Insert before final table:
GEORESOURCES, INC. and SUBSIDIARIES CONSOLIDATED
STATEMENTS OF INCOME (In thousands, except share and per share
amounts) (unaudited) Three Months Ended
September 30, Nine Months Ended September 30, 2009 2008 2009 2008
Revenue: Oil and gas revenues $ 19,980 $ 21,763 $ 49,109 $
69,344 Partnership management fees 151 585 847 1,419 Property
operating income 398 381 1,312 1,052 Gain on sale of property and
equipment 57 308 1,545 2,269 Partnership income 2,374 366 3,834
1,021 Interest and other 25 190 165
640 Total revenue 22,985 23,593 56,812 75,745
Expenses: Lease operating expense 4,395 5,594 13,202 17,174
Severance taxes 1,200 2,088 2,562 6,405 Re-engineering and
workovers 761 649 2,057 2,331 Exploration expense 620 29 988 531
Impairment of oil and gas properties - - 128 - General and
administrative expense 1,951 1,688 5,976 5,333 Depreciation,
depletion and amortization 6,310 3,833 15,503 11,283 Hedge
ineffectiveness 111 (890 ) 186 47 Loss on derivative contracts 83 -
141 - Interest 1,586 975 3,549
3,858 Total expense 17,017 13,966 44,292 46,962
Income before income taxes 5,968 9,627 12,520 28,783
Income tax expense (benefit): Current 356 1,679 (176 ) 4,438
Deferred 2,184 2,149 5,292
6,532 2,540 3,828 5,116 10,970
Net income $ 3,428 $ 5,799 $ 7,404 $ 17,813
Net income per share (basic) $ 0.21 $ 0.36 $ 0.46 $
1.16 Net income per share (diluted) $ 0.21 $ 0.35 $
0.46 $ 1.14 Weighted average shares outstanding:
Basic 16,241,717 16,236,716 16,241,717
15,384,864 Diluted 16,323,353
16,440,755 16,241,717 15,582,284
The corrected release reads:
GEORESOURCES, INC. REPORTS THIRD
QUARTER AND NINE-MONTH FINANCIAL RESULTS
Reports nine-month earnings of $7.4
million and EBITDAX of $33.0 million.
GeoResources, Inc., (NASDAQ:GEOI), today announced its financial
and operating results for the three and nine months ended September
30, 2009. The following tables summarize the results of operations
as compared to similar periods in 2008.
Three Months Ended
September 30, (In thousands, except Earnings per share) 2009
2008
Total revenue $ 22,985 $ 23,593 Net income $ 3,428 $ 5,799 Earnings
per share (diluted) $ 0.21 $ 0.35 EBITDAX (See below) $ 14,678 $
13,574 Nine Months Ended September 30, (In thousands,
except Earnings per share) 2009
2008 Total revenue $ 56,812 $ 75,745 Net income $ 7,404 $
17,813 Earnings per share (diluted) $ 0.46 $ 1.14 EBITDAX (See
below) $ 33,015 $ 44,502
Percent
Increase
(Decrease)
Three Months Ended
September 30,
2009 2008 Gas Production (MMcf)
132 % 1,678 723 Oil Production (MBbls) 27 % 212 167 Barrel of oil
equivalent (MBOE) 71 % 492 288 Average Price Gas before Hedge
Settlements (per Mcf) -71 % $ 2.67 $ 9.13 Average Price Oil before
Hedge Settlements (per Bbl) -47 % $ 61.65 $ 116.01 Average Price
Gas after Hedge Settlements (per Mcf) -58 % $ 3.87 $ 9.12 Average
Price Oil after Hedge Settlements (per Bbl) -30 % $ 63.55 $ 90.60
Percent
Increase
(Decrease)
Nine Months Ended
September 30,
2009 2008 Gas Production (MMcf) 52 % 3,430 2,251 Oil
Production (MBbls) 9 % 601 553 Barrel of oil equivalent (MBOE) 26 %
1,173 928 Average Price Gas before Hedge Settlements (per Mcf) -67
% $ 3.06 $ 9.24 Average Price Oil before Hedge Settlements (per
Bbl) -53 % $ 51.45 $ 109.81 Average Price Gas after Hedge
Settlements (per Mcf) -55 % $ 3.95 $ 8.82 Average Price Oil after
Hedge Settlements (per Bbl) -34 % $ 59.23 $ 89.50
For the three months ended September 30, 2009, the Company
reported total revenues of $23.0 million and net income of $3.4
million, or $0.21 per basic and diluted common share. Oil and
natural gas production increased substantially in the third quarter
2009 compared to the same period in 2008. Natural gas production
increased to 1,678 MMcf from 723 MMcf, an increase of 132%. Oil
production for the third quarter increased to 212 MBbls from 167
MBbls in the prior year’s period, an increase of 27%. The average
realized price of natural gas after hedge settlements was $3.87 per
Mcf for the third quarter of 2009, 58% less than the third quarter
of 2008. The average realized price of oil after hedge settlements
for the third quarter of 2009 was $63.55 per barrel or 30% less
than the third quarter in the prior year.
