Lonestar Resources US Inc. (OTCQX: LONE) (including its
subsidiaries, “Lonestar,” “we,” “us,” “our” or the “Company”) today
reported financial and operating results for the three months ended
June 30, 2021.
HIGHLIGHTS
- Second Quarter Production Up 14% From First Quarter
Levels. Lonestar reported a 14% increase in net oil and gas
production to 11,855 BOE/d during the three months ended June 30,
2021 (“2Q21”), compared to 10,377 BOE/d for the three months ended
March 31, 2021 (“1Q21”). Production was comprised of 73% crude oil
and NGL’s on an equivalent basis. Lonestar’s development program
continues to deliver significant increases in production, with July
production rates averaging 13,500 BOE/d.
- Adjusted Net Income Was $10.7 Million, or $1.07 Per
Share. While Lonestar reported a net loss attributable to its
common stockholders of $17.8 million, or ($1.77) per share in 2Q21
compared to a net loss of $6.3 million in 1Q21, Lonestar’s adjusted
net income for 2Q21 was $10.7 million, or $1.07 per share. Adjusted
net income excludes, on a tax-adjusted basis, certain items that
the Company does not view as either recurring or indicative of its
ongoing financial performance. Most notable among these items
include: a $29.1 million unrealized hedging loss on financial
derivatives (“mark-to-market”). Please see Non-GAAP Financial
Measures at the end of this release for the definition of Adjusted
Net Income (Loss), a reconciliation of net loss before taxes to
Adjusted Net Income (Loss), and the reasons for its use.
- Lonestar Reported 2Q21 Adjusted EBITDAX of $23.7
Million. 2Q21 Adjusted EBITDAX increased 3% over 1Q21 adjusted
EBITDAX of $22.9 million. Improved wellhead price realizations and
reduced cash expenses positively impacted 2Q21 results. However,
2Q21’s Adjusted EBITDAX was negatively impacted by $10.8 million of
hedge losses realized in the quarter while 1Q21’s result were
negatively impacted by $5.4 million of realized hedge loss. Please
see Non-GAAP Financial Measures at the end of this release for the
definition of Adjusted EBITDAX, a reconciliation of net loss
attributable to common stockholders to Adjusted EBITDAX, and the
reasons for its use.
- Lonestar Reported Discretionary Cash Flow For 2Q21 of
$19.9 Million. Lonestar’s Discretionary Cash Flow of
$19.9 million for the three months ended June 30, 2021, which is a
4% increase over $19.1 million generated in the three months ended
March 31, 2021. Lonestar spent $38.4 million on capital
expenditures in the six months ended June 30, 2021. Please see
Non-GAAP Financial Measures at the end of this release for the
definition of Discretionary Cash Flow, a reconciliation of net loss
attributable to common stockholders to Free Cash Flow, and the
reasons for its use.
Lonestar’s Chief Executive Officer, Frank D. Bracken, III
commented, “Our 2021 capital program continues to generate robust
growth in production and cash flow, and the front-end loaded nature
of that program is expected to yield significant Free Cash Flow in
the second half of the year.”
OPERATIONAL UPDATE
- Production-Lonestar reported net oil and gas production
of 11,855 BOE/d during the three months ended June 30, 2021,
representing a 14% increase quarter-over-quarter. 2Q21 production
volumes consisted of 6,224 barrels of oil per day (53%), 2,409
barrels of NGLs per day (20%), and 19,332 Mcf of natural gas per
day (27%). Since year-end, Lonestar has placed onstream a
three-well pad at Hawkeye (50% WI) and two two-well pads at Horned
Frog (100% WI).
- Pricing-Lonestar’s Eagle Ford Shale assets continued to
deliver favorable wellhead realizations in 2Q21. Lonestar’s
wellhead crude oil price realization was $64.21/bbl, which reflects
a discount of $2.10/bbl vs. West Texas Intermediate (“WTI”).
Lonestar’s realized NGL price was $22.53/bbl, or 34% of WTI.
