Vine Energy Inc. (NYSE: VEI) (“Vine” or the “Company”) today
reported first-quarter 2021 results and provided full-year 2021
guidance and select guidance for the second-quarter 2021.
Highlights
- Completed IPO on March 17, 2021, raising net proceeds of
approximately $322 million
- Issued $950 million of 8-year, 6.75% senior unsecured notes to
retire predecessor company notes; projected to save nearly $20
million per year in cash interest expense
- Closed on a new reserves-based lending facility (“RBL”) with an
initial borrowing base of $350 million
The highlights presented below reflect select financial metrics
from the unaudited financial statements for the three months ended
March 31, 2021 and 2020, and include the results of the predecessor
Vine Oil & Gas LP for the entire period and the results of Brix
Oil & Gas Holdings LP and Harvest Royalties Holdings LP from
March 17, 2021, the effective date of the combination resulting
from the corporate reorganization in connection with the initial
public offering.
First-Quarter 2021 Select Financial Highlights
Q1 2021
Q1 2020
Change
($ millions, except per share metrics)
Production (MMcfd)
724
622
102
Revenue, w/derivatives
$
118
$
130
$
(12
)
Operating Income
$
(23
)
$
3
$
(26
)
Operating Cash Flow
$
105
$
100
$
5
Net Income
$
(58
)
$
(27
)
$
(31
)
Net Income attributable to Vine
$
(16
)
Earnings per share
$
(3.95
)
The unaudited financial statements are presented in their
entirety in the appendix of this release.
To facilitate a clearer representation of first-quarter 2021
performance, all results presented hereinafter are pro forma for
the combination resulting from the corporate reorganization and
initial public offering as if the transactions occurred on January
1, 2020.
Financial and Operational Highlights
- Generated $145 million of adjusted EBITDAX and $20 million of
Adjusted Free Cash Flow
- Incurred capital of $98 million, or 68% of adjusted
EBITDAX
- Announced 2021 capital guidance, which is projected to yield
average annual production of approximately 1 Bcf per day (net)
while generating substantial Adjusted Free Cash Flow
- Continued to demonstrate progress toward the Company’s
objective to reduce methane and greenhouse gas intensity
Reflecting on the quarter, Eric Marsh, Chairman, President and
Chief Executive Officer, commented, “Our initial public offering
begins a sequel in Vine’s short but exciting history, and it was
undoubtedly the most transformational quarter since 2014 when the
company was created by the acquisition of our Haynesville asset.
Following the combination of three successful companies, Vine today
holds a strategic position in the Haynesville Basin and we have the
size, scale and balance sheet to generate significant levered free
cash flow and return capital to our shareholders, while
concurrently upholding our longstanding commitment to safety and
environmental stewardship.”
Mr. Marsh continued, “Though there are many new things about us,
our core identity hasn’t changed. Most notably, we have about 25
years of high-quality inventory that supports our ability to create
free cash flow longevity, and our operating team is one of the most
highly skilled, technical collection of professionals in the
industry. We harbor the institutional knowledge and technology
which allows us to drill some of the most economic natural gas
wells in North America. We believe we can eclipse past milestones
as we reach new drilling and completion efficiencies, drive down
capital intensity and operating expenses, and deliver on our
expectations. Along the way, I believe improving natural gas
fundamentals will hasten our bid to substantially increase the
value of the company while holding production steady.”
First-Quarter 2021 Select Financial Highlights (Pro
Forma)
Q1 2021
Q1 2020
Change
($ millions, except for per unit
metrics)
Production (MMcfd)
945
859
86
Average Realized Price, w/realized
derivatives ($/Mcf)
$
2.34
$
2.39
$
(0.05
)
Operating Expenses ($/Mcf)
$
0.63
$
0.66
$
(0.03
)
Adjusted EBITDAX
$
145
$
136
$
9
Capital Incurred
$
98
$
99
$
(1
)
Adjusted Free Cash Flow
$
20
$
12
$
8
Production increased 86 MMcfd compared to the prior year quarter
due to new wells brought online, improved operational efficiencies
and exceptional PDP performance. However, production was negatively
impacted by 28 MMcfd averaged over the first quarter due to winter
storm Uri in February 2021 that forced temporary well
curtailments.
