Energy Partners, Ltd. (EPL or the Company) (NYSE:EPL) today
reported financial and operational results for the third quarter
and first nine months of 2011.
Highlights
- Third quarter 2011 EBITDAX of $54.8 million and net income of
$23.5 million ($0.58 per share) respectively (see EBITDAX
reconciliation in the tables)
- Third quarter 2011 revenue of $84.9 million, up 51% from the
third quarter 2010, aided by a 44% increase in crude oil production
and 44% increase in realized crude oil prices versus that same
period
- Oil production of 8,034 barrels (Bbls) per day (8,516 Bbls per
day without the disruptions caused by Tropical Storm Lee)
- Current oil production reaching new highs of over 9,000 Bbls
per day due to ramped up activities in core areas
- 2011 operational results to date include 25 successful
development and exploration projects for an 86% success rate
year to date
- Recently announced bolt on acquisition increasing interest in
core Main Pass 296/311 (MP) complex with 2.6 MMboe of proved
reserves and significant upside potential expected to close in
November
Financial Results
Revenue for the third quarter and first nine months of 2011 was
$84.9 million and $245.0 million, respectively. Revenue for the
third quarter and first nine months of 2011 increased 51% and 32%
versus prior periods, respectively, resulting from significantly
higher oil production averages and realized oil prices. Crude oil
revenue comprised 91% of total revenue during 3Q11 versus 66%
during the prior year reflecting the Company's focus on
oil-weighted projects.
For the third quarter of 2011, EPL reported net income to common
stockholders of $23.5 million, or $0.58 per diluted share. The net
income for the third quarter of 2011 included $19.7 million ($12.4
million, net of deferred income taxes) of non-cash or non-recurring
items, primarily non-cash unrealized gains on derivative
instruments of $28.1 million ($17.7 million, net of deferred income
taxes). Excluding the impact of these items, EPL's adjusted third
quarter net income, a non-GAAP measure, would have been net income
of $11.1 million, or $0.28 per diluted share.
For the third quarter of 2011, EBITDAX was $54.8 million and
discretionary cash flow was $50.9 million, or $1.27 per share (see
reconciliation to GAAP of EBITDAX and discretionary cash flow in
the tables). Cash flow from operating activities in the third
quarter of 2011 was $43.7 million, compared with cash flow from
operating activities of $29.5 million in the same quarter a year
ago.
Gary C. Hanna, the Company's President and CEO, stated, "Our
results for the third quarter of this year reflect the full
integration of our approximately $200 million property acquisition
that closed mid-February and continuing execution of oil-focused
development activities within our expanded asset base. Based on the
strong performance of our assets, we were above the upper end of
our oil production guidance range for the third quarter before the
effects of Tropical Storm Lee."
For the nine months ended September 30, 2011, net income was
$34.0 million, or $0.84 per diluted share. The net income for the
first nine months of 2011 included $4.9 million ($3.1 million, net
of deferred income taxes) of non-cash and non-recurring items,
mainly comprised of non-cash unrealized gains on derivative
instruments of $31.1 million ($19.5 million, net of deferred income
taxes) and $23.8 million of non-cash impairments and loss on
abandonment activities ($14.9 million, net of deferred income
taxes). The majority of these latter two items related to gas
properties outside of the Company's focus areas. Excluding the
impact of these items, EPL's adjusted net income for the first nine
months of 2011, a non-GAAP measure, would have been net income of
$30.9 million, or $0.77 per diluted share.
For the first nine months of 2011, EBITDAX and discretionary
cash flow totaled $149.1 million and $139.7 million, respectively
(see reconciliation to GAAP of EBITDAX and discretionary cash flow
in the tables). Cash flow from operating activities in the first
nine months of 2011 was $105.9 million compared to $97.0 million in
2010.
Production and Price Realizations
Oil production for the third quarter of 2011 averaged 8,034 Bbls
per day, which was in the lower end of the Company's third quarter
guidance range. Without the impact of Tropical Storm Lee, the
production for the quarter would have totaled 8,516 Bbls per day.
Oil production for the quarter was comprised of 97% crude oil
production and 3% natural gas liquids. Third quarter 2011 crude oil
production volumes were 44% higher than in the comparable quarter
last year, primarily as a result of the recent acquisition of
oil-weighted properties which closed mid-first quarter and the
continued focus on oil-weighted projects.
