Chaparral Energy, Inc. (NYSE: CHAP) today announced its third
quarter 2018 financial and operational results with the filing of
its form 10-Q. The company will hold its quarterly financial and
operating results conference call this morning, November 13, at 10
a.m. Central.
Third Quarter Highlights and Recent Key
Items
- Grew STACK production 53% on a year-over-year basis and 19% on
a quarter-over-quarter basis to 15,663 barrels of oil equivalent
per day (Boe/d)
- Increased full year STACK production guidance by 7% to 14,250 -
14,750 Boe/d
- Reported a net loss of $12.1 million, driven by a $16.8 million
non-cash loss associated with commodity derivatives
- Generated adjusted EBITDA, as defined below, of $34.3 million,
an increase of 27% on a quarter-over-quarter basis
- Decreased STACK lease operating expense per barrel of oil
equivalent (LOE/Boe) by 18% on a quarter-over-quarter basis to
$4.34
- Reduced full year total company LOE/Boe guidance by 6% to $7.25
- $7.65
- Uplisted to the New York Stock Exchange (NYSE), under the new
symbol “CHAP”
“Chaparral continued to deliver strong operational and financial
results in the third quarter,” said Chief Executive Officer Earl
Reynolds. “Our STACK wells on average continued to outperform type
curve expectations and drove considerable STACK production growth
of almost 20% quarter-over-quarter. In addition, we saw extremely
encouraging early results from our initial Canadian County Merge
Miss partial section spacing test. The three-well Denali pad, which
came online in August, had an average 30-day peak initial
production rate of more than 1,200 Boe/d per well, with 75%
liquids. Based on these results we believe our Canadian County
Merge Miss acreage could have as many as eight to nine wells per
section. We will continue to conduct more spacing tests, which in
the near-term includes a Kingfisher County partial section,
five-well test scheduled to come online during the fourth quarter
and an 11-well spacing test in Canadian County. Our 11-well spacing
test, which includes a nine-well Merge Miss full section test and a
two-well Woodford partial section test, is slated to come online in
early 2019. As a result of our consistent STACK drilling success
and our strong balance sheet, we added a fourth drilling rig in
October and increased our full year guidance for both total company
and STACK production.”
“In addition, we also saw continued improvement in our STACK
LOE/Boe during the quarter, with costs below $4.50 per barrel,”
said Reynolds. “We expect to sustain these lower LOE costs moving
forward and, as such, are lowering our full year total company
LOE/Boe guidance to a range of $7.25 - $7.65. For the quarter, we
also saw significant growth in our adjusted EBITDA, which was
driven by our production growth, cost management and higher
realized pricing. Adjusted EBITDA for the third quarter rose 27%
quarter-over-quarter to $34.3 million, and we now have delivered
$90.6 million of adjusted EBITDA year-to-date.”
“Finally, the company achieved a significant milestone during
the early part of the third quarter with the uplisting of our
common stock in July from the OTCQB market to the NYSE. This move
provides us access to a much larger potential investor base and
should ultimately generate more liquidity for our stock as we work
to create long-term value for our stockholders,” concluded
Reynolds.
Operational Update — STACK Production Grows More than
50% Year-over-Year Chaparral grew its STACK production to
15,663 Boe/d in the third quarter. This marks a 53% year-over-year
increase compared to 10,261 Boe/d in the third quarter of 2017 and
a 19% quarter-over-quarter increase compared to 13,198 Boe/d during
the second quarter of 2018.
Excluding production from divested EOR assets, the company’s
third quarter 2018 average total production grew by 11% on a
year-over-year basis to 21,342 Boe/d, of which 61% was liquids and
39% natural gas. The company’s drilling program for the first three
quarters was focused on strategic development of its Canadian and
Garfield County acreage, which continue to deliver strong internal
rates-of-return ranging from 55% to more than 100%.
Overall during the quarter, Chaparral operated three total
drilling rigs in Canadian, Kingfisher and Garfield counties. The
company brought 12 new gross STACK wells on production, four in
Canadian County and eight in Garfield County, five of which were
part of its joint venture drilling program with Bayou City
Energy.