For the first nine-months of 2009, revenues totaled $56.8
million and net income was $7.4 million or $0.46 per basic and
diluted common share. For the nine months ended September 30, 2009,
natural gas production totaled 3,430 MMcf or 52% greater than the
2,251 MMcf produced during the first nine months of 2008. Oil
production for the first nine months of 2009 increased 9% to 601
Mbbls from 553 Mbbls in the first nine months of 2008. The average
realized price of natural gas was $3.95 per Mcf for the first nine
months of 2009 or 55% less than the first nine months of the prior
year. The average realized price of oil was $59.23 per barrel or
34% less for the first nine months of 2009 than the first nine
months in the prior year.
Earnings before interest, income taxes, depreciation, depletion
and amortization, and exploration expense (“EBITDAX”) increased 8%
to approximately $14.7 million for the third quarter 2009 compared
$13.6 for the third quarter 2008. EBITDAX for the first nine months
of 2009 decreased 26% to approximately $33.0 million compared to
$44.5 million for the same period in 2008.
The following tables reconcile reported net income to EBITDAX
for the periods indicated (in thousands):
Three Months Ended
September 30, 2009 2008 EBITDAX (1) Net
income $ 3,428 $ 5,799 Add back: Interest expense 1,586 975 Income
taxes: Current 356 1,679 Deferred 2,184 2,149 Depreciation,
depletion and amortization 6,310 3,833 Hedge and derivative
contracts 194 (890 ) Exploration and impairments 620
29 EBITDAX $ 14,678 $ 13,574
Nine Months Ended September 30, 2009 2008 Net income
$ 7,404 $ 17,813 Add back: Interest expense 3,549 3,858
Income taxes:
Current (176 ) 4,438 Deferred 5,292 6,532 Depreciation, depletion
and amortization 15,503 11,283 Hedge and derivative contracts 327
47 Exploration and impairments 1,116 531
EBITDAX $ 33,015 $ 44,502
(1) As used herein, EBITDAX is calculated as earnings before
interest, income taxes, depreciation, depletion and amortization,
and exploration expense and further includes impairments and hedge
ineffectiveness and income or loss on derivative contracts. EBITDAX
should not be considered as an alternative to net income (as an
indicator of operating performance) or as an alternative to cash
flow (as a measure of liquidity or ability to service debt
obligations) and is not in accordance with, nor superior to,
generally accepted accounting principles, but provides additional
information for evaluation of our operating performance.
Comments
Mr. Frank A. Lodzinski, CEO and president, commented “Our
results for the third quarter reflect our continued profitable
growth. The third quarter comparison to last year is particularly
relevant, as it demonstrates our production growth excluding prior
year divestitures and also demonstrates the considerable
improvement in per unit lease operating expenses. On a
unit-of-production basis, costs decreased by 54%. While part of
this decrease is a result of general cost reductions within the
industry, the greater impact is a direct result of our business
strategy and reflects re-engineering projects, development
drilling, acquisitions of properties with lower operating costs and
divestitures of properties with higher operating costs. Increased
production is a direct result of our successful drilling programs
in the Bakken Shale of the Williston Basin and our Giddings Austin
Chalk program and of the acquisitions we have made in these core
areas. These programs are expected to continue to contribute to our
growth through continuous drilling. To that end, our joint venture
in the Bakken is currently running three rigs and a fourth rig may
be added from time to time. In addition, we will spud our next
Austin Chalk well this month after a suspension of drilling for the
past several months. While our eastern Grimes County wells were
predominately gas, our next several locations are located in
western Grimes County and are expected to yield approximately 50%
oil and natural gas liquids. We realized substantial net income and
EBITDAX for the third quarter, in the amounts of $3.4 million and
$14.7 million, respectively. We expect our future earnings to
benefit from further increases in production and lower per-unit
lease operating expenses. While reductions in the costs of
materials and services favorably impacted lease operating expenses,
the bulk of the reductions are a direct result of our field
re-engineering and development drilling activities. We will
continue to focus on cash flow and our bottom line while we pursue
our business plan.”