Average realized price, including realized gain/loss on
derivatives, was $2.34 per Mcf, $0.05 per Mcf lower compared to the
prior year quarter, as follows:
Q1 2021
Q1 2020
Change
NYMEX settlement price (MMBtu) (1)
$
2.69
$
1.95
$
0.74
Basis differential, including firm
sales
(0.13
)
(0.18
)
0.05
Fuel component of gathering
(0.07
)
(0.05
)
(0.02
)
BTU factor
(0.09
)
(0.07
)
(0.02
)
Prior-period adjustments and non-operated
sales
(0.04
)
(0.01
)
(0.03
)
Average realized price, excluding
derivatives (Mcf)
$
2.36
$
1.64
$
0.72
Realized gain/(loss) on derivatives
(0.02
)
0.75
(0.77
)
Average realized price, including
derivatives (Mcf)
$
2.34
$
2.39
($
0.05
)
(1)
Based on posted futures settlement
Total operating expense, excluding DD&A, strategic and
exploration expense, and the non-cash gain on the gathering
liability, decreased $0.03 per Mcf compared to the prior year
quarter. Lease operating expense was impacted by costs related to
winter storm Uri and higher produced water volume, while cash
gathering expense benefited from a step down in the contractual
rate in September 2020. G&A expense was lower by $0.02 due to
the June 2020 reduction in force and operating leverage on higher
production volume.
per Mcf
Q1 2021
Q1 2020
Change
Lease operating
$
0.22
$
0.20
$
0.02
Gathering & treating, excluding
non-cash gain
0.31
0.32
(0.01
)
Prod & ad-valorem taxes
0.06
0.06
0.00
General & administrative
0.05
0.07
(0.02
)
Total (may not foot due to rounding)
$
0.63
$
0.66
$
(0.03
)
Adjusted EBITDAX in the first-quarter 2021 was $145 million
compared to $136 million in the prior year quarter, or
approximately 73% of revenue, excluding unrealized derivative
losses, in both periods. The increase was largely due to higher
production volume, partially offset by lower average realized
prices. With the sum of capital incurred and cash interest
essentially flat year-over-year, Adjusted Free Cash Flow was $20
million compared to $12 million in the prior year quarter.
Refer to “Non-GAAP Financial Measures” in the appendix of this
release for a definition of Adjusted EBITDAX and Adjusted Free Cash
Flow and related disclaimers.
Operating Results
Development and completion capital incurred in the first-quarter
2021 was $92 million to drill 7 gross (6.2 net) wells and complete
11 gross (10.4) net wells, while other field capital was $6 million
related to the buildout of the Company’s water gathering and
disposal infrastructure, midstream, leasing and other miscellaneous
investments.
Q1 2021
Haynesville
Mid-Bossier
Total
Gross
Net
Gross
Net
Gross
Net
Wells Drilled
3
2.9
4
3.3
7
6.2
Wells Turned-In-Line (TIL)
9
8.4
2
2.0
11
10.4
Completed Lateral (ft)
87,993
83,010
Guidance: Prioritizing Free Cash Flow Generation and Debt
Reduction
Vine’s 2021 guidance was developed to prioritize free cash flow
generation and debt reduction. Average annual production is
expected to be 10 – 12% higher compared to 2020 as the Company
targets a one-time step-up to its optimal, long-term production
goal of 1 Bcf per day.
Approximately 60% of expenditures associated with the 2021
capital program are expected to be incurred in the first six months
of 2021. The program is expected to target 250,000 to 260,000 net
feet of completed lateral while drilling and completion costs are
expected in the range of $1,180 to $1,210 per lateral foot.
2021 (1)
2nd quarter 2021
Average Production
985 – 1,005 MMcfd
1,050 – 1,060 MMcfd
Adjusted Free Cash Flow (2)
$145 – $155 million
Capital Spending (incurred)
$340 – $350 million
Lease operating expense, per Mcf
$0.19 – $0.20
Gathering & treating, per Mcf
$0.29 – $0.30
Production & ad-valorem taxes, per
Mcf
$0.06 – $0.07
General & administrative, per Mcf
(3)
$0.06 – $0.07
Cash interest (4)
$88 – $90 million
$20 – $22 million
Cash income taxes (5)
$22 – $24 million
$5.0 – $5.5 million
(1)
Includes 1st quarter 2021 pro forma
results for combined entity
(2)
Based on NYMEX futures on April 30, 2021;
refer to the appendix for Vine’s definition of Adjusted Free Cash
Flow
(3)
Excludes non-cash stock compensation
(4)
Excludes call premiums on retirement of
Vine Oil & Gas LP unsecured notes
(5)
Includes tax distributions to original
owners (financing cash flow)
Financial Position and Liquidity
As of March 31, 2021, total debt outstanding was $1.1 billion,
consisting of $28 million outstanding under the 1st lien RBL, $150
million outstanding under the 2nd lien term loan, and $910 million
of legacy unsecured notes issued by Vine Oil & Gas LP as the
predecessor entity. Settlement of the newly issued $950 million,
6.75% 2029 senior unsecured notes did not occur until April 7,
2021. Liquidity was $389 million, in the form of cash on hand and
availability under the Company’s $350 million RBL, less a $26
million letter of credit.