Natural gas production averaged 16.4 million cubic feet (Mmcf)
per day, which was above the Company's third quarter guidance
range. Without the impact of Tropical Storm Lee, the
production for the quarter would have totaled 16.9 Mmcf per day.
Natural gas production was essentially flat to second quarter 2011,
but has declined sequentially in recent periods as the Company has
continued its focus on the oil development opportunities which have
higher revenue generation capability.
Price realizations, all of which are stated before the impact of
derivative instruments, averaged $107.99 per barrel for crude oil
and $4.21 per thousand cubic feet (Mcf) of natural gas in the third
quarter of 2011, compared to $75.02 per barrel of crude oil and
$4.32 per Mcf of natural gas in the same quarter a year ago. The
Company's crude oil is advantaged by receiving Heavy Louisiana
Sweet and Light Louisiana Sweet crude oil basis
differentials.
Oil production for the first nine months of 2011 averaged 7,634
Bbls per day, comprised of 97% crude oil production and 3% natural
gas liquids. Natural gas production averaged 18.9 Mmcf per day.
Price realizations, all of which are stated before the impact of
derivative instruments, averaged $108.51 per barrel for crude oil
and $4.35 per Mcf of natural gas in the first nine months of 2011,
compared to $76.05 per barrel of crude oil and $4.67 per Mcf of
natural gas in the same period a year ago.
Hanna commented, "As projected, we have ramped up our
oil-weighted capital program and are delivering a material increase
in our oil production, currently at over 9,000 barrels of oil per
day. This is particularly important because we are benefitting
from high realizations due to the pricing received on our crude oil
production that has recently been more closely correlated to
Brent."
Operating Expenses
Lease operating expenses (LOE) for the third quarter of 2011
totaled $19.3 million, while general and administrative (G&A)
expenses were $4.5 million. Reported LOE included $0.8 million
associated with expenses due to Tropical Storm Lee. G&A
expenses included non-cash stock based compensation recorded in the
third quarter of 2011 of $0.6 million.
LOE for the first nine months of 2011 totaled $52.5 million,
while G&A expenses were $14.5 million for the same period.
Reported G&A expenses for the first nine months of 2011 include
non-cash stock based compensation of $1.8 million.
Liquidity and Capital Resources
As of September 30, 2011, the Company had unrestricted cash on
hand of $87.3 million and $6.0 million of restricted cash. As
announced in February of this year, EPL closed on its acquisition
of producing Gulf of Mexico shelf properties. At that same time,
the Company issued $210 million aggregate principal amount of 8.25%
Senior Notes due 2018 and entered into a new $250 million credit
facility with $150 million of undrawn revolving capacity.
As recently announced, EPL has executed a purchase and sale
agreement to acquire additional oily interests primarily in the
Company's core MP complex for $80 million. EPL intends to fund
the acquisition with cash on hand, currently estimated to be in
excess of $90 million. Additionally, the Company has worked
with its lenders to expand the borrowing base under its undrawn
credit facility from $150 million to $200 million, which maintains
substantial liquidity for the Company.
Hanna continued, "The February property acquisition through
which we acquired our initial interest in the MP complex was an
excellent transaction for EPL. Our bolt on purchase announced
earlier this week would more than double our interests in this core
MP complex, adding another layer of long-lived oil production with
upside potential to our current asset base. Post transaction, debt
levels remain low and we will maintain substantial liquidity
through our expanded revolving credit facility and the generation
of free cash flow. We have the technical capability and financial
flexibility to remain acquisitive, with our focus on aggregating
additional oil-weighted shallow water GOM properties while
maintaining a conservative capital structure."
Capital Expenditures and Operations
Update
During the first nine months of 2011, capital expenditures on
exploration and development activities totaled approximately $62.8
million. 2011 operational results to date include 25 successful
development and exploration projects for an 86% success rate year
to date. Of the 25 successful projects to date, the majority were
within its core areas. The successful wells include 8 wells in its
East Bay field, and 12 wells in its South Timbalier, Bay Marchand,
and West Delta areas.
Major rig operations are ongoing, mainly executing additional
development work, as well as opportunities within the Company's
exploration drilling program. Currently three wells are drilling,
which are located at South Timbalier 41, Eugene Island 51, and Ship
Shoal 72. The Company expects to initiate at least three more
drillwells before the year end. For full year 2011, EPL expects to
spend between $110 and $115 million on its development and
exploration activities.