Lodzinski further commented, “In July, we entered into our
Second Amended and Restated Credit Agreement. The facility was
increased to $250 million and extended to October 16, 2012. The
initial borrowing base was set at $135 million and provided for
interest rates of (a) LIBOR plus 2.25% to 3.00% or (b) the prime
lending rate plus 1.25% to 2.00%, depending upon the amount
borrowed. The increased and extended facility requires a
redetermination of the borrowing base as of November 1 and May 1 of
each year. Accordingly, our borrowing base redetermination is
currently pending and we expect our borrowing base to, at least, be
maintained until the next redetermination. The participating banks
include, Wachovia Bank, Comerica Bank, BBVA Compass, U.S. Bank,
Frost National Bank, Bank of Texas and Natixis. Our strong cash
flows, working capital and liquidity, position us favorably to
continue our growth.”
About GeoResources, Inc.
GeoResources, Inc. is an independent oil and gas company engaged
in the acquisition and development of oil and gas reserves through
an active and diversified program which includes purchases of
reserves, re-engineering, and development and exploration
activities primarily focused in three core areas – the Southwest,
Gulf Coast, and the Williston Basin. For more information, visit
our website at www.georesourcesinc.com.
Forward-Looking Statements
Information herein contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, which can be identified by words such as "may," "will,"
"expect," "anticipate," "estimate" or "continue," or comparable
words. All statements other than statements of historical
facts that address activities that the Company expects or
anticipates will or may occur in the future are forward-looking
statements. Readers are encouraged to read our 10-K/A for
the year ended December 31, 2008 and the other SEC reports of the
Company and any and all other documents filed with the SEC
regarding information about GeoResources for meaningful cautionary
language in respect of the forward-looking statements herein.
Interested persons are able to obtain free copies of filings
containing information about GeoResources, without charge, at the
SEC’s Internet site (http://www.sec.gov).
GEORESOURCES, INC and SUBSIDIARIES CONSOLIDATED
BALANCE SHEETS (In thousands, except share and per share
amounts)
September 30, December 31, 2009 2008 ASSETS
(unaudited) Current assets: Cash $ 11,936 $ 13,967
Accounts receivable Oil and gas revenues 11,131 11,439 Joint
interest billings and other 14,298 7,172 Affiliated partnerships
289 2,905 Notes receivable 120 120 Derivative financial instruments
722 8,200 Income taxes receivable 2,962 2,165 Prepaid expenses and
other 2,650 3,923 Total current assets 44,108
49,891 Oil and gas properties,
successful efforts method: Proved properties 279,240 204,536
Unproved properties 9,890 2,409 Office and other equipment 797
1,025 Land 96 96 290,023 208,066
Less accumulated depreciation,
depletion
and amortization
(41,277 ) (26,486 ) Net property and equipment
248,746 181,580 Equity in oil
and gas limited partnerships 4,099 3,266 Derivative
financial instruments 755 6,409 Deferred financing costs and
other 3,768 2,388 $ 301,476
$ 243,534
GEORESOURCES, INC and
SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands,
except share and per share amounts)
September 30, December 31, 2009
2008 (unaudited) LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities: Accounts payable $ 4,066 $ 10,750
Accounts payable to affiliated partnerships 9,172 10,310 Revenues
and royalties payable 13,898 11,701 Drilling advances 38 2,169
Accrued expenses 1,859 1,506 Derivative financial instruments 3,364
1,572 Total current liabilities 32,397
38,008 Long-term debt 104,000 40,000 Deferred
income taxes 17,410 17,868 Asset retirement obligations