As of April 30, 2021, total debt outstanding was $1.2 billion,
consisting of $73 million outstanding under the 1st lien RBL, $150
million outstanding under the 2nd lien term loan, and $950 million
of 6.75% senior unsecured notes due 2029. Liquidity was $334
million.
In early May 2021, liquidity was enhanced by $13 million
following the partial release (50%) of an outstanding letter of
credit.
Hedging Update
Vine routinely utilizes commodity swaps and options to protect
its development program and increase the predictability of future
cash flows. As of March 31, 2021, approximately 90% of forecasted
average production for April to December 2021 is hedged at a
weighted average price of $2.53 per MMBtu.
The Company also engages in firm sales agreements with
high-quality counterparties to effectively hedge the price received
for natural gas sales at local gathering hubs. Approximately 55% of
forecasted average production for April to December 2021 is
presold, as follows: 30% at a weighted average price of $0.16 per
MMBtu under NYMEX and 25% at $0.01 per MMBtu over Columbia
Mainline.
Refer to appendix of this release for a quarterly schedule of
the Company’s commodity derivative and firm sales portfolios.
Environmental, Social and Governance
Vine is committed to operating in a manner that protects the
welfare of people, the environment, wildlife, and local
communities. The Company proudly produces 100% natural gas to meet
global demand for cleaner, sustainable, and reliable energy, while
concurrently preserving ecosystems for future generations. Since
2017, Vine predecessors have reduced methane intensity by 62% and
greenhouse gas intensity by 35%, with plans to realize further
reductions. To learn more about Vine’s ESG leadership, visit
www.vineenergy.com/commitment.
Conference Call
Date: May 17, 2021 Time: 9am Central time
Securities analysts may access an open line by dialing (844)
912-3900 (domestic U.S.) or (236) 714-3354 (international) using
conference ID 5188044.
All others are encouraged to access the live webcast in
listen-only mode by navigating to the following link:
https://www.vineenergy.com/investors/events-and-presentations/.
Note: registration required. Please access the link at least 5
minutes prior to the start of the call.
A replay of the webcast will be archived for one-year at the web
address noted above.
About Vine Energy Inc.
Vine Energy Inc. (NYSE: VEI) is an energy company focused
exclusively on the development of natural gas properties in the
stacked Haynesville and Mid-Bossier shales in the Haynesville Basin
of Northwest Louisiana. The company employs a relentless focus on
generating free cash flow and shareholder returns while
demonstrating environmental, social and governance leadership. For
more information, visit our website at www.VineEnergy.com.
Forward-Looking Statements
The information in this Notice includes “forward-looking
statements.” All statements, other than statements of historical
fact included in this Notice, regarding our strategy, future
operations, financial position, estimated revenue and losses,
projected costs, prospects, plans and objectives of management are
forward-looking statements. When used in this Notice, the words
“could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,”
“project” and similar expressions are intended to identify
forward-looking statements, although not all forward-looking
statements contain such identifying words. These forward-looking
statements are based on our current expectations and assumptions
about future events and are based on currently available
information as to the outcome and timing of future events. These
forward-looking statements are based on management’s current
belief, based on currently available information, as to the outcome
and timing of future events. We caution you that these
forward-looking statements are subject to all of the risks and
uncertainties, most of which are difficult to predict and many of
which are beyond our control, incident to the exploration for and
development, production and sale of natural gas. These risks
include, but are not limited to, commodity price volatility, lack
of availability of drilling and production equipment and services,
costs for drilling and completion and production services, drilling
and other operating risks, environmental risks, regulatory changes,
the uncertainty inherent in estimating natural gas reserves and in
projecting future rates of production, cash flow and access to
capital, the timing of development expenditures, and other
risks.
FINANCIAL STATEMENTS OF VINE
ENERGY INC.
(U.S. GAAP)
VINE ENERGY INC.