The company continues to see strong results within the Merge
Miss in Canadian County and from its Osage and Meramec program in
Garfield County. In the third quarter, Chaparral brought online its
first Canadian County Merge Miss partial section spacing test. The
three-well Denali pad has exceeded expectations, producing at an
average three-phase, 30-day initial production (IP) rate of more
than 1,200 Boe/d per well, of which 75% was liquids. In Garfield
County, recent notable wells include the Pear 2106, which produced
at a three-phase, 30-day IP rate of 1,351 Boe/d, of which 87% was
liquids and the Platter 2007, a joint venture well, which recorded
729 Boe/d on the same basis, of which 83% was liquids.
Overall, results from the company’s Meramec and Osage programs
continue to exceed type curve expectations. The company currently
believes approximately 50% of its Garfield County position has been
de-risked in at least two distinct drillable targets — the Meramec
and Osage. In addition, Chaparral believes it has effectively
de-risked more than 80% of its Canadian County Merge Miss
position.
The company continues to optimize the development of its STACK
acreage and plans to test different pad sizes and spacing
throughout 2019. As a result of Chaparral’s strategic well
optimization and spacing test activities, the company expects some
variability in its quarter-over-quarter STACK production growth
profile moving forward.
Chaparral’s total capital expenditures during the third quarter
were $74 million. This includes $54.5 million associated with STACK
drilling and completions activity and $15.2 million spent on
additional STACK acreage acquisitions, of which $4.4 million was
associated with non-cash acreage trades as part of the company’s
ongoing strategy to block up its core STACK acreage.
Financial Summary — Adjusted EBITDA Drives Strong Third
QuarterChaparral recorded a net loss of $12.1 million, or
27 cents per share, during the third quarter of 2018. This loss was
driven by a $16.8 million non-cash loss associated with commodity
derivatives. Chaparral’s adjusted EBITDA for the third quarter was
$34.3 million, an increase of 27% compared to the second quarter.
On a year-over-year basis, adjusted EBITDA, as well as the
company’s production, revenues and expenses mentioned in this
release, were impacted by the sale of its EOR assets in November
2017, as well as other non-core asset sales.
Total gross commodity sales for the quarter were $70.1 million,
which represents a 13% quarter-over-quarter increase compared to
$62.3 million in the second quarter and an 8% year-over-year
decrease. This year-over-year decline was driven by a decrease in
total company production associated with prior asset sales.
Chaparral’s average realized price, excluding derivative
settlements, for crude oil increased to $70.14 per barrel in the
third quarter of 2018. This represented a 6% quarter-over-quarter
increase, compared to $66.28 per barrel in the second quarter of
2018. It also marked a 50% increase compared to $46.64 per barrel
in the third quarter of 2017. The company’s realized natural gas
liquids price during the third quarter was $25.93 per barrel, which
was up 6% compared to $24.39 per barrel in the second quarter of
this year. On a year-over-year basis, Chaparral’s natural gas
liquids price increased by 16% from $22.40 per barrel during the
third quarter of 2017. The company’s realized natural gas price was
up slightly on a quarter-over-quarter basis from $2.01 per thousand
cubic feet (Mcf) in the second quarter to $2.08 per Mcf in the
third quarter. On a year-over-year basis, natural gas prices were
down 18% from $2.53 per Mcf in the third quarter of 2017.
Total company LOE for the third quarter of 2018 was $12.5
million, or $6.36 per Boe, which was down 24% on a
quarter-over-quarter basis compared to $8.36 in the second quarter.
Chaparral’s STACK LOE/Boe for the third quarter was $4.34, which
was down 18% compared to the second quarter. The company’s cost
reductions associated with LOE were primarily driven by increased
production, the sale of higher cost, non-core properties and
sustainable saltwater disposal cost reductions. Chaparral has
lowered its full year total company LOE/Boe from $7.60 - $8.20 to
$7.25 - $7.65.
Chaparral’s net general and administrative (G&A) expenses
were $9.0 million, or $4.59 per Boe, which was virtually flat
compared to $4.56 per Boe, or $8.2 million in the second quarter of
2018. Adjusted for non-cash compensation, the company’s net cash
G&A expense per Boe in the third quarter was $3.42, which was
down 6% from the previous quarter. Chaparral previously lowered its
2018 full year G&A/Boe guidance to $3.50 - $4.00 in the second
quarter.Production taxes for the third quarter of 2018 were $4.0
million, or $2.05 per Boe, which was higher on a
quarter-over-quarter basis, compared to $2.8 million, or $1.54 per
Boe, during the second quarter. This increase was driven by an
increase in Oklahoma production taxes, which went into effect in
the third quarter of 2018.