5,741 5,418 Derivative financial instruments 1,066 1,245
Stockholders' equity: Common stock, par value $0.01 per
share; authorized 100,000,000 shares; issued and outstanding:
16,241,717 162 162 Additional paid-in capital 113,587 112,523
Accumulated other comprehensive (loss) income (1,318 ) 7,283
Retained earnings 28,431 21,027 Total stockholders'
equity 140,862 140,995 $ 301,476
$ 243,534
GEORESOURCES, INC. and SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (In thousands, except
share and per share amounts) (unaudited)
Three Months Ended September 30, Nine Months Ended September
30, 2009 2008 2009 2008 Revenue: Oil and gas revenues $
19,980 $ 21,763 $ 49,109 $ 69,344 Partnership management fees 151
585 847 1,419 Property operating income 398 381 1,312 1,052 Gain on
sale of property and equipment 57 308 1,545 2,269 Partnership
income 2,374 366 3,834 1,021 Interest and other 25
190 165 640 Total revenue 22,985
23,593 56,812 75,745 Expenses: Lease operating expense 4,395
5,594 13,202 17,174 Severance taxes 1,200 2,088 2,562 6,405
Re-engineering and workovers 761 649 2,057 2,331 Exploration
expense 620 29 988 531 Impairment of oil and gas properties - - 128
- General and administrative expense 1,951 1,688 5,976 5,333
Depreciation, depletion and amortization 6,310 3,833 15,503 11,283
Hedge ineffectiveness 111 (890 ) 186 47 Loss on derivative
contracts 83 - 141 - Interest 1,586 975
3,549 3,858 Total expense 17,017 13,966 44,292
46,962 Income before income taxes 5,968 9,627 12,520 28,783
Income tax expense (benefit): Current 356 1,679 (176 ) 4,438
Deferred 2,184 2,149 5,292
6,532 2,540 3,828 5,116 10,970
Net income $ 3,428 $ 5,799 $ 7,404 $ 17,813
Net income per share (basic) $ 0.21 $ 0.36 $ 0.46 $
1.16 Net income per share (diluted) $ 0.21 $ 0.35 $
0.46 $ 1.14 Weighted average shares outstanding:
Basic 16,241,717 16,236,716 16,241,717
15,384,864 Diluted 16,323,353
16,440,755 16,241,717 15,582,284
CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands, except
share and per share amounts) (unaudited)
Nine Months Ended
September 30, Cash flows from operating activities: 2009 2008 Net
income $ 7,404 $ 17,813 Adjustments to reconcile net income to net
cash provided by operating activities: Depreciation, depletion and
amortization 15,503 11,283 Unproved property impairments - 483
Proved property impairments 128 - Gain on sale of property and
equipment (1,545 ) (2,269 ) Accretion of asset retirement
obligations 271 304 Unrealized gain on derivative contracts (153 )
- Amortization of loss on canceled hedge contract 363 - Hedge
ineffectiveness loss 186 47 Partnership income (3,834 ) (1,021 )
Partnership distributions 1,355 551 Deferred income taxes 5,292
6,532 Non-cash compensation 1,064 462 Changes in assets and
liabilities: Increase in accounts receivable (5,593 ) (155 )
Decrease in notes receivable 245 555 Increase in prepaid expense
and other (355 ) (1,499 ) Increase (decrease) in accounts payable
and accrued expense (7,403 ) 5,514 Net cash
provided by operating activities 12,928 38,600 Cash flows
from investing activities: Proceeds from sale of property and
equipment 2,660 20,960 Additions to property and equipment (81,619
) (43,012 ) Investment in oil and gas limited partnership -
(978 ) Net cash used in investing activities (78,959
) (23,030 ) Cash flows from financing activities: Issuance
of common stock - 32,187 Issuance of long-term debt 64,000 -
Reduction of long-term debt - (46,000 ) Net
cash provided by (used in) financing activities 64,000 (13,813 )
Net (decrease) increase in cash and cash equivalents
(2,031 ) 1,757 Cash and cash
equivalents at beginning of period 13,967 24,430 Cash
and cash equivalents at end of period $ 11,936 $ 26,187
Supplementary information: Interest paid $ 2,938 $
3,708 Income taxes paid $ 677 $ 4,210
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