Epsilon Reports Second Quarter 2024 Results
2024年8月14日 - 5:05AM
Epsilon Energy Ltd. (“
Epsilon” or the
“
Company”) (NASDAQ: EPSN) today reported second
quarter 2024 financial and operating results.
Second Quarter 2024
Highlights:
Epsilon - Q2 2024 |
|
|
|
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|
|
|
Q2 2024 |
Q1 2024 |
Q2 2023 |
QoQ % |
YoY % |
|
NRI Production |
|
|
|
|
|
|
|
Gas |
MMcf |
1,407 |
1,666 |
2,118 |
-16 |
% |
-34 |
% |
|
Oil |
Mbbl |
45 |
37 |
14 |
22 |
% |
223 |
% |
|
NGL |
Mbbl |
19 |
16 |
11 |
19 |
% |
69 |
% |
|
|
|
|
|
|
|
|
|
Revenues |
|
|
|
|
|
|
|
Gas |
$M |
1,961 |
2,963 |
3,007 |
-34 |
% |
-35 |
% |
|
Oil |
$M |
3,514 |
2,715 |
1,046 |
29 |
% |
236 |
% |
|
NGL |
$M |
388 |
373 |
245 |
4 |
% |
59 |
% |
|
Midstream1 |
$M |
1,444 |
1,936 |
2,202 |
-25 |
% |
-34 |
% |
|
Total |
$M |
7,308 |
7,987 |
6,500 |
-9 |
% |
12 |
% |
|
|
|
|
|
|
|
|
|
Realized Prices2 |
|
|
|
|
|
|
|
Gas |
$/Mcf |
1.39 |
1.78 |
1.42 |
-22 |
% |
-2 |
% |
|
Oil |
$/Bbl |
78.44 |
74.13 |
75.38 |
6 |
% |
4 |
% |
|
NGL |
$/Bbl |
20.21 |
23.16 |
21.55 |
-13 |
% |
-6 |
% |
|
|
|
|
|
|
|
|
|
Adj. EBITDA |
$M |
3,904 |
4,595 |
4,165 |
-15 |
% |
-6 |
% |
|
|
|
|
|
|
|
|
|
Cash + STI3 |
$M |
9,481 |
15,447 |
36,788 |
-39 |
% |
-74 |
% |
|
|
|
|
|
|
|
|
|
Capex |
$M |
5,709 |
21,466 |
12,458 |
-73 |
% |
-54 |
% |
|
|
|
|
|
|
|
|
|
1) Net of gathering fee revenue paid by Epsilon |
|
|
|
|
2) Excludes impact of hedge realizations |
|
|
|
|
|
3) Includes restricted cash balance |
|
|
|
|
|
- Returned $1.4 million to
shareholders through the quarterly dividend during the
quarter.
- Realized gains of $0.4 million on
Henry Hub (HH) and TGP Z4 basis swaps totaling 690,000 MMBTU, and
losses of $0.1 million on WTI CMA swaps totaling 20 MBbls.
Operations Update:
Epsilon’s capital expenditures were $5.7 million
for the quarter ended June 30, 2024. This was primarily related to
the completion of one gross (0.25 net) well and drilling of one
gross (0.25 net) well in Ector Co., Texas.
The Marcellus wells (7 gross) completed in Q1
2024 are not yet turned in line, awaiting better realized natural
gas prices. In addition, our operating partner in PA has maintained
production curtailments. We estimate that 3.5-4 MMcf per day of NRI
production was offline during the quarter.
The Company has six gross (1.5 net) producing
wells in Ector Co. Texas. The sixth well was put on production for
the last month of the quarter. A seventh well was completed in July
and is currently on flowback. Two of the producing wells were
offline for 2 weeks during the quarter during completion operations
on the sixth well.