DivestituresDuring the third quarter Chaparral
realized $29.7 million in proceeds from non-core assets sales. This
included the successful monetization of a portion of its saltwater
disposal infrastructure for $8.3 million. It also closed on various
other non-core assets in the third quarter resulting in cash
proceeds of $21.4 million, which brings the company’s year-to-date
total cash proceeds to $36.3 million and accounts for approximately
1.4 MBoe/d of associated net production. Chaparral continues to
forecast additional non-core asset sales in the fourth quarter and
anticipates proceeds to be in line with its previously stated 2018
asset sale guidance of $50 - 60 million.
Balance Sheet and LiquidityAs of September 30,
2018, Chaparral had approximately $49 million in cash and cash
equivalents and had no borrowings under its $265 million borrowing
base. The company’s balance sheet remains strong with no
significant debt maturities due until 2022.
NYSE Listing Chaparral uplisted its Class A
common stock from the OTCQB market to the NYSE in July when it
began trading under the ticker symbol “CHAP.” Updated 2018
Guidance – STACK Results Drive Increase in Production
Growth
2018 Guidance |
Previous |
Revised |
Total Company Average Daily Production
(MBoe/d) |
19.0 - 20.0 |
20.25 - 20.75 |
STACK Average Daily Production
(MBoe/d) |
13.0 - 14.0 |
14.25 - 14.75 |
Total CAPEX |
$300 - $325 million |
no change |
LOE ($/Boe) |
$7.60 - $8.20 |
$7.25 - $7.65 |
Cash G&A Expense ($/Boe) |
$3.50 - $4.00 |
no change |
Anticipated Proceeds from Asset Sales |
$50 - $60 million |
no change |
|
|
|
Chaparral increased its full year 2018 STACK production guidance
by 7% to 14,250 - 14,750 Boe/d and increased total company
production guidance by 5% to 20,250 - 20,750 MBoe/d. This increase
in production is driven by strong STACK well results and includes
estimated fourth quarter STACK production of 16,250 - 17,250 Boe/d
and total company production of 21,250 - 22,250 Boe/d.
The company also decreased its full year LOE/Boe guidance by 6%
to $7.25 - $7.65. This decrease is primarily a result of increased
production, the sale of higher cost, non-core properties and
sustainable saltwater disposal cost reductions.
Earnings Call Information Chaparral will hold
its financial and operating results call this morning, Tuesday,
November 13, at 10 a.m. Central. Interested parties may access the
call toll-free at 888-208-1711 and ask for the Chaparral Energy
conference call 10 minutes prior to the start time. The conference
ID number is 1391619. A live webcast of the call will be available
on the company’s website at chaparralenergy.com/investors. The
company has also provided an updated investor presentation for the
quarter, which along with its form 10-Q, is available on the
Investor section of its website at chaparralenergy.com/investors. A
recording of this morning’s call will also be available shortly
after the call’s conclusion on the company’s website. All
statements, other than statements of historical facts, included in
this press release that address activities, events or developments
that Chaparral expects, believes or anticipates will or may occur
in the future are forward-looking statements. Statements made in
this release contain “forward-looking statements.” These statements
are based on certain assumptions and expectations made by
Chaparral, which reflect management’s experience, estimates and
perception of historical trends, current conditions, anticipated
future developments, potential for reserves and drilling,
completion of current and future acquisitions and growth, benefits
of acquisitions, future competitive position and other factors
believed to be appropriate. These forward-looking statements are
subject to certain risks, trends and uncertainties that could cause
actual results to differ materially from those projected. Among
those risks, trends and uncertainties are our ability to find oil
and natural gas reserves that are economically recoverable, the
volatility of oil and natural gas prices, the uncertain economic
conditions in the United States and globally, the decline in the
reserve values of our properties that may result in ceiling test
write-downs, our ability to replace reserves and sustain
production, our estimate of the sufficiency of our existing capital
sources, our ability to raise additional capital to fund cash
requirements for future operations, the uncertainties involved in
prospect development and property acquisitions or dispositions and
in projecting future rates of production or future reserves, the
timing of development expenditures and drilling of wells, the
impact of natural disasters on our present and future operations,
the impact of government regulation and the operating hazards
attendant to the oil and natural gas business. Initial production
(IP) rates are discreet data points in each well’s productive
history. These rates are sometimes actual rates and sometimes
extrapolated or normalized rates. As such, the rates for a
particular well may decline over time and change as additional data
becomes available. Peak production rates are not necessarily
indicative or predictive of future production rates or economic
rates of return from such wells and should not be relied upon for
such purpose. The ability of the company or the relevant operator
to maintain expected levels of production from a well is subject to
numerous risks and uncertainties, including those referenced and
discussed above. In addition, methodology the company and
other industry participants utilize to calculate peak IP rates may
not be consistent and, as a result, the values reported may not be
directly and meaningfully comparable. Please read “Risk Factors” in
our annual reports, form 10-K or other public filings. We undertake
no duty to update or revise these forward-looking statements,
whether as a result of new information or future events.