Hanna continued, "We remain encouraged by the performance of our
core assets. Our high success rate so far this year is
indicative of the low-risk nature of our development program, which
is comprised of high quality, low cost recompletion and sidetrack
opportunities. Our exploration program is also underway, which
includes around a half dozen drilling opportunities with upside
potential that we plan to execute in the fourth quarter. Looking
forward into 2012, we will continue to execute on our inventory of
development projects on a similar spend level to 2011.
Additionally, we envision expanding the budget in 2012 to include
more lower risk drilling opportunities in our existing fields as
well as more high quality drilling prospects from our expanding
prospect inventory."
The Company continues to proactively spend on abandonment and
decommissioning of its idle infrastructure. The Company spent
approximately $25.9 million in the first nine months of 2011 on
plugging and abandonment and other decommissioning activities. The
2011 program has plugged and abandoned 142 wells and performed 33
jacket and 4 platform removals to date. EPL plans to spend
approximately $1.5 million more in its program before year end and
expects to have abandoned 152 wells and removed 52 jackets and 4
platforms in total for the year. Within two to three years,
EPL expects to be largely finished with the abandonment and
decommissioning of its current idle infrastructure, which
predominately resides within its East Bay field.
Stock Repurchase Program
In August 2011, the Board of Directors authorized a program for
the repurchase of outstanding common stock for up to an aggregate
cash purchase price of $20 million. To date, the Company has
repurchased 590,000 shares at an aggregate cash purchase price of
approximately $7.0 million. The repurchased shares are held in
treasury and could be used to provide available shares for possible
resale in future public or private offerings and employee benefit
plans. As of November 1, the Company had approximately 39.6 million
shares of common stock outstanding.
Fourth Quarter and Full Year 2011
Guidance
Hanna concluded, "Our fourth quarter oil production is expected
to average above 9,000 barrels per day, a ramp up we projected
would occur based upon our increased activity levels in the back
half of this year. We should finish this year strong, with our full
year 2011 EBITDAX expected to range between $210 million and $220
million, nearly a 50% increase over last year. This is all before
the effects of our pending acquisition which is projected to
increase ownership in the MP complex. We will update our
fourth quarter and full year 2011 guidance when the acquisition
closes, currently anticipated before the end of November."
The guidance below excludes any effects of the
recently announced acquisition to increase ownership in the MP
complex; guidance will be updated when the acquisition closes,
currently expected in November.
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ESTIMATED EBITDAX RANGES |
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2011 EBITDAX Estimates Using the
Production Guidance and Various Realized Prices (1) |
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Full Year 2011 Production Rate |
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8000 Bopd/16.5 Mmcf/d |
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Realized Prices($Bbl/$Mcf) |
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$100/$4.00 |
$210 |
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$110/$4.00 |
$220 |
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(1) All EBITDAX figures are
approximate using production and expense guidance and estimated
realized hedging impacts |
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ESTIMATED PRODUCTION & SWAP HEDGE
VOLUMES |
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Net Production (per day) |
|
4Q 2011 |
Full Year
2011 |
Oil, including NGLs (Bbls) |
|
9,100 |
- |
9,300 |
~8,000 |
Natural gas (Mcf) |
|
9,000 |
- |
10,000 |
~16,500 |
% Oil, including NGLs (using
midpoint of guidance) |
|
85% |
74% |
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WTI Swap Contracted Volume |
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Oil (barrels) |
|
2,630 |
3,561 |
% of Oil swap contracted |
|
29% |
- |
28% |
45% |
% of Boe swap contracted |
|
25% |
- |
24% |
33% |
Average Swap Price Level |
|
$90.80 |
$84.41 |
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ESTIMATED EXPENSES (in
Millions, unless otherwise noted) |
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Lease Operating (including
energy insurance) |
|
$ 16.5 |
- |
17.5 |
$ 69.0 |
- |
70.0 |
General & Administrative
(cash and non-cash) |
|
$ 4.5 |
- |
5.5 |
$ 19.0 |
- |
20.0 |
Taxes, other than on earnings
(% of revenue) |
|
3% |
- |
5% |
3% |
- |
5% |
Exploration Expense |
|
$ 1.0 |
- |
7.0 |
$ 3.3 |
- |
9.3 |
DD&A ($/Boe) |
|
$ 24.00 |
- |
26.00 |
$ 24.00 |
- |
26.00 |
Interest Expense (including
amortization of discount and deferred financing costs) |
|
$ 4.6 |
- |
5.6 |
$ 17.0 |
- |
18.0 |
Conference Call Information
EPL has scheduled a conference call for today, November 3, 2011
at 9:30 A.M. Central Time/10:30 A.M. Eastern Time, to review
results for the third quarter of 2011. To participate in the
EPL conference call, callers in the United States and Canada can
dial (866) 845-8624 and international callers can dial (706)
634-0487. The Conference I.D. for callers is 23043834.