Jason Stabell, Epsilon's Chief Executive
Officer, commented, “Our Permian assets continue to perform well
with strong quarter over quarter increases in oil volumes and
revenue, driven by a full quarter of contribution from our first
quarter acquisition and one month of production from the sixth well
in the Pradera Fuego project. We expect to see additional
sequential oil growth in the third quarter with a full quarter of
contribution from the sixth well and the seventh well now on
flowback and producing over 700 bopd while still cleaning up.
In PA, natural gas volumes and revenues were
down quarter over quarter, as expected, due to continued
curtailments and the deferred turn in line on the 7 gross (0.7 net)
wells completed in the first quarter. Natural gas prices remain
weak and the company has fixed price hedges on approximately 50% of
current volumes through the end of the year. As previously
disclosed, we executed an amended gathering agreement for the
Auburn gas gathering system, further bolstering the asset’s
long-term cash flow potential.
Finally, we continue to pursue additional
investments in drill bit focused opportunities that meet our return
thresholds.
Overall, our business remains well positioned
for continued growth in the Permian coupled with material upside
for our Marcellus assets next year in an improved natural gas
environment. With our recently expanded and undrawn credit
facility, cash-flows, and cash on hand we can comfortably continue
to pay our dividend and pursue attractive new projects.”
Current Hedge Book:
Hedge Book - as of 8.7.24 |
|
|
|
|
|
Trade Date |
Product |
Structure |
Ref |
Contract Start |
Contract End |
Price / Strike |
Outstanding |
Metric |
06/07/24 |
Natural Gas |
Swaps |
NYMEX Henry Hub (LD) |
01/01/2025 |
03/31/2025 |
$ |
3.70 |
|
225,000 |
MMBtu |
06/07/24 |
Natural
Gas |
Swaps |
Tenn Z4 300L
Basis |
01/01/2025 |
03/31/2025 |
$ |
(0.80 |
) |
225,000 |
MMBtu |
04/30/24 |
Natural
Gas |
Swaps |
Tenn Z4 300L
Basis |
01/01/2025 |
03/31/2025 |
$ |
(0.75 |
) |
225,000 |
MMBtu |
04/30/24 |
Natural
Gas |
Swaps |
NYMEX Henry
Hub (LD) |
01/01/2025 |
03/31/2025 |
$ |
3.54 |
|
225,000 |
MMBtu |
03/28/24 |
Natural
Gas |
Swaps |
NYMEX Henry
Hub (LD) |
11/01/2024 |
12/31/2024 |
$ |
3.15 |
|
152,500 |
MMBtu |
03/05/24 |
Natural
Gas |
Swaps |
Tenn Z4 300L
Basis |
11/01/2024 |
12/31/2024 |
$ |
(1.04 |
) |
305,000 |
MMBtu |
03/05/24 |
Natural
Gas |
Swaps |
NYMEX Henry
Hub (LD) |
11/01/2024 |
12/31/2024 |
$ |
3.28 |
|
305,000 |
MMBtu |
02/26/24 |
Crude
Oil |
Swaps |
NYMEX WTI
CMA |
03/01/2024 |
03/31/2025 |
$ |
74.34 |
|
39,168 |
BBL |
10/18/23 |
Natural
Gas |
Swaps |
NYMEX Henry
Hub (LD) |
04/01/2024 |
10/31/2024 |
$ |
3.29 |
|
152,500 |
MMBtu |
10/18/23 |
Natural
Gas |
Swaps |
Tenn Z4 300L
Basis |
04/01/2024 |
10/31/2024 |
$ |
(1.20 |
) |
152,500 |
MMBtu |
09/29/23 |
Natural
Gas |
Swaps |
NYMEX Henry
Hub (LD) |
04/01/2024 |
10/31/2024 |
$ |
3.20 |
|
305,000 |
MMBtu |
09/29/23 |
Natural Gas |
Swaps |
Tenn Z4 300L Basis |
04/01/2024 |
10/31/2024 |
$ |
(1.15 |
) |
305,000 |
MMBtu |
|
|
|
|
|
|
|
|
|
Earning’s Call:
The Company will host a conference call to
discuss its results on Wednesday, August 14, 2024 at 9:30 a.m.