Lonestar’s realized wellhead natural gas price was $2.68 per Mcf,
reflecting a $0.26 discount to Henry Hub.
- Revenues-Wellhead revenues increased by $6.2 million to
$46.0 million in 2Q21, or 16%, compared to 1Q21, primarily driven
by a 15% increase in oil price realizations.
- Expenses-Total cash expenses, which include the cash
portions of lease operating, gathering, processing, transportation,
production taxes, general & administrative, and interest
expenses were $18.2 million. 2Q21 cash operating costs increased by
10%, compared to $16.5 million in 1Q21, in conjunction with higher
production volumes. When measured on a unit-of-production basis,
total cash costs were reduced by 4% from $17.66 per BOE to $16.90
per BOE. Adjusted for non-recurring items discussed below, total
cash expenses were $16.0 million, or $14.84 per BOE.
- Lease Operating Expenses (“LOE”), which includes workover
expenses, showed improvement on an absolute dollar basis and a
per-unit basis. Lease operating expenses were $3.9 million for
2Q21, which was 12% lower than LOE of $4.4 million in 1Q21.
Moreover, LOE per BOE was reduced by 23%, from $4.76 per BOE in
1Q21 to $3.65 per BOE in 2Q21.
- Gathering, Processing & Transportation Expenses
(“GP&T”) for 2Q21 were $1.5 million, which remained stable when
compared to GP&T of $1.5 million in the three months ended
1Q21. On a unit-of-production basis, GP&T decreased 15% quarter
over quarter from $1.65 per BOE in 1Q21 to $1.41 per BOE in
2Q21.
- Production & Ad Valorem Taxes for 2Q21 were $2.5 million,
which was relatively flat compared to production taxes of $2.4
million in 1Q21. On a unit-of-production basis, production and ad
valorem taxes decreased 11% quarter over quarter $2.59 per BOE in
1Q21 to $2.31 per BOE in 2Q21.
- General & Administrative ("G&A") expenses were $5.9
million, or $5.53 per BOE in 2Q21 compared to $3.97 million, or
$4.26 per BOE in 1Q21. Adjusted for non-recurring expenses such as
severance costs and stock-based compensation G&A for 2Q21 was
$3.4 million, or $3.18 per BOE.
- Interest Expense was $4.3 million for 2Q21, up 5% from $4.1
million in 1Q21. On a unit-of-production basis, interest expense
was reduced from $4.40 per BOE in 1Q21 to $4.01 per BOE in 1Q21.
Lonestar expects continued reductions in interest expense per BOE,
as the Company reduces long-term debt and increases
production.
EAGLE FORD SHALE TREND - WESTERN REGION
In our Western Region, which encompasses Dimmit and LaSalle
Counties, production for 2Q21 averaged approximately 6,604 BOE per
day, a 29% increase from 1Q21 production. Production consisted of
2,550 barrels of oil per day (39%), 1,607 barrels of NGL’s per day
(24%) and 14,668 Mcf of natural gas per day (37%). The Western
region accounted for 56% of the Company’s production during the
quarter.
Lonestar recently completed drilling operations on 2.0 gross /
2.0 net wells on its Horned Frog South property, Lonestar has a
100% WI / 77.96% NRI in the Horned Frog Alderman #1H and #2H. These
wells commenced flowback in June, and to date, have registered max
30-day production rates averaging 2,306 BOE/d. Production is
currently comprised of 59% crude oil and NGL’s on an equivalent
basis.
- Horned Frog Alderman A #1H – With a 11,883’ perforated
interval, the #1H recorded max 30-day rates of 825 Bbls/d oil, 516
Bbls/d of NGLs, and 5,526 Mcf/d, or 2,262 BOE/d on a three-stream
basis.
- Horned Frog Alderman B #2H – With a 12,141’ perforated
interval, the #2H recorded max 30-day rates of 815 Bbls/d oil, 551
Bbls/d of NGLs, and 5,903 Mcf/d, or 2,350 BOE/d on a three-stream
basis.