About Chaparral Chaparral Energy (NYSE: CHAP)
is an independent oil and natural gas exploration and production
company headquartered in Oklahoma City. Founded in 1988, Chaparral
is a pure-play operator focused in Oklahoma’s highly economic STACK
Play, where it has approximately 127,000 net acres primarily in
Kingfisher, Canadian and Garfield counties. The company has
approximately 265,000 net surface acres in the Mid-Continent
region. For more information, visit chaparralenergy.com.
|
|
|
|
|
|
|
Investor
Contact |
|
|
|
|
Media
Contact |
|
Joe Evans |
|
|
|
|
Brandi Wessel |
|
Chief Financial
Officer |
|
|
|
|
Communications
Manager |
|
405-426-4590 |
|
|
|
|
405-426-6657 |
|
joe.evans@chaparralenergy.com |
|
|
|
|
brandi.wessel@chaparralenergy.com |
|
|
|
|
|
|
|
|
Operating Results Data (Unaudited)
(in thousands, except share and per share
data) |
Three months ended September 30,
2018 |
Three months ended September 30,
2017 |
Revenues: |
|
|
|
|
Net commodity sales |
$ |
65,519 |
|
$ |
75,947 |
|
Sublease revenue |
|
1,199 |
|
|
— |
|
Total revenues |
|
66,718 |
|
|
75,947 |
|
Costs and expenses: |
|
|
|
|
Lease operating |
|
12,493 |
|
|
24,209 |
|
Transportation and processing |
|
- |
|
|
2,942 |
|
Production taxes |
|
4,028 |
|
|
4,536 |
|
Depreciation, depletion and amortization |
|
22,252 |
|
|
32,167 |
|
General and administrative |
|
9,021 |
|
|
9,924 |
|
Cost reduction initiatives |
|
210 |
|
|
34 |
|
Other |
|
402 |
|
|
— |
|
Total costs and expenses |
|
48,406 |
|
|
73,812 |
|
|
|
|
|
|
Operating income |
|
18,312 |
|
|
2,135 |
|
|
|
|
|
|
Non-operating (expense) income: |
|
|
|
|
Interest expense |
|
(4,205 |
) |
|
(5,283 |
) |
Derivative (losses) gains |
|
(23,677 |
) |
|
(15,448 |
) |
(Loss) gain on sale of assets |
|
(2,024 |
) |
|
(13 |
) |
Other income, net |
|
19 |
|
|
389 |
|
Net non-operating (expense) income |
|
(29,887 |
) |
|
(20,355 |
) |
Reorganization items, net |
|
(493 |
) |
|
(858 |
) |
(Loss) income before income taxes |
|
(12,068 |
) |
|
(19,078 |
) |
Income tax expense |
|
— |
|
|
37 |
|
Net (loss) income |
$ |
(12,068 |
) |
$ |
(19,115 |
) |
Earnings per share: |
|
|
|
|
Basic for Class A and Class B |
$ |
(0.27 |
) |
$ |
(0.42 |
) |
Diluted for Class A and Class B |
$ |
(0.27 |
) |
$ |
(0.42 |
) |
Weighted average shares used to compute earnings per share: |
|
|
|
|
Basic for Class A and Class B |
|
45,333,745 |
|
|
44,982,142 |
|
Diluted for Class A and Class B |
|
45,333,745 |
|
|
44,982,142 |
|
|
|
|
|
|
|
|
Operating Results Data (Unaudited)
|
Successor |
Predecessor |
(in thousands, except share and per share
data) |
Nine months ended September 30,
2018 |
Period from March 22, 2017 through September
30, 2017 |
Period from January 1, 2017 through March 21,
2017 |
Revenues: |
|
|
|
|
|
|
Net commodity sales |
$ |
181,835 |
|
|
157,803 |
|
$ |
66,531 |
|
Sublease revenue |
|
3,595 |
|
|
- |
|
|
— |
|
Total revenues |
|
185,430 |
|
|
157,803 |
|
|
66,531 |
|
Costs and expenses: |
|
|
|
|
|
|
Lease operating |
|
42,045 |
|
|
51,527 |
|
|
19,941 |
|
Transportation and processing |
|
- |
|
|
6,370 |
|
|
2,034 |
|
Production taxes |
|
9,473 |
|
|
8,235 |
|
|
2,417 |
|
Depreciation, depletion and amortization |
|
63,765 |
|
|
66,432 |
|
|
24,915 |
|
General and administrative |
|
28,718 |
|
|
24,641 |
