GeoResources, Inc., (NASDAQ:GEOI), today announced its financial
and operating results for the quarter ended March 31, 2010. The
following tables summarize the results of operations compared to
the first quarter of 2009.
Three Months Ended March 31, (In thousands, except earnings
per share) 2010 2009 Total revenue $ 26,576 $ 14,565
Net income $ 6,074 $ 477 Earnings per share (diluted) $ 0.30 $ .03
Adjusted EBITDAX (1) $ 17,916 $ 6,570
(1) See additional detail below.
PercentIncrease(Decrease)
Three Months EndedMarch 31,
2010 2009 Gas Production (MMcf) 92 %
1,279 665 Oil Production (MBbls) 41 % 249 177 Barrel of oil
equivalent (MBOE) 60 % 462 288 Average Price Gas before Hedge
Settlements (per Mcf) 26 % $ 4.83 $ 3.83 Average Price Oil before
Hedge Settlements (per Bbl) 101 % $ 74.21 $ 36.89 Average Price Gas
after Hedge Settlements (per Mcf) 36 % $ 5.61 $ 4.12 Average Price
Oil after Hedge Settlements (per Bbl) 31 % $ 70.62 $ 54.00
Adjusted EBITDAX (see definition below) increased 173% to
approximately $17.9 million for the first quarter of 2010 compared
to $6.6 million for the first quarter of 2009.
The following table reconciles reported net income to Adjusted
EBITDAX for the periods indicated (in thousands):
Three Months Ended March 31, 2010 2009 Net
income (loss) $ 6,074 $ 477 Add back: Interest expense 1,273 819
Income taxes : Current 953 (734 ) Deferred 2,824 1,094
Depreciation, depletion and amortization 6,351 4,468 Hedge and
derivative contracts (242 ) 101 Non-cash compensation 219 265
Exploration and impairments 464 80
Adjusted EBITDAX (1) $ 17,916 $ 6,570
(1) As used herein, adjusted EBITDAX is calculated as earnings
before interest, income taxes, depreciation, depletion and
amortization, and exploration expense and further excludes non-cash
compensation, impairments and hedge ineffectiveness and income or
loss on derivative contracts. Adjusted 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
Frank A. Lodzinski, CEO and President, commented “Our results
for the first quarter clearly reflects our year over year growth.
Comparatively, we benefited from increased production and from
improved oil and gas prices. In addition, on unit-of-production
basis we lowered our overall operating expenses, including
production related taxes and general and administrative expenses,
by 32%. This was a result of our re-engineering and development
drilling activities. Our increased production was a direct result
of our successful drilling programs in the Bakken Shale and Austin
Chalk and from the strategic acquisitions we have made in these
core areas. As recently announced, we have further increased our
acreage position in the Bakken Shale Trend of the Williston Basin
and expect our drilling programs to continue to contribute to our
long term 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 for the
year ended December 31, 2009 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) March 31, December 31, 2010 2009
ASSETS (unaudited) Current assets: Cash $ 18,010 $
12,660 Accounts receivable: Oil and gas revenues 15,845 14,860
Joint interest billings and other 4,098 13,734 Affiliated
partnerships 1,402 933 Notes receivable 120 120 Derivative
financial instruments 5,409 764 Income taxes receivable 1,239 2,077
Prepaid expenses and other 1,990 2,297 Total current
assets 48,113 47,445 Oil and gas
properties, successful efforts method: Proved properties 294,451
285,363 Unproved properties 13,510 10,281 Office and other
equipment 850 828 Land 96 96 308,907
296,568 Less accumulated depreciation, depletion and
amortization (54,534 ) (48,182 ) Net property and
equipment 254,373 248,386 Equity
in oil and gas limited partnerships 3,011 3,532 Derivative
financial instruments 2,713 1,360 Deferred financing costs