The call will be available for replay beginning two hours after
the call is completed through midnight of November 17, 2011. For
callers in the United States and Canada, the toll-free number for
the replay is (855) 859-2056. For international callers, the number
is (404) 537-3406. The Conference I.D. for all callers to access
the replay is 23043834.
The conference call will be webcast live as well as for
on-demand listening at the Company's web site, www.eplweb.com.
Listeners may access the call through the "Webcasts" link in the
Investor Relations section of the site. The call will also be
available through the CCBN Investor Network.
Description of the Company
Founded in 1998, EPL is an independent oil and natural gas
exploration and production company based in New Orleans, Louisiana,
and Houston, Texas. The Company's operations are concentrated
in the U.S. Gulf of Mexico shelf, focusing on the state and federal
waters offshore Louisiana. For more information, please visit
www.eplweb.com.
Forward-Looking Statements
This press release may contain forward-looking information and
statements regarding EPL. Any statements included in this press
release that address activities, events or developments that EPL
"expects," "believes," "plans," "projects," "estimates" or
"anticipates" will or may occur in the future are forward-looking
statements. We believe these judgments are reasonable, but actual
results may differ materially due to a variety of important
factors. Among other items, such factors might include: stock
market conditions; the trading price of EPL's common stock; cash
demands caused by planned and unplanned capital expenditures;
changes in general economic conditions; uncertainties in reserve
and production estimates; unanticipated recovery or production
problems; hurricane and other weather-related interference with
business operations; the effects of delays in completion of, or
shut-ins of, gas gathering systems, pipelines and processing
facilities; changes in legislative and regulatory requirements
concerning safety and the environment as they relate to operations;
oil and natural gas prices and competition; the impact of
derivative positions; production expenses and expense estimates;
cash flow and cash flow estimates; future financial performance;
drilling and operating risks; our ability to replace oil and gas
reserves; our ability to close the recently-announced acquisition
of properties focused in the MP complex; risks and liabilities
associated with the properties to be acquired in the acquisition;
volatility in the financial and credit markets or in oil and
natural gas prices; and other matters that are discussed in EPL's
filings with the Securities and Exchange Commission.
(http://www.sec.gov/).
ENERGY PARTNERS,
LTD. |
CONSOLIDATED STATEMENTS
OF OPERATIONS |
(In
thousands) |
(Unaudited) |
|
Three Months Ended |
Nine Months Ended |
|
September 30, |
September 30, |
|
2011 |
2010 |
2011 |
2010 |
Revenues: |
|
|
|
|
Oil and natural gas |
$ 84,853 |
$ 56,237 |
$ 244,866 |
$ 185,083 |
Other |
31 |
34 |
97 |
104 |
|
84,884 |
56,271 |
244,963 |
185,187 |
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|
Costs and expenses: |
|
|
|
|
Lease operating |
19,266 |
12,857 |
52,505 |
40,974 |
Transportation |
119 |
251 |
490 |
1,053 |
Exploration expenditures and
dry hole costs |
973 |
1,291 |
2,343 |
3,928 |
Impairments |
5,523 |
12,366 |
19,197 |
24,020 |
Depreciation, depletion and
amortization |
26,496 |
25,323 |
73,081 |
81,284 |
Accretion of liability for
asset retirement obligations |
4,793 |
3,200 |
12,172 |
9,644 |
General and administrative |
4,461 |
4,807 |
14,544 |
13,870 |
Taxes, other than on
earnings |
3,493 |
3,106 |
10,506 |
7,419 |
Other |
4,108 |
256 |
6,140 |
747 |
Total costs and expenses |
69,232 |
63,457 |
190,978 |
182,939 |
Income (loss) from
operations |
15,652 |
(7,186) |
53,985 |
2,248 |