CONSOLIDATED STATEMENTS OF
OPERATIONS
(Amounts in thousands, except per
share—Unaudited)
For the Three Months Ended
March 31,
2021
2020
Revenue:
Natural gas sales
$
153,986
$
92,543
Realized (loss) gain on commodity
derivatives
(760
)
42,044
Unrealized loss on commodity
derivatives
(35,103
)
(4,639
)
Total revenue
118,123
129,948
Operating Expenses:
Lease operating
14,960
12,995
Gathering and treating
20,601
16,382
Production and ad valorem taxes
3,982
4,149
General and administrative
2,583
3,331
Monitoring fee
2,077
1,738
Depletion, depreciation and accretion
97,072
82,324
Exploration
—
75
Strategic
—
562
Write-off of deferred IPO costs
—
5,787
Total operating expenses
141,275
127,343
Operating Income
(23,152
)
2,605
Interest Expense:
Interest
(29,792
)
(29,351
)
Loss on extinguishment of debt
(4,883
)
—
Total interest expense
(34,675
)
(29,351
)
Income before income taxes
(57,827
)
(26,746
)
Income tax provision
(165
)
(150
)
Net Income
$
(57,992
)
$
(26,896
)
Net income attributable to Predecessor
(28,939
)
Net income attributable to noncontrolling
interest
(13,144
)
Net income attributable to Vine Energy
Inc
(15,909
)
Net income per share attributable to Vine
Energy Inc
Basic
$
(3.95
)
Diluted
$
(3.95
)
Weighted average shares outstanding:
Basic
4,032,450
Diluted
4,032,450
VINE ENERGY INC.
CONSOLIDATED BALANCE
SHEETS
(Amounts in
thousands—Unaudited)
March 31, 2021
December 31,
2020
Assets
Current assets:
Cash and cash equivalents
$
92,528
$
15,517
Accounts receivable
91,161
77,129
Joint interest billing receivables
17,625
18,280
Prepaid and other
1,417
3,626
Total current assets
202,731
114,552
Natural gas properties (successful
efforts):
Proved
3,162,572
2,722,419
Unproved
89,993
—
Accumulated depletion
(1,475,582
)
(1,380,065
)
Total natural gas properties, net
1,776,983
1,342,354
Other property and equipment, net
8,828
7,936
Other
12,233
2,921
Total assets
$
2,000,775
$
1,467,763
Liabilities and Stockholders’ Equity /
Partners’ Capital
Current liabilities:
Accounts payable
$
7,908
$
20,986
Accrued liabilities
141,468
90,004
Revenue payable
29,121
37,552
Derivatives
78,529
19,948
Total current liabilities
257,026
168,490
Long-term liabilities:
New RBL
28,000
—
Prior RBL
—
183,569
Second lien credit facility
143,664
142,947
Unsecured debt
899,435
898,225
Asset retirement obligations
23,467
21,889
TRA liability
6,985
—
Derivatives
31,447
38,341
Other
—
4,241
Total liabilities
1,390,024
1,457,702
Commitments and contingencies
Stockholders’ Equity / Partners’
Capital
Partners’ capital
—
10,061
Class A common stock, $0.01 par value,
350,000,000 shares authorized, 41,040,721 issued and outstanding at
March 31, 2021
410
—
Class B common stock, $0.01 par value,
150,000,000 shares authorized, 34,218,535 issued and outstanding at
March 31, 2021
342
—
Additional paid-in capital
348,406
—
Retained earnings
(15,909
)
Total stockholders’ equity attributable to
Vine Energy Inc
333,249
10,061
Noncontrolling interest
277,502
—
Total stockholders’ equity / partners’
capital
610,751
10,061
Total liabilities and stockholders’ equity
/ partners’ capital
$
2,000,775
$
1,467,763
VINE ENERGY INC
CONSOLIDATED STATEMENTS OF
CASH FLOW
(Amounts in
thousands—Unaudited)
For the Three Months Ended
March 31,
2021
2020
Operating Activities
Net income
$
(57,992
)
$
(26,896
)
Adjustments to reconcile net income to
operating cash flow:
Depletion, depreciation and accretion
97,072
82,324
Amortization of financing costs
2,909
4,361
Non-cash loss on extinguishment of
debt
4,883
—
Non-cash write-off of deferred IPO
costs
—
5,787
Unrealized loss on commodity
derivatives
35,103
4,639
Volumetric and production adjustment to
gas gathering liability
—
(2,567
)
Other
33
(6
)
Changes in assets and liabilities:
Accounts receivable
11,294
9,549
Joint interest billing receivables
10,084
(5,041
)
Accounts payable and accrued expenses
25,182
34,428
Revenue payable
(21,815
)
(6,967
)
Other
(1,442
)
530
Operating cash flow
105,311
100,141
Investing Activities
Cash received in acquisition of the Brix
Companies
19,858
—
Capital expenditures
(78,013
)
(86,005
)
Investing cash flow
(58,155
)
(86,005
)
Financing Activities
Repayment of Brix Credit Facility
(127,500
)
—
Proceeds from New RBL
28,000
45,000
Payments on Prior RBL
(190,000
)
—
Proceeds from issuance of Class A common
stock, net of fees
327,422
—
Deferred financing costs
(8,067
)
(3,848
)
Financing cash flow
29,855
41,152
Net increase in cash and cash
equivalents
77,011
55,288
Cash and cash equivalents at beginning of
period
15,517
18,286
Cash and cash equivalents at end of
period
$
92,528
$
73,574
FINANCIAL STATEMENTS OF VINE ENERGY INC. (Pro
Forma)
To facilitate a clearer representation of first-quarter 2021
performance, all schedules presented hereinafter are pro forma for
the combination resulting from the corporate reorganization and
initial public offering as if the transactions occurred on January
1, 2020.