and other 3,293 3,574 $ 311,503
$ 304,297
GEORESOURCES, INC and
SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands,
except share and per share amounts) March 31,
December 31, 2010 2009 (unaudited) LIABILITIES AND STOCKHOLDERS'
EQUITY Current liabilities: Accounts payable $ 5,725
$ 6,452 Accounts payable to affiliated partnerships 3,828 8,361
Revenue and royalties payable 11,826 13,928 Drilling advances 77
390 Accrued expenses 1,499 1,574 Derivative financial instruments
4,473 4,794 Total current liabilities
27,428 35,499 Long-term debt 69,000 69,000
Deferred income taxes 21,298 15,778 Asset retirement
obligations 6,229 6,110 Derivative financial instruments
2,497 3,233 Stockholders' equity: Common stock, par value
$0.01 per share; authorized 100,000,000 shares; issued and
outstanding: 19,712,862 in 2010 and 197 197 19,705,362 in 2009
Additional paid-in capital 147,249 146,966 Accumulated other
comprehensive income 729 (3,288 ) Retained earnings 36,876 30,802
Total stockholders' equity 185,051
174,677 $ 311,503 $ 304,297
GEORESOURCES, INC. and SUBSIDIARIES CONSOLIDATED
STATEMENTS OF INCOME (In thousands, except share and per share
amounts) (unaudited) Three Months Ended March 31,
2010 2009 Revenue: Oil and gas revenues $ 24,729 $ 12,300
Partnership management fees 159 298 Property operating income 391
458 Gain on sale of property and equipment 145 1,399 Partnership
income 854 5 Interest and other 298 105
Total revenue 26,576 14,565 Expenses: Lease operating
expense 5,024 4,390 Severance taxes 1,783 794 Re-engineering and
workovers 253 981 Exploration expense 464 80 General and
administrative expense 1,819 2,095 Depreciation, depletion and
amortization 6,351 4,468 Hedge ineffectiveness (255 ) 49 Loss on
derivative contracts 13 52 Interest 1,273 819
Total expense 16,725 13,728 Income before
income taxes 9,851 837 Income tax expense (benefit): Current
953 (734 ) Deferred 2,824 1,094 3,777
360 Net income $ 6,074 $ 477 Net
income per share (basic) $ 0.31 $ 0.03 Net
income per share (diluted) $ 0.30 $ 0.03
Weighted average shares outstanding: Basic 19,710,362
16,241,717 Diluted 20,004,083
16,241,717
GEORESOURCES, INC. and
SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In
thousands) (unaudited) Three Months Ended March 31,
Cash flows from operating activities: 2010 2009 Net income $ 6,074
$ 477 Adjustments to reconcile net income to net cash provided by
operating activities: Depreciation, depletion and amortization
6,351 4,468 Gain on sale of property and equipment (145 ) (1,399 )
Accretion of asset retirement obligations 98 61 Unrealized gain on
derivative contracts (87 ) (42 ) Amortization of loss on canceled
hedge contract - 122 Hedge ineffectiveness loss (255 ) 49
Partnership income (854 ) (5 ) Partnership distributions 1,375 122
Deferred income taxes 2,824 1,094 Non-cash compensation 219 265
Changes in assets and liabilities: Decrease in accounts receivable
9,020 1,660 Decrease (increase) in prepaid expense and other 587
(1,360 ) Decrease in accounts payable and accrued expense
(7,750 ) (9,378 ) Net cash (used in) provided by operating
activities 17,457 (3,866 ) Cash flows from investing
activities: Proceeds from sale of property and equipment 503 2,015
Additions to property and equipment (12,674 ) (5,057
) Net cash used in investing activities (12,171 ) (3,042 )
Cash flows from financing activities: Proceeds from stock options
exercised 64 - Net cash provided by
financing activities 64 - Net increase (decrease) in
cash and cash equivalents 5,350 (6,908 )
Cash and cash equivalents at beginning of period 12,660
13,967 Cash and cash equivalents at end of period $
18,010 $ 7,059 Supplementary information:
Interest paid $ 997 $ 694 Income taxes paid $ 115 $ 25
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