EAGLE FORD SHALE TREND - CENTRAL REGION
In our Central Region, which principally includes Gonzales,
Karnes, Lavaca and Fayette Counties, 2Q21 production averaged
approximately 4,991 BOE/d, a slight decrease over 1Q21 rates.
Production consisted of 3,536 barrels of oil per day (71%), 733
barrels of NGL’s per day (15%), and 4,330 Mcf of natural gas per
day (14%). The Central region accounted for 42% of the Company’s
production during the quarter.
As part of its Joint Venture with Marathon Oil Corporation,
Lonestar, as operator, has permitted a three-well pad on its
Hawkeye asset. To date, Lonestar has completed drilling operations
on three wells, the Hawkeye #9H, #10H and #11H, with designed
perforated intervals exceeding 11,000 feet.
EAGLE FORD SHALE TREND - EASTERN REGION
In our Eastern Region, 1Q22 production averaged approximately
260 BOE/d, a 10% increase over 1Q21 rates. Production consisted of
138 barrels of oil per day (53%), 67 barrels of NGL’s per day
(26%), and 334 Mcf of natural gas per day (21%).
ABOUT LONESTAR RESOURCES US INC.
Lonestar is an independent oil and natural gas company based in
Fort Worth, Texas, focused on the development, production, and
acquisition of unconventional oil, NGLs, and natural gas properties
in the Eagle Ford Shale in Texas, where we have accumulated
approximately 72,569 gross (52,565 net) acres in what we believe to
be the formation’s crude oil and condensate windows, as of June 30,
2021. For more information, please visit
www.lonestarresources.com.
CAUTIONARY & FORWARD-LOOKING STATEMENTS
Cautionary Note Regarding Forward Looking Statements
Disclosures in this press release contain certain
forward-looking statements within the meaning of the federal
securities laws. Statements that do not relate strictly to
historical or current facts are forward-looking. These statements
contain words such as “possible,” “if,” “will,” “expect” and
“assuming” and involve risks and uncertainties including, among
others that our business plans may change as circumstances warrant
and securities of the Company may not ultimately be offered to the
public because of general market conditions or other factors.
Accordingly, readers should not place undue reliance on
forward-looking statements as a prediction of actual results. For
more information concerning factors that could cause actual results
to differ materially from those conveyed in the forward-looking
statements, please refer to the “Risk Factors” section of the
Company’s Annual Report on Form 10-K for the year ended December
31, 2020, filed with the Securities and Exchange Commission (the
“SEC”) on March 31, 2021 and any subsequently filed quarterly
reports on Form 10-Q. Any forward-looking statements in this press
release are made as of the date of this press release and the
Company undertakes no obligation to update or revise such
forward-looking statements to reflect events or circumstances that
occur, or of which the Company becomes aware, after the date
hereof, unless required by law.
(Unaudited Financial Statements to Follow)
*References to “Successor” refer to the new
Lonestar reporting entity after the Company’s emergence from
bankruptcy on November 30, 2020, and references to “Predecessor”
refer to the Lonestar entity prior to emergence from
bankruptcy.*
Lonestar Resources US
Inc.
Unaudited Condensed
Consolidated Balance Sheets
(In thousands, except par value
and share data)
June 30, 2021
December 31, 2020
Assets
Current assets
Cash and cash equivalents
$
18,788
$
17,474
Restricted cash
2,157
8,972
Accounts receivable
Oil, natural gas liquid and natural gas
sales
18,838
11,635
Joint interest owners and others, net
1,418
4,076
Derivative financial instruments
—
1,703
Prepaid expenses and other
1,710
1,118
Total current assets
42,911
44,978
Property and equipment
Oil and gas properties, using the
successful efforts method of accounting
Proved properties
352,788
314,685
Unproved properties
33,808
34,929
Other property and equipment
19,692
19,680
Less accumulated depreciation, depletion
and amortization
(12,982
)
(2,056
)
Property and equipment, net
393,306
367,238
Accounts receivable
6,256
6,053
Derivative financial instruments
—
395
Other non-current assets
4,232
4,651
Total assets
$
446,705
$
423,315
Liabilities and Stockholders'
Equity
Current liabilities
Accounts payable
$
10,929
$
7,651
Oil, natural gas liquid and natural gas
sales payable
22,953
18,760
Accrued liabilities
15,594
15,983
Derivative financial instruments
43,539
7,938
Current maturities of long-term debt
22,157
20,000
Total current liabilities
115,172
70,332
Long-term liabilities
Long-term debt
243,199
255,328
Asset retirement obligations
3,707
4,573
Derivative financial instruments
15,539
835
Total long-term liabilities
262,445
260,736
Commitments and contingencies
Stockholders' equity
Common stock, $0.001 par value, 90,000,000
shares authorized, 10,107,081 and 10,000,149 shares issued and
outstanding, respectively
10
10
Additional paid-in capital
93,933
92,953
Accumulated deficit
(24,855
)
(716
)
Total stockholders' equity
69,088
92,247
Total liabilities and stockholders'
equity
$
446,705
$
423,315
Lonestar Resources US
Inc.