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Other income (expense): |
|
|
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|
Interest income |
37 |
8 |
64 |
105 |
Interest expense |
(5,036) |
(726) |
(12,480) |
(8,873) |
Gain (loss) on derivative
instruments |
26,571 |
(3,918) |
14,877 |
1,115 |
Loss on early extinguishment of
debt |
-- |
-- |
(2,377) |
(5,627) |
|
21,572 |
(4,636) |
84 |
(13,280) |
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|
|
Income (loss) before income
taxes |
37,224 |
(11,822) |
54,069 |
(11,032) |
Deferred income tax benefit
(expense) |
(13,766) |
3,976 |
(20,117) |
3,692 |
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|
|
Net income (loss) |
$ 23,458 |
$ (7,846) |
$ 33,952 |
$ (7,340) |
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Net income (loss), as
reported |
$ 23,458 |
$ (7,846) |
$ 33,952 |
$ (7,340) |
Add back: |
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|
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Unrealized loss (gain) due to
the change in fair market value of derivative contracts |
(28,059) |
3,018 |
(31,122) |
(8,298) |
Impairments |
5,523 |
12,366 |
19,197 |
24,020 |
Loss on early extinguishment of
debt |
-- |
-- |
2,377 |
5,627 |
Loss on abandonment
activities |
2,880 |
276 |
4,611 |
853 |
Deduct: |
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Income tax adjustment for above
items |
7,273 |
(5,262) |
1,837 |
(7,438) |
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Adjusted Non-GAAP net income
(loss) |
$ 11,075 |
$ 2,552 |
$ 30,852 |
$ 7,424 |
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EBITDAX Reconciliation: |
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Net income (loss), as
reported |
$ 23,458 |
$ (7,846) |
$ 33,952 |
$ (7,340) |
Add back: |
|
|
|
|
Income taxes |
13,766 |
(3,976) |
20,117 |
(3,692) |
Net interest expense |
4,999 |
718 |
12,416 |
8,768 |
Depreciation, depletion,
amortization and accretion |
31,289 |
28,523 |
85,253 |
90,928 |
Impairments |
5,523 |
12,366 |
19,197 |
24,020 |
Loss on extinguishment of
debt |
-- |
-- |
2,377 |
5,627 |
Exploration expenditures and
dry hole costs |
973 |
1,291 |
2,343 |
3,928 |
Loss on abandonment
activities |
2,880 |
276 |
4,611 |
853 |
Less impact of: |
|
|
|
|
Unrealized (gain) loss due to
the change in fair market value of derivative contracts |
(28,059) |
3,018 |
(31,122) |
(8,298) |
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EBITDAX |
$ 54,829 |
$ 34,370 |
$ 149,144 |
$ 114,794 |
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EBITDAX is defined as net
income (loss) before income taxes, net interest expense,
depreciation, depletion, amortization and accretion, impairments,
loss on extinguishment of debt, exploration expenditures and dry
hole costs, loss on abandonment activities and cumulative effect of
change in accounting principle, and further deducts the unrealized
gain or loss on our derivative contracts. We have reported EBITDAX
because we believe EBITDAX is a measure commonly reported and
widely used in our industry as an indicator of a company's ability
to internally fund exploration and development activities and incur
and service debt. EBITDAX is not a calculation based on
generally accepted accounting principles (GAAP) in the United
States and should not be considered in isolation from or as a
substitute for net income, as an indication of operating
performance or cash flows from operating activities or as a measure
of liquidity. Investors should carefully consider the specific
items included in our computation of EBITDAX. Investors should
be cautioned that EBITDAX as reported by us may not be comparable
in all instances to EBITDAX as reported by other companies. In
addition, EBITDAX does not represent funds available for
discretionary use. |
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ENERGY PARTNERS,
LTD. |
CONSOLIDATED STATEMENTS