Central Time (10:30 a.m. Eastern Time). Interested
parties in the United States and Canada may participate toll-free
by dialing (833) 816-1385. International parties may participate by
dialing (412) 317-0478. Participants should ask to be joined to the
“Epsilon Energy Second Quarter 2024 Earnings Conference Call.”
A webcast can be viewed at:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=wNyRpqMC.
A webcast replay will be available on the Company’s website
(www.epsilonenergyltd.com) following the call.
About Epsilon
Epsilon Energy Ltd. is a North American onshore
natural gas and oil production and gathering company with assets in
Pennsylvania, Texas, New Mexico, and Oklahoma.
Forward-Looking Statements
Certain statements contained in this news
release constitute forward looking statements. The use of any of
the words “anticipate”, “continue”, “estimate”, “expect”, ‘may”,
“will”, “project”, “should”, ‘believe”, and similar expressions are
intended to identify forward-looking statements. These statements
involve known and unknown risks, uncertainties and other factors
that may cause actual results or events to differ materially from
those anticipated. Forward-looking statements are based on
reasonable assumptions, but no assurance can be given that these
expectations will prove to be correct and the forward-looking
statements included in this news release should not be unduly
relied upon.
Contact Information:
281-670-0002
Jason StabellChief Executive
OfficerJason.Stabell@EpsilonEnergyLTD.com
Andrew Williamson Chief Financial Officer
Andrew.Williamson@EpsilonEnergyLTD.com
EPSILON
ENERGY LTD.Unaudited Consolidated Statements of
Operations(All amounts stated in
US$) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, |
|
Six months ended June 30, |
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Revenues from contracts with customers: |
|
|
|
|
|
|
|
|
|
|
|
|
Gas, oil, NGL, and condensate revenue |
|
$ |
5,863,370 |
|
|
$ |
4,298,072 |
|
|
$ |
11,914,415 |
|
|
$ |
11,267,653 |
|
Gas gathering and compression revenue |
|
|
1,444,448 |
|
|
|
2,202,064 |
|
|
|
3,380,146 |
|
|
|
4,588,759 |
|
Total revenue |
|
|
7,307,818 |
|
|
|
6,500,136 |
|
|
|
15,294,561 |
|
|
|
15,856,412 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Lease operating expenses |
|
|
1,649,867 |
|
|
|
1,440,521 |
|
|
|
3,418,329 |
|
|
|
2,844,800 |
|
Gathering system operating expenses |
|
|
649,967 |
|
|
|
570,934 |
|
|
|
1,202,537 |
|
|
|
1,222,275 |
|
Depletion, depreciation, amortization, and accretion |
|
|
2,048,403 |
|
|
|
1,615,728 |
|
|
|
4,428,829 |
|
|
|
3,388,734 |
|
Loss (gain) on sale of oil and gas properties |
|
|
— |
|
|
|
1,449,871 |
|
|
|
— |
|
|
|
1,449,871 |
|
General and administrative expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Stock based compensation expense |
|
|
313,589 |
|
|
|
179,748 |
|
|
|
635,158 |
|
|
|
359,496 |
|
Other general and administrative expenses |
|
|
1,478,215 |
|
|
|
1,596,626 |
|
|
|
3,037,238 |
|
|
|
3,620,399 |
|
Total operating costs and expenses |