Unaudited Condensed
Consolidated Statements of Operations
(In thousands)
Successor
Predecessor
Successor
Predecessor
Three Months Ended June 30,
2021
Three Months Ended June 30,
2020
Six Months Ended June 30,
2021
Six Months Ended June 30,
2020
Revenues
Oil sales
$
36,369
$
11,976
$
64,234
$
41,986
Natural gas liquid sales
4,940
1,762
9,239
4,362
Natural gas sales
4,718
3,482
12,365
7,902
Total revenues
46,027
17,220
85,838
54,250
Expenses
Lease operating
3,933
4,028
8,379
11,667
Gas gathering, processing and
transportation
1,520
875
3,062
3,025
Production and ad valorem taxes
2,497
1,721
4,917
4,091
Depreciation, depletion and
amortization
5,860
16,575
11,169
40,929
Loss on sale and disposal of oil and gas
properties
—
1,254
—
1,254
Impairment of oil and gas properties
—
—
—
199,908
General and administrative
5,962
5,981
9,939
8,856
Other (income) expense
(143
)
58
(138
)
(139
)
Total expenses
19,629
30,492
37,328
269,591
Income (loss) from operations
26,398
(13,272
)
48,510
(215,341
)
Other (expense) income
Interest expense
(4,323
)
(10,512
)
(8,430
)
(22,122
)
Change in fair value of warrants
—
—
—
363
(Loss) gain on derivative financial
instruments
(39,892
)
(21,141
)
(64,059
)
80,029
Total other (expense) income
(44,215
)
(31,653
)
(72,489
)
58,270
Loss before income taxes
(17,817
)
(44,925
)
(23,979
)
(157,071
)
Income tax benefit (expense)
—
4,332
(160
)
5,687
Net loss
(17,817
)
(40,593
)
(24,139
)
(151,384
)
Preferred stock dividends
—
(2,308
)
—
(4,566
)
Net loss income attributable to common
stockholders
$
(17,817
)
$
(42,901
)
$
(24,139
)
$
(155,950
)
Net loss per common share
Basic
$
(1.77
)
$
(1.70
)
$
(2.40
)
$
(6.20
)
Diluted
$
(1.77
)
$
(1.70
)
$
(2.40
)
$
(6.20
)
Weighted average common shares
outstanding
Basic
10,092,980
25,307,714
10,046,821
25,154,151
Diluted
10,092,980
25,307,714
10,046,821
25,154,151
Lonestar Resources US
Inc.