VINE ENERGY INC.
UNAUDITED PRO FORMA STATEMENTS
OF OPERATIONS
For the Three Months Ended
March 31,
2021
2020
Revenue:
Natural gas sales
$
200,927
$
128,296
Realized gain (loss) on derivatives
(2,348
)
58,305
Unrealized loss on derivatives
(37,949
)
(5,437
)
Total revenue
160,630
181,164
Operating Expenses:
Lease operating
18,693
15,725
Gathering and treating
26,296
22,654
Production and ad valorem taxes
4,757
4,951
General and administrative
3,954
5,453
Depletion, depreciation and accretion
106,505
93,457
Exploration
1
75
Strategic costs
—
717
Write-off of deferred IPO expenses
—
5,787
Total operating expenses
160,206
148,819
Operating Income
424
32,345
Interest expense
(34,249
)
(27,284
)
Income Before Income Taxes
(33,825
)
5,061
Income tax provision
(165
)
$
(150
)
Net Income
$
(33,990
)
$
4,911
Net income attributable to non-controlling
interests
(15,390
)
2,303
Net Income Attributable to Vine Energy
Inc
(18,600
)
2,608
Net Income per Share:
Basic
$
(0.45
)
$
0.06
Diluted
$
(0.45
)
$
0.06
Weighted Average Shares
Outstanding:
Basic
41,040,721
41,040,721
Diluted
41,040,721
41,040,721
VINE ENERGY INC
SELECT PRO FORMA PRODUCTION
AND UNIT COSTS STATISTICS
For the Three Months Ended Mar
31,
2021
2020
Production data:
Natural gas (MMcf)
85,035
78,207
Average daily production (MMcfd)
945
859
Average sales prices per Mcf:
Before effects of derivatives
$
2.36
$
1.64
After effects of derivatives
2.34
2.39
Costs per Mcf:
Lease operating
$
0.22
$
0.20
Cash gathering and treating
0.31
0.32
Production and ad valorem taxes
0.06
0.06
General and administrative
0.05
0.07
Total cash operating expenses
$
0.63
$
0.66
Exploration
0.00
0.00
Depreciation, depletion and accretion
1.25
1.19
Strategic
—
0.01
Non-cash gain on gathering liability
—
(0.03
)
Non-cash writeoff of deferred IPO
costs
—
0.07
Total (may not foot due to rounding)
$
1.88
$
1.90
VINE ENERGY INC.