|
|
6,843 |
|
Cost reduction initiatives |
|
1,034 |
|
|
155 |
|
|
629 |
|
Other |
|
1,633 |
|
|
— |
|
|
— |
|
Total costs and expenses |
|
146,668 |
|
|
157,360 |
|
|
56,779 |
|
|
|
|
|
|
|
|
Operating income (loss) |
|
38,762 |
|
|
443 |
|
|
9,752 |
|
|
|
|
|
|
|
|
Non-operating (expense) income: |
|
|
|
|
|
|
Interest expense |
|
(7,315 |
) |
|
(10,984 |
) |
|
(5,862 |
) |
Derivative (losses) gains |
|
(72,464 |
) |
|
(4,089 |
) |
|
48,006 |
|
(Loss) gain on sale of assets |
|
(2,599 |
) |
|
(876 |
) |
|
206 |
|
Other income, net |
|
123 |
|
|
696 |
|
|
1,167 |
|
Net non-operating (expense) income |
|
(82,255 |
) |
|
(15,253 |
) |
|
43,517 |
|
Reorganization items, net |
|
(2,010 |
) |
|
(2,548 |
) |
|
988,727 |
|
(Loss) income before income taxes |
|
(45,503 |
) |
|
(17,358 |
) |
|
1,041,996 |
|
Income tax expense |
|
— |
|
|
75 |
|
|
37 |
|
Net (loss) income |
$ |
(45,503 |
) |
$ |
(17,433 |
) |
$ |
1,041,959 |
|
Earnings per share: |
|
|
|
|
|
|
Basic for Class A and Class B |
$ |
(1.01 |
) |
$ |
(0.39 |
) |
|
* |
Diluted for Class A and Class B |
$ |
(1.01 |
) |
$ |
(0.39 |
) |
|
* |
Weighted average shares used to compute earnings per share: |
|
|
|
|
|
|
Basic for Class A and Class B |
|
45,272,595 |
|
|
44,982,142 |
|
|
* |
Diluted for Class A and Class B |
|
45,272,595 |
|
|
44,982,142 |
|
|
* |
|
|
|
|
|
|
|
|
|
Consolidated Balance Sheets
(dollars in thousands) |
September 30, 2018 (unaudited) |
December 31, 2017 |
Assets |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
$ |
48,960 |
|
$ |
27,732 |
|
Accounts receivable, net |
|
65,780 |
|
|
60,363 |
|
Inventories, net |
|
5,774 |
|
|
5,138 |
|
Prepaid expenses |
|
2,312 |
|
|
2,661 |
|
Total current assets |
|
122,826 |
|
|
95,894 |
|
Property and equipment, net |
|
43,996 |
|
|
50,641 |
|
Oil and natural gas properties, using the full cost method: |
|
|
|
|
Proved |
|
771,028 |
|
|
634,294 |
|
Unevaluated (excluded from the amortization base) |
|
558,081 |
|
|
482,239 |
|
Accumulated depreciation, depletion, amortization and
impairment |
|
(179,540 |
) |
|
(124,180 |
) |
Total oil and natural gas properties |
|
1,149,569 |
|
|
992,353 |
|
Derivative instruments |
|
— |
|
|
— |
|
Other assets |
|
446 |
|
|
418 |
|
Total assets |
$ |
1,316,837 |
|
$ |
1,139,306 |
|
Liabilities and stockholders’ equity |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable and accrued liabilities |
$ |
66,614 |
|
$ |
75,414 |
|
Accrued payroll and benefits payable |
|
8,315 |
|
|
11,276 |
|
Accrued interest payable |
|
7,057 |
|
|
187 |
|
Revenue distribution payable |
|
28,470 |
|
|
17,966 |
|
Long-term debt and capital leases, classified as current |
|
3,444 |
|
|
3,273 |
|
Derivative instruments |
|
29,905 |
|
|
8,959 |
|
Total current liabilities |
|
143,805 |
|
|
117,075 |
|
Long-term debt and capital leases, less current maturities |
|
305,760 |
|
|
141,386 |
|
Derivative instruments |
|
39,042 |
|
|
4,167 |
|
Deferred compensation |
|
453 |
|
|
696 |
|
Asset retirement obligations |
|
24,358 |
|
|
33,216 |
|
Commitments and contingencies |
|
|
|
|
Stockholders’ equity: |
|
|
|
|
Preferred stock |
|
— |
|
|
— |
|
Class A Common stock |
|
388 |
|
|
389 |
|
Class B Common stock |
|
79 |
|
|
79 |
|
Additional paid in capital |
|
972,229 |
|
|
961,200 |
|
Treasury stock |