Unaudited Condensed
Consolidated Statements of Cash Flows
(In thousands)
Successor
Predecessor
Successor
Predecessor
Three Months Ended June
30,
Three Months Ended June
30,
Six Months Ended June
30,
Six Months Ended June
30,
2021
2020
2021
2020
Cash flows from operating
activities
Net loss
$
(17,817
)
$
(40,593
)
$
(24,139
)
$
(151,384
)
Adjustments to reconcile net loss to net
cash provided by operating activities:
Depreciation, depletion and
amortization
5,872
16,575
11,169
40,929
Stock-based compensation
1,088
24
1,088
(1,998
)
Deferred taxes
-
445
-
(931
)
Loss (gain) on derivative financial
instruments
39,892
21,140
64,059
(80,029
)
Settlements of derivative financial
instruments
(8,780
)
22,902
(12,398
)
23,998
Impairment of oil and natural gas
properties
-
-
-
199,908
Loss on disposal of property and
equipment
-
-
-
83
Loss on sale of oil and gas properties
-
1,254
-
1,254
Non-cash interest expense
459
606
941
1,374
Change in fair value of warrants
-
-
-
(363
)
Changes in operating assets and
liabilities:
Accounts receivable
326
(6,306
)
(5,001
)
(189
)
Prepaid expenses and other assets
(360
)
(523
)
(703
)
(897
)
Accounts payable and accrued expenses
4,834
1,052
(7,619
)
(1,344
)
Net cash provided by operating
activities
25,514
16,576
27,397
30,411
Cash flows from investing
activities
Acquisition of oil and gas properties
(397
)
(898
)
(1,612
)
(1,714
)
Development of oil and gas properties
(21,100
)
(38,071
)
(21,489
)
(72,824
)
Proceeds from sale of oil and gas
properties
337
2,520
337
2,837
Purchases of other property and
equipment
(2
)
(112
)
(13
)
(636
)
Net cash used in investing
activities
(21,162
)
(36,561
)
(22,777
)
(72,337
)
Cash flows from financing
activities
Proceeds from borrowings
-
20,157
-
48,157
Payments on borrowings
(5,058
)
(55
)
(10,121
)
(8,109
)
Net cash provided by financing
activities
(5,058
)
20,102
(10,121
)
40,048
Net decrease in cash and cash
equivalents
(706
)
117
(5,501
)
(1,878
)
Cash and cash equivalents, beginning of
the period
21,651
1,142
26,446
3,137
Cash and cash equivalents, end of the
period
$
20,945
$
1,259
$
20,945
$
1,259
Supplemental information:
Cash paid for interest
$
3,848
$
17,079
$
7,496
$
21,036
Non-cash investing and financing
activities:
Change in asset retirement obligation
$
(563
)
$
277
$
(945
)
$
24
Change in liabilities for capital
expenditures
29,631
(15,769
)
15,326
(16,809
)
NON-GAAP FINANCIAL MEASURES (Unaudited)
Reconciliation of Non-GAAP Financial Measures
Adjusted EBITDAX
Adjusted EBITDAX is not a measure of net income as determined by
GAAP. Adjusted EBITDAX is a supplemental non-GAAP financial measure
that is used by management and external users of the Company’s
consolidated financial statements, such as industry analysts,
investors, lenders and rating agencies. The Company defines
Adjusted EBITDAX as net (loss) income attributable to common
stockholders before depreciation, depletion, amortization and
accretion, exploration costs, non-recurring costs, loss (gain) on
sales of oil and natural gas properties, impairment of oil and gas
properties, stock-based compensation, interest expense, income tax
(benefit) expense, rig standby expense, other income (expense),
unrealized (gain) loss on derivative financial instruments and
unrealized (gain) loss on warrants.
Management believes Adjusted EBITDAX provides useful information
to investors because it assists investors in the evaluation of the
Company’s operating performance and comparison of the results of
the Company’s operations from period to period without regard to
its financing methods or capital structure. The Company excludes
the items listed above from net (loss) income attributable to
common stockholders in arriving at Adjusted EBITDAX to eliminate
the impact of certain non-cash items or because these amounts can
vary substantially from company to company within its 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 (loss) income
attributable to common stockholders as 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
structure, as well as the historic costs of depreciable assets,
none of which are components of Adjusted EBITDAX. The Company’s
computations of Adjusted EBITDAX may not be comparable to other
similarly titled measures of other companies.
The following table presents a reconciliation of Adjusted
EBITDAX to the GAAP financial measure of net loss attributable to
common stockholders for each of the periods indicated.