|
|
6,140,041 |
|
|
|
6,853,428 |
|
|
|
12,722,091 |
|
|
|
12,885,575 |
|
Operating income (loss) |
|
|
1,167,777 |
|
|
|
(353,292 |
) |
|
|
2,572,470 |
|
|
|
2,970,837 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
108,943 |
|
|
|
433,201 |
|
|
|
375,215 |
|
|
|
923,963 |
|
Interest expense |
|
|
(8,759 |
) |
|
|
(34,422 |
) |
|
|
(17,519 |
) |
|
|
(62,859 |
) |
(Loss) gain on derivative contracts |
|
|
(94,891 |
) |
|
|
628,178 |
|
|
|
(195,617 |
) |
|
|
1,696,838 |
|
Other income, net |
|
|
101,606 |
|
|
|
3,066 |
|
|
|
101,073 |
|
|
|
4,701 |
|
Other income, net |
|
|
106,899 |
|
|
|
1,030,023 |
|
|
|
263,152 |
|
|
|
2,562,643 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income before income tax expense |
|
|
1,274,676 |
|
|
|
676,731 |
|
|
|
2,835,622 |
|
|
|
5,533,480 |
|
Income tax expense |
|
|
459,016 |
|
|
|
246,142 |
|
|
|
513,066 |
|
|
|
1,573,064 |
|
NET
INCOME |
|
$ |
815,660 |
|
|
$ |
430,589 |
|
|
$ |
2,322,556 |
|
|
$ |
3,960,416 |
|
Currency translation adjustments |
|
|
22,229 |
|
|
|
1,129 |
|
|
|
22,593 |
|
|
|
(1,471 |
) |
Unrealized gain (loss) on securities |
|
|
3,011 |
|
|
|
(47,006 |
) |
|
|
(1,598 |
) |
|
|
(47,006 |
) |
NET
COMPREHENSIVE INCOME |
|
$ |
840,900 |
|
|
$ |
384,712 |
|
|
$ |
2,343,551 |
|
|
$ |
3,911,939 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income per share, basic |
|
$ |
0.04 |
|
|
$ |
0.02 |
|
|
$ |
0.11 |
|
|
$ |
0.17 |
|
Net
income per share, diluted |
|
$ |
0.04 |
|
|
$ |
0.02 |
|
|
$ |
0.11 |
|
|
$ |
0.17 |
|
Weighted average number of shares outstanding,
basic |
|
|
21,921,752 |
|
|
|
22,749,322 |
|
|
|
21,957,980 |
|
|
|
22,869,440 |
|
Weighted average number of shares outstanding,
diluted |
|
|
22,029,475 |
|
|
|
22,783,987 |
|
|
|
21,987,142 |
|
|
|
22,904,922 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EPSILON ENERGY LTD.Unaudited
Consolidated Balance Sheets(All amounts stated in
US$) |
|
|
|
|
|
|
|
|
|
June
30, |
|
December
31, |
|
|
2024 |
|
|
2023 |
|
ASSETS |
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
8,581,484 |
|
|
$ |
13,403,628 |
|
Accounts receivable |
|
|
4,944,664 |
|
|
|
6,015,448 |
|
Short term investments |
|
|
— |
|
|
|
18,775,106 |
|
Fair value of derivatives |
|
|
403,992 |
|
|
|
1,219,025 |
|
Prepaid income taxes |
|
|
632,531 |
|
|
|
952,301 |
|
Other current assets |
|
|
414,736 |
|
|
|
763,288 |
|
Total current assets |
|
|
14,977,407 |
|
|
|
41,128,796 |
|
Non-current assets |
|
|
|
|
|
|
Property and equipment: |
|
|
|
|
|
|
Oil and gas properties, successful efforts method |
|
|
|
|
|
|
Proved properties |
|
|
185,238,373 |
|
|
|
160,263,511 |
|
Unproved properties |
|
|
28,498,028 |
|
|
|
25,504,873 |
|
Accumulated depletion, depreciation, amortization and
impairment |
|
|
(117,604,188 |
) |
|
|
(113,708,210 |
) |
Total oil and gas properties, net |
|
|
96,132,213 |
|
|
|
72,060,174 |
|
Gathering system |
|
|
42,854,372 |
|
|
|
42,738,273 |
|
Accumulated depletion, depreciation, amortization and
impairment |
|
|
(35,957,863 |
) |
|
|
(35,539,996 |
) |