|
(4,872 |
) |
|
— |
|
Accumulated deficit |
|
(164,405 |
) |
|
(118,902 |
) |
Total stockholders' equity |
|
803,419 |
|
|
842,766 |
|
Total liabilities and stockholders' equity |
$ |
1,316,837 |
|
$ |
1,139,306 |
|
|
|
|
|
|
|
|
Consolidated Statements of Cash Flows
(Unaudited)
|
Successor |
Predecessor |
(in thousands) |
Nine months ended September 30,
2018 |
Period from March 22, 2017 through September
30, 2017 |
Period from January 1, 2017 through March 21,
2017 |
Cash flows from operating activities |
|
|
|
|
|
|
Net (loss) income |
$ |
(45,503 |
) |
$ |
(17,433 |
) |
$ |
1,041,959 |
|
Adjustments to reconcile net (loss) income to net cash
provided by operating activities |
|
|
|
|
|
|
Non-cash reorganization items |
|
— |
|
|
— |
|
|
(1,012,090 |
) |
Depreciation, depletion and amortization |
|
63,765 |
|
|
66,432 |
|
|
24,915 |
|
Derivative losses (gains) |
|
72,464 |
|
|
4,089 |
|
|
(48,006 |
) |
Loss (gain) on sale of assets |
|
2,599 |
|
|
876 |
|
|
(206 |
) |
Other |
|
4,376 |
|
|
1,300 |
|
|
645 |
|
Change in assets and liabilities |
|
|
|
|
|
|
Accounts receivable |
|
(6,743 |
) |
|
(16,082 |
) |
|
198 |
|
Inventories |
|
(1,415 |
) |
|
2,683 |
|
|
466 |
|
Prepaid expenses and other assets |
|
322 |
|
|
2,560 |
|
|
(497 |
) |
Accounts payable and accrued liabilities |
|
(12,383 |
) |
|
(13,369 |
) |
|
8,733 |
|
Revenue distribution payable |
|
10,895 |
|
|
4,549 |
|
|
(1,875 |
) |
Deferred compensation |
|
7,890 |
|
|
2,565 |
|
|
143 |
|
Net cash provided by operating activities |
|
96,267 |
|
|
38,170 |
|
|
14,385 |
|
Cash flows from investing activities |
|
|
|
|
|
|
Expenditures for property, plant, and equipment and oil and
natural gas properties |
|
(252,731 |
) |
|
(114,358 |
) |
|
(31,179 |
) |
Proceeds from asset dispositions |
|
36,335 |
|
|
7,791 |
|
|
1,884 |
|
(Payments) proceeds from derivative instruments |
|
(16,642 |
) |
|
15,143 |
|
|
1,285 |
|
Cash in escrow |
|
- |
|
|
42 |
|
|
— |
|
Net cash used in investing activities |
|
(233,038 |
) |
|
(91,382 |
) |
|
(28,010 |
) |
Cash flows from financing activities |
|
|
|
|
|
|
Proceeds from long-term debt |
|
116,000 |
|
|
33,000 |
|
|
270,000 |
|
Repayment of long-term debt |
|
(243,554 |
) |
|
(1,154 |
) |
|
(444,785 |
) |
Proceeds from Senior Notes |
|
300,000 |
|
|
- |
|
|
— |
|
Proceeds from rights offering, net |
|
— |
|
|
— |
|
|
50,031 |
|
Principal payments under capital lease obligations |
|
(2,003 |
) |
|
(1,362 |
) |
|
(568 |
) |
Payment of debt issuance costs and other financing fees |
|
(7,572 |
) |
|
- |
|
|
(2,410 |
) |
Treasury stock purchased |
|
(4,872 |
) |
|
— |
|
|
— |
|
Net cash provided by (used in) financing activities |
|
157,999 |
|
|
30,484 |
|
|
(127,732 |
) |
Net increase (decrease) in cash, cash equivalents, and
restricted cash |
|
21,228 |
|
|
(22,728 |
) |
|
(141,357 |
) |
Cash, cash equivalents, and restricted cash at beginning of
period |
|
27,732 |
|
|
45,123 |
|
|
186,480 |
|
Cash, cash equivalents, and restricted cash at end of period |
$ |
48,960 |
|
$ |
22,395 |
|
$ |
45,123 |
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Financial Measures and Reconciliations
Adjusted EBITDA is a Non-GAAP financial measure and is described
and reconciled to net income in the table “Adjusted EBITDA
Reconciliation, NON-GAAP.”