NATURAL GAS SWAPS
Natural Gas Swaps
Weighted Avg Swap
Price
Period
(MMBtud)
($ / MMBtu)
2021
Second Quarter
832,871
$
2.52
Third Quarter
845,333
$
2.53
Fourth Quarter
848,887
$
2.55
2022
First Quarter
866,797
$
2.56
Second Quarter
348,859
$
2.54
Third Quarter
409,853
$
2.54
Fourth Quarter
604,935
$
2.53
2023
First Quarter
528,652
$
2.48
Second Quarter
65,470
$
2.45
Third Quarter
45,954
$
2.44
Fourth Quarter
125,092
$
2.50
2024
First Quarter
313,512
$
2.53
Second Quarter
11,957
$
2.31
Third Quarter
7,366
$
2.31
Fourth Quarter
70,761
$
2.58
2025
First Quarter
137,667
$
2.58
VINE ENERGY INC. FIRM
SALES
Period
Firm Sales: NYMEX Index
(MMBtud)
Weighted Avg Price
(NYMEX less) ($ / MMBtu)
Firm Sales: ML Index
(MMBtud)
Weighted Avg Price (ML
plus) ($ / MMBtu)
2021
Second Quarter
405,067
$
(0.163
)
467,171
$
0.012
Third Quarter
310,000
$
(0.163
)
355,202
$
0.013
Fourth Quarter
310,000
$
(0.163
)
138,401
$
0.014
2022
First Quarter
310,000
$
(0.163
)
30,000
$
0.015
Second Quarter
100,000
$
(0.150
)
30,000
$
0.015
Third Quarter
100,000
$
(0.150
)
30,000
$
0.015
Fourth Quarter
33,333
$
(0.150
)
30,000
$
0.015
2023
First Quarter
30,000
$
0.015
FINANCIAL STATEMENTS OF VINE ENERGY INC.
(Reconciliation)
NON-GAAP FINANCIAL MEASURES
We define Adjusted EBITDAX as our net income before interest
expense, income taxes, depreciation, depletion and accretion,
unrealized gains and losses on commodity derivatives, exploration
expense, strategic expense, and other non-cash operating items. We
believe Adjusted EBITDAX is a useful performance measure because it
allows for an effective valuation of our operating performance when
compared against our peers, without regard to our financing
methods, corporate form, or capital structure. We exclude the items
listed above in arriving at Adjusted EBITDAX to reflect the
substantial variance in practice from company to company within our
industry depending upon accounting methods and book values of
assets, capital structures and the method by which the assets were
acquired. Adjusted EBITDAX should not be considered as an
alternative to, or more meaningful than, net income determined in
accordance with GAAP. Certain items excluded from Adjusted EBITDAX
are significant components in understanding and assessing a
company’s financial performance, such as a company’s cost of
capital and tax burden, as well as the historic costs of
depreciable assets, none of which are reflected in Adjusted
EBITDAX. Our presentation of Adjusted EBITDAX should not be
construed as an inference that our results will be unaffected by
unusual or non-recurring items. Our computations of Adjusted
EBITDAX may not be identical to other similarly titled measures of
other companies.
We define Adjusted Free Cash Flow as Adjusted EBITDAX less the
sum of cash interest, capital incurred and tax payments and
distributions. We believe Adjusted Free Cash Flow is a useful
performance measure as it’s an indicator of the company’s ability
to generate cash flow once capital is invested to either maintain
or expand production. Adjusted Free Cash Flow should not be
considered as an alternative to, or more meaningful than, operating
cash flow or investing cash flow determined in accordance with
GAAP. Our computation of adjusted free cash flow may not be
identical to other similarly titled measures of other
companies.
VINE ENERGY INC.
RECONCILIATION OF NET INCOME
TO ADJUSTED EBITDAX AND ADJUSTED FREE CASH FLOW
Pro Forma Presentation
GAAP
Presentation
For the Three Months Ended Mar
31,
For the Three Months Ended Mar
31,
2021
2020
2021
2020
(in thousands)
(in thousands)
Net income/(loss)
$
(33,990
)
$
4,911
$
(57,992
)
$
(26,896
)
Interest expense
34,249
27,284
34,675
29,351
Income tax provision
165
150
165
150
Depletion, depreciation and accretion
106,505
93,457
97,072
82,324
Unrealized (gain)/loss on commodity
derivatives
37,949
5,437
35,103
4,639
Exploration
1
75
—
75
Non-cash G&A
—
344
(1
)
(6
)
Strategic
—
717
—
562
Non-cash writeoff of deferred IPO
costs
—
5,787
—
5,787
Non-cash volumetric and production
adjustment to gas gathering liability
—
(2,567
)
—
(2,567
)
Adjusted EBITDAX
$
144,879
$
135,595
$
109,022
$
93,419
Cash interest
(26,588
)
(24,242
)
(26,770
)
(24,990
)
Capital incurred
(97,828
)
(99,021
)
(81,168
)
(82,290
)
Adjusted Free Cash Flow
$
20,463
$
12,332
$
1,084
$
(13,861
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210517005218/en/
Investor Contact Information David Erdman Director,
Investor Relations Phone: 469-605-2480 Email:
david.erdman@VineEnergy.com
Grafico Azioni Vine Energy (NYSE:VEI)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni Vine Energy (NYSE:VEI)
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