Total gathering system, net |
|
|
6,896,509 |
|
|
|
7,198,277 |
|
Land |
|
|
637,764 |
|
|
|
637,764 |
|
Buildings and other property and equipment, net |
|
|
281,444 |
|
|
|
291,807 |
|
Total property and equipment, net |
|
|
103,947,930 |
|
|
|
80,188,022 |
|
Other assets: |
|
|
|
|
|
|
Operating lease right-of-use assets, long term |
|
|
392,792 |
|
|
|
441,987 |
|
Restricted cash |
|
|
900,000 |
|
|
|
470,000 |
|
Prepaid drilling costs |
|
|
926,827 |
|
|
|
1,813,808 |
|
Total non-current assets |
|
|
106,167,549 |
|
|
|
82,913,817 |
|
Total assets |
|
$ |
121,144,956 |
|
|
$ |
124,042,613 |
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
Accounts payable trade |
|
$ |
2,386,055 |
|
|
$ |
3,236,871 |
|
Gathering fees payable |
|
|
971,599 |
|
|
|
1,136,237 |
|
Royalties payable |
|
|
1,196,239 |
|
|
|
1,422,898 |
|
Accrued capital expenditures |
|
|
108,216 |
|
|
|
696,761 |
|
Accrued compensation |
|
|
416,037 |
|
|
|
636,295 |
|
Other accrued liabilities |
|
|
614,231 |
|
|
|
561,537 |
|
Fair value of derivatives |
|
|
259,896 |
|
|
|
118,770 |
|
Operating lease liabilities |
|
|
103,846 |
|
|
|
86,473 |
|
Total current liabilities |
|
|
6,056,119 |
|
|
|
7,895,842 |
|
Non-current liabilities |
|
|
|
|
|
|
Asset retirement obligations |
|
|
3,528,208 |
|
|
|
3,502,952 |
|
Deferred income taxes |
|
|
11,499,207 |
|
|
|
11,553,943 |
|
Operating lease liabilities, long term |
|
|
415,805 |
|
|
|
476,911 |
|
Total non-current liabilities |
|
|
15,443,220 |
|
|
|
15,533,806 |
|
Total liabilities |
|
|
21,499,339 |
|
|
|
23,429,648 |
|
Commitments and contingencies (Note 10) |
|
|
|
|
|
|
Shareholders' equity |
|
|
|
|
|
|
Preferred shares, no par value, unlimited shares authorized, none
issued or outstanding |
|
|
— |
|
|
|
— |
|
Common shares, no par value, unlimited shares authorized and
21,921,850 shares issued and outstanding at June 30, 2024 and
22,222,722 issued and 22,151,848 shares outstanding at December 31,
2023 |
|
|
116,708,531 |
|
|
|
118,272,565 |
|
Treasury shares, at cost, 0 at June 30, 2024 and 70,874 at December
31, 2023 |
|
|
— |
|
|
|
(360,326 |
) |
Additional paid-in capital |
|
|
11,509,649 |
|
|
|
10,874,491 |
|
Accumulated deficit |
|
|
(38,365,835 |
) |
|
|
(37,946,042 |
) |
Accumulated other comprehensive income |
|
|
9,793,272 |
|
|
|
9,772,277 |
|
Total shareholders' equity |
|
|
99,645,617 |
|
|
|
100,612,965 |
|
Total liabilities and shareholders' equity |
|
$ |
121,144,956 |
|
|
$ |
124,042,613 |
|
|
|
|
|
|
|
|
EPSILON ENERGY LTD.Unaudited Consolidated
Statements of Cash Flows (All amounts stated
in US$) |
|
|
Six months ended June 30, |
|
|
|
2024 |
|
2023 |
|
Cash
flows from operating activities: |
|
|
|
|
|
|
|
Net income |
|
$ |
2,322,556 |
|
|
$ |
3,960,416 |
|
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
|
|
|
|
Depletion, depreciation, amortization, and accretion |
|
|
4,428,829 |
|
|
|
3,388,734 |
|
|
Accretion of discount on available for sale securities |
|
|
(297,637 |
) |
|
|
(343,328 |
) |
|
Gain on available for sale securities |