OF NET CASH PROVIDED BY |
OPERATING
ACTIVITIES |
(In
thousands) |
(Unaudited) |
|
|
|
|
|
|
Three Months Ended |
Nine Months Ended |
|
September 30, |
September 30, |
|
2011 |
2010 |
2011 |
2010 |
Cash flows from operating activities: |
|
|
|
|
Net income (loss) |
$ 23,458 |
(7,846) |
33,952 |
(7,340) |
Adjustments to reconcile net
income (loss) to net cash provided by operating activities: |
|
|
Depreciation, depletion and
amortization |
26,496 |
25,323 |
73,081 |
81,284 |
Accretion of liability for asset
retirement obligations |
4,793 |
3,200 |
12,172 |
9,644 |
Unrealized loss (gain) on derivative
contracts |
(28,059) |
3,018 |
(31,122) |
(8,298) |
Non-cash compensation |
557 |
256 |
1,833 |
995 |
Repayment of PIK Notes issued for payment
of in-kind interest |
-- |
-- |
-- |
(3,395) |
Deferred income taxes |
13,783 |
(3,976) |
20,117 |
(3,692) |
Exploration expenditures |
16 |
986 |
147 |
2,813 |
Impairments |
5,523 |
12,366 |
19,197 |
24,020 |
Amortization of deferred financing costs
and discount on debt |
463 |
291 |
1,152 |
748 |
Loss on early extinguishment of debt |
-- |
-- |
2,377 |
-- |
Other |
2,880 |
276 |
4,611 |
853 |
Changes in operating assets and
liabilities: |
|
|
|
|
Trade accounts receivable |
3,093 |
338 |
(6,430) |
4,587 |
Other receivables |
-- |
1,675 |
1,283 |
3,376 |
Prepaid expenses |
(393) |
(703) |
(5,207) |
(1,533) |
Other assets |
(849) |
(280) |
(862) |
342 |
Accounts payable and accrued
expenses |
552 |
658 |
5,563 |
3,661 |
Other liabilities |
(8,567) |
(6,078) |
(25,929) |
(11,073) |
|
|
|
|
|
Net cash provided by operating
activities |
$ 43,746 |
29,504 |
105,935 |
96,992 |
|
|
|
|
|
Reconciliation of discretionary cash
flow: |
|
|
|
|
Net cash provided by operating
activities |
43,746 |
29,504 |
105,935 |
96,992 |
Changes in working capital |
6,164 |
4,390 |
31,582 |
640 |
Non-cash exploration expenditures and
impairments |
(5,539) |
(13,352) |
(19,344) |
(26,833) |
Total exploration expenditures, dry hole
costs and impairments |
6,496 |
13,657 |
21,540 |
27,948 |
Discretionary cash flow |
$ 50,867 |
$ 34,199 |
$ 139,713 |
$ 98,747 |
|
|
|
|
|
The table above reconciles
discretionary cash flow to net cash provided by or used in
operating activities. Discretionary cash flow is defined as cash
flow from operations before changes in working capital and
exploration expenditures. Discretionary cash flow is widely
accepted as a financial indicator of an oil and natural gas
company's ability to generate cash which is used to internally fund
exploration and development activities, pay dividends and service
debt. Discretionary cash flow is presented based on management's
belief that this non-GAAP financial measure is useful information
to investors because it is widely used by professional research
analysts in the valuation, comparison, rating and investment
recommendations of companies within the oil and natural gas
exploration and production industry. Many investors use the
published research of these analysts in making their investment
decisions. Discretionary cash flow is not a measure of financial
performance under GAAP and should not be considered as an
alternative to cash flows from operating activities, as defined by
GAAP, or as a measure of liquidity, or an alternative to net
income. Investors should be cautioned that discretionary cash flow
as reported by the Company may not be comparable in all instances
to discretionary cash flow as reported by other companies. |
|
ENERGY PARTNERS,
LTD. |
SELECTED PRODUCTION,
PRICING AND OPERATIONAL STATISTICS |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
Nine Months Ended |
|
September 30, |
September 30, |
|
2011 |
2010 |
2011 |
2010 |
|
|
|
|
|
PRODUCTION AND PRICING |
|
|
|
|
Net Production (per day): |
|
|
|
|
Crude Oil (Bbls) |
7,753 |
5,385 |
7,377 |
5,601 |
Natural gas liquids (Bbls) |
281 |
834 |
257 |
1,014 |
Oil (Bbls) |
8,034 |
6,219 |