Adjusted EBITDA Reconciliation, Non-GAAP
(in thousands) |
Three months ended September 30,
2018 |
Three months ended September 30,
2017 |
Net (loss) income |
$ |
(12,068 |
) |
|
(19,115 |
) |
Interest expense |
|
4,205 |
|
|
5,283 |
|
Income tax expense |
|
- |
|
|
37 |
|
Depreciation, depletion, and amortization |
|
22,252 |
|
|
32,167 |
|
Non-cash change in fair value of derivative instruments |
|
16,804 |
|
|
22,236 |
|
Impact of derivative pricing |
|
(1,698 |
) |
|
— |
|
Interest income |
|
(7 |
) |
|
(4 |
) |
Stock-based compensation expense |
|
2,304 |
|
|
2,776 |
|
(Gain) loss on sale of assets |
|
2,024 |
|
|
13 |
|
Restructuring, reorganization and other |
|
493 |
|
|
892 |
|
Adjusted EBITDA |
$ |
34,309 |
|
$ |
44,285 |
|
|
|
|
|
|
|
|
|
|
|
|
Successor |
Predecessor |
(in thousands) |
Nine months ended September 30,
2018 |
Period from March 22, 2017 through September
30, 2017 |
Period from January 1, 2017 through March 21,
2017 |
Net (loss) income |
$ |
(45,503 |
) |
$ |
(17,433 |
) |
$ |
1,041,959 |
|
Interest expense |
|
7,315 |
|
|
10,984 |
|
|
5,862 |
|
Income tax expense |
|
- |
|
|
75 |
|
|
37 |
|
Depreciation, depletion, and amortization |
|
63,765 |
|
|
66,432 |
|
|
24,915 |
|
Non-cash change in fair value of derivative instruments |
|
55,822 |
|
|
19,232 |
|
|
(46,721 |
) |
Impact of derivative pricing |
|
(3,950 |
) |
|
- |
|
|
— |
|
Loss (gain) on settlement of liabilities subject to
compromise |
|
48 |
|
|
- |
|
|
(372,093 |
) |
Fresh start accounting adjustments |
|
— |
|
|
— |
|
|
(641,684 |
) |
Interest income |
|
(9 |
) |
|
(9 |
) |
|
(133 |
) |
Stock-based compensation expense |
|
8,598 |
|
|
2,776 |
|
|
155 |
|
Loss (gain) on sale of assets |
|
2,599 |
|
|
876 |
|
|
(206 |
) |
Write-off of debt issuance costs, discount and premium |
|
— |
|
|
— |
|
|
1,687 |
|
Restructuring, reorganization and other |
|
1,962 |
|
|
2,703 |
|
|
24,297 |
|
Adjusted EBITDA |
$ |
90,647 |
|
$ |
85,636 |
|
$ |
38,075 |
|
|
|
|
|
|
|
|
|
|
|
Chaparral Energy (NYSE:CHAP)
過去 株価チャート
から 6 2024 まで 7 2024
Chaparral Energy (NYSE:CHAP)
過去 株価チャート
から 7 2023 まで 7 2024