|
|
— |
|
|
|
(47,659 |
) |
|
Loss on sale of oil and gas properties |
|
|
— |
|
|
|
1,449,871 |
|
|
Loss (gain) on derivative contracts |
|
|
195,617 |
|
|
|
(1,696,838 |
) |
|
Settlement received on derivative contracts |
|
|
760,542 |
|
|
|
1,632,858 |
|
|
Settlement of asset retirement obligation |
|
|
(87,284 |
) |
|
|
— |
|
|
Stock-based compensation expense |
|
|
635,158 |
|
|
|
359,496 |
|
|
Deferred income tax (benefit) expense |
|
|
(54,736 |
) |
|
|
230,327 |
|
|
Changes in assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
1,070,784 |
|
|
|
2,846,310 |
|
|
Prepaid income taxes |
|
|
319,770 |
|
|
|
— |
|
|
Other assets and liabilities |
|
|
354,014 |
|
|
|
425,789 |
|
|
Accounts payable, royalties payable and other accrued
liabilities |
|
|
(572,099 |
) |
|
|
(1,910,674 |
) |
|
Income taxes payable |
|
|
— |
|
|
|
(93,575 |
) |
|
Net
cash provided by operating activities |
|
|
9,075,514 |
|
|
|
10,201,727 |
|
|
Cash
flows from investing activities: |
|
|
|
|
|
|
|
Additions to unproved oil and gas properties |
|
|
(2,993,155 |
) |
|
|
(7,821,248 |
) |
|
Additions to proved oil and gas properties |
|
|
(26,425,017 |
) |
|
|
(5,653,284 |
) |
|
Additions to gathering system properties |
|
|
(70,236 |
) |
|
|
(30,264 |
) |
|
Additions to land, buildings and property and equipment |
|
|
(13,912 |
) |
|
|
(47,933 |
) |
|
Purchases of short term investments - held to maturity |
|
|
— |
|
|
|
(32,812,974 |
) |
|
Purchases of short term investments - available for sale |
|
|
(4,045,785 |
) |
|
|
— |
|
|
Proceeds from sales and maturities of short term investments |
|
|
23,116,930 |
|
|
|
6,352,473 |
|
|
Proceeds from sale of oil and gas properties |
|
|
— |
|
|
|
12,498 |
|
|
Prepaid drilling costs |
|
|
886,981 |
|
|
|
— |
|
|
Net
cash used in investing activities |
|
|
(9,544,194 |
) |
|
|
(40,000,732 |
) |
|
Cash
flows from financing activities: |
|
|
|
|
|
|
|
Buyback of common shares |
|
|
(1,203,708 |
) |
|
|
(3,054,775 |
) |
|
Dividends paid |
|
|
(2,742,349 |
) |
|
|
(2,828,602 |
) |
|
Debt issuance costs |
|
|
— |
|
|
|
(140,000 |
) |
|
Net
cash used in financing activities |
|
|
(3,946,057 |
) |
|
|
(6,023,377 |
) |
|
Effect of currency rates on cash, cash equivalents, and restricted
cash |
|
|
22,593 |
|
|
|
(1,471 |
) |
|
Decrease in cash, cash equivalents, and restricted cash |
|
|
(4,392,144 |
) |
|
|
(35,823,853 |
) |
|
Cash, cash equivalents, and restricted cash, beginning of
period |
|
|
13,873,628 |
|
|
|
45,806,947 |
|
|
Cash, cash equivalents, and restricted cash, end of
period |
|
$ |
9,481,484 |
|
|
$ |
9,983,094 |
|
|
|
|
|
|
|
|
|
|
Supplemental cash flow disclosures: |
|
|
|
|
|
|
|
Income taxes paid |
|
$ |
131,392 |
|
|
$ |
1,432,000 |
|
|
Interest paid |
|
$ |
— |
|
|
$ |
80,075 |
|
|
|
|
|
|
|
|
|
|
Non-cash investing activities: |
|
|
|
|
|
|
|
Change in
proved properties accrued in accounts payable and accrued
liabilities |
|
$ |
(1,471,985 |
) |
|
$ |
72,999 |
|
|
Change in
gathering system accrued in accounts payable and accrued
liabilities |
|