7,634 |
6,615 |
Natural gas (Mcf) |
16,358 |
41,102 |
18,888 |
45,158 |
Total (Boe) |
10,760 |
13,069 |
10,782 |
14,142 |
Average Sales Prices: |
|
|
|
|
Crude Oil (Bbls) |
$ 107.99 |
75.02 |
108.51 |
76.05 |
Natural gas liquids (Bbls) |
57.83 |
35.54 |
55.26 |
40.54 |
Oil (Bbls) |
106.23 |
69.72 |
106.71 |
70.60 |
Natural gas (per Mcf) |
4.21 |
4.32 |
4.35 |
4.67 |
Average (per Boe) |
85.72 |
46.77 |
83.19 |
47.94 |
Oil and Natural Gas Revenues (in
thousands): |
|
|
|
|
Crude Oil |
$ 77,023 |
37,164 |
218,525 |
116,281 |
Natural gas liquids |
1,495 |
2,727 |
3,885 |
11,226 |
Oil |
78,518 |
39,891 |
222,410 |
127,507 |
Natural gas |
6,335 |
16,346 |
22,456 |
57,576 |
Total |
84,853 |
56,237 |
244,866 |
185,083 |
|
|
|
|
|
Impact of derivatives settled during the
period (1): |
|
|
|
|
Oil (per Bbl) |
$ (2.01) |
(1.57) |
(7.79) |
(4.03) |
Natural gas (per Mcf) |
-- |
-- |
-- |
0.01 |
|
|
|
|
|
OPERATIONAL STATISTICS |
|
|
|
|
Average Costs (per Boe): |
|
|
|
|
Lease operating expense |
$ 19.46 |
10.69 |
17.84 |
10.61 |
Depreciation, depletion and
amortization |
26.76 |
21.06 |
24.83 |
21.05 |
Accretion expense |
4.84 |
2.66 |
4.14 |
2.50 |
Taxes, other than on
earnings |
3.53 |
2.58 |
3.57 |
1.92 |
General and administrative |
4.51 |
4.00 |
4.94 |
3.59 |
|
|
|
|
|
(1) The derivative amounts
represent the realized portion of gains or losses on derivative
contracts settled during the period which are included in Other
income (expense) in the consolidated statements of operations. |
|
|
|
ENERGY PARTNERS,
LTD. |
CONSOLIDATED BALANCE
SHEETS |
(In thousands, except
share data) |
|
|
|
|
September 30, |
December 31, |
|
2011 |
2010 |
|
|
|
ASSETS |
|
|
Current assets: |
|
|
Cash and cash equivalents |
$ 87,268 |
$ 33,553 |
Trade accounts receivable - net |
27,264 |
21,443 |
Receivables from insurance |
805 |
2,088 |
Fair value of commodity derivative
instruments |
12,588 |
186 |
Deferred tax assets |
-- |
2,693 |
Prepaid expenses |
8,630 |
3,303 |
Total current assets |
136,555 |
63,266 |
|
|
|
Property and equipment |
1,005,229 |
719,147 |
Less accumulated depreciation, depletion and
amortization |
(260,326) |
(168,055) |
Net property and equipment |
744,903 |
551,092 |
|
|
|
Restricted cash |
6,022 |
8,489 |
Fair value of commodity derivative
instruments |
6,400 |
-- |
Other assets |
2,675 |
1,814 |
Deferred financing costs -- net of
accumulated amortization |
5,603 |
2,245 |
|
$ 902,158 |
$ 626,906 |
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
Current liabilities: |
|
|
Accounts payable |
$ 18,225 |
$ 18,358 |
Accrued expenses |
47,679 |
28,394 |
Asset retirement obligations |
23,676 |
16,902 |
Fair value of commodity derivative
instruments |
-- |
12,320 |
Deferred tax liabilities |
6,537 |
-- |
Total current liabilities |
96,117 |
75,974 |
|
|
|
Long-term debt |
204,216 |
-- |
Asset retirement obligations |
64,302 |
54,681 |
Deferred tax liabilities |
33,339 |
22,469 |
Other |
663 |
666 |
|
398,637 |
153,790 |
|
|
|
Commitments and contingencies |
|
|
|
|
|
Stockholders' equity: |
|
|
Preferred stock, $0.001 par value per
share. Authorized 1,000,000 shares; no shares issued and
outstanding at September 30, 2011 and December 31, 2010 |
-- |
-- |
Common stock, $0.001 par value per share.
Authorized 75,000,000 shares; shares issued 40,244,252 and
40,091,664 at September 30, 2011 and December 31, 2011,
respectively; shares outstanding 39,777,907 and 40,091,664 at
September 30, 2011 and December 31, 2010, respectively |
40 |
40 |
Additional paid-in capital |
504,540 |
502,556 |
Retained earnings (accumulated
deficit) |
4,472 |
(29,480) |
Treasury stock, at cost, 466,345 shares
at September 30, 2011 |
(5,531) |
-- |
Total stockholders' equity |
503,521 |
473,116 |
|
$ 902,158 |
$ 626,906 |
CONTACT: Investors/Media
T.J. Thom, Chief Financial Officer
504-799-1902
tthom@eplweb.com
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