
|||||||
Discretionary cash flow, adjusted net income (loss) and EBITDAX are non-GAAP measures. These measures are presented | |||||||||||||||
These measures should not be considered in isolation or as a substitute for net income, income from operations, net cash |
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To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/bill-barrett-corporation-reports-second-quarter-2016-financial-and-operating-results-300309532.html
SOURCE Bill Barrett Corporation
Copyright 2016 PR Newswire
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