$ |
45,862 |
|
|
$ |
4,240 |
|
|
Asset
retirement obligation asset additions and adjustments |
|
$ |
21,831 |
|
|
$ |
4,640 |
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, |
|
Six months ended June 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
Net
income |
|
$ |
815,660 |
|
|
$ |
430,589 |
|
|
$ |
2,322,556 |
|
|
$ |
3,960,416 |
|
|
Add Back: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income, net |
|
|
(100,184 |
) |
|
|
(398,779 |
) |
|
|
(357,696 |
) |
|
|
(861,104 |
) |
|
Income tax expense |
|
|
459,016 |
|
|
|
246,142 |
|
|
|
513,066 |
|
|
|
1,573,064 |
|
|
Depreciation, depletion, amortization, and accretion |
2,048,403 |
|
|
|
1,615,728 |
|
|
|
4,428,829 |
|
|
|
3,388,734 |
|
|
Stock based compensation expense |
|
|
313,589 |
|
|
|
179,748 |
|
|
|
635,158 |
|
|
|
359,496 |
|
|
Gain on sale of assets |
|
|
— |
|
|
|
1,449,871 |
|
|
|
— |
|
|
|
1,449,871 |
|
|
Loss (gain) on derivative contracts net of cash received or paid on
settlement |
|
|
367,148 |
|
|
|
641,380 |
|
|
|
956,159 |
|
|
|
(63,980 |
) |
|
Foreign currency translation loss |
|
|
— |
|
|
|
(5 |
) |
|
|
570 |
|
|
|
(987 |
) |
|
Adjusted EBITDA |
|
$ |
3,903,632 |
|
|
$ |
4,164,674 |
|
|
$ |
8,498,642 |
|
|
$ |
9,805,510 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Epsilon defines Adjusted EBITDA as earnings
before (1) net interest expense, (2) taxes, (3) depreciation,
depletion, amortization and accretion expense, (4) impairments of
natural gas and oil properties, (5) non-cash stock compensation
expense, (6) gain or loss on derivative contracts net of cash
received or paid on settlement, and (7) other income. Adjusted
EBITDA is not a measure of financial performance as determined
under U.S. GAAP and should not be considered in isolation from or
as a substitute for net income or cash flow measures prepared in
accordance with U.S. GAAP or as a measure of profitability or
liquidity.
Additionally, Adjusted EBITDA may not be
comparable to other similarly titled measures of other companies.
Epsilon has included Adjusted EBITDA as a supplemental disclosure
because its management believes that EBITDA provides useful
information regarding its ability to service debt and to fund
capital expenditures. It further provides investors a helpful
measure for comparing operating performance on a "normalized" or
recurring basis with the performance of other companies, without
giving effect to certain non-cash expenses and other items. This
provides management, investors and analysts with comparative
information for evaluating the Company in relation to other natural
gas and oil companies providing corresponding non-U.S. GAAP
financial measures or that have different financing and capital
structures or tax rates. These non-U.S. GAAP financial measures
should be considered in addition to, but not as a substitute for,
measures for financial performance prepared in accordance with U.S.
GAAP.
Epsilon Energy (NASDAQ:EPSN)
過去 株価チャート
から 7 2024 まで 8 2024
Epsilon Energy (NASDAQ:EPSN)
過去 株価チャート
から 8 2023 まで 8 2024