Successor
Successor
Three Months
Three Months
($ in thousands)
Ended June 30, 2021
Ended March 31, 2021
Net Loss
$
(17,817
)
$
(6,322
)
Income tax expense
-
160
Interest expense
4,323
4,106
Depreciation, depletion &
amortization
5,860
5,309
EBITDAX
$
(7,634
)
$
3,253
Rig standby expense
-
-
Stock-based compensation
1,376
-
Impairment of oil and gas properties
-
-
Unrealized loss on derivative financial
instruments
29,089
18,757
Other income
(262
)
(40
)
Non-recurring expense
1,150
197
Restructuring expenses
6
703
Adjusted EBITDAX
$
23,725
$
22,870
Adjusted Net Income (Loss)
Adjusted net (loss) income comparable to analysts’ estimates as
set forth in this release represents income or loss before income
taxes adjusted for certain non-cash items (detailed in the
accompanying table) less income taxes. We believe adjusted net
(loss) income is calculated on the same basis as analysts’
estimates and that many investors use this published research in
making investment decisions and evaluating operational trends of
the Company and its performance relative to other oil and gas
producing companies.
The following table presents a reconciliation of Adjusted Net
(Loss) Income to the GAAP financial measure of net loss before
taxes for each of the periods indicated.
Lonestar Resources US
Inc.
Unaudited Reconciliation of
Loss Before Taxes As Reported To Income (Loss) Before Taxes
Excluding Certain Items, a non-GAAP measure (Adjusted Net Income
(Loss))
Successor
Successor
Three Months
Three Months
($ in thousands)
Ended June 30, 2021
Ended March 31, 2021
Loss before income taxes, as
reported
$ (17,817)
$ (6,322)
Adjustments for special items:
Stock-based compensation
1,376
-
Unrealized hedging loss
29,089
18,757
Other
(262)
(40)
Restructuring expenses
6
703
Non-recurring expense
1,150
197
Income before income taxes, as
adjusted
13,542
13,295
Income tax (expense) (a)
(2,844)
(2,792)
Net income excluding certain items, a
non-GAAP measure
$ 10,698
$ 10,503
- Effective tax rate for 2021 is estimated to be approximately
21%.
Discretionary Fee Cash Flow (“DCF”)
Discretionary cash flow is defined as net cash provided by
operating activities before changes in operating assets and
liabilities. Management believes that the non-US GAAP measure of
discretionary cash flow is useful as an indicator of an oil and
natural gas exploration and production company's ability to
internally fund exploration and development activities and to
service or incur additional debt. The company has also included
this information because changes in operating assets and
liabilities relate to the timing of cash receipts and disbursements
which the company may not control and may not relate to the period
in which the operating activities occurred. Operating cash flow
should not be considered in isolation or as a substitute for net
cash provided by operating activities prepared in accordance with
US GAAP.
Successor
Successor
Three Months
Three Months
($ in thousands)
Ended June 30, 2021
Ended March 31, 2021
Adjusted EBITDAX
$
23,725
$
22,870
Plus:
Cash Interest Expense, Net (1)
(3,864
)
(3,624
)
Current Income Tax Expense
-
(160
)
Discretionary Cash Flow
$
19,861
$
19,086
Less:
Capital Expenditures
(26,285
)
(12,123
)
Free Cash Flow
$
(6,424
)
$
6,963
1 Cash interest is presented on an accrual
basis and excludes non-cash amortization expense
Lonestar Resources US
Inc.
Unaudited Results of
Operations
In thousands, except per share and unit
data
Successor
Predecessor
Successor
Predecessor
Three Months Ended June 30,
2021
Three Months Ended June 30,
2020
Six Months Ended June 30,
2021
Six Months Ended June 30,
2020
Operating Results
Net loss attributable to common
stockholders
$
(17,817
)
$
(42,901
)
$
(24,139
)
$
(155,950
)
Net loss per common share – basic
(1.77
)
(1.70
)
(2.40
)
(6.20
)
Net loss per common share – diluted
(1.77
)
(1.70
)
(2.40
)
(6.20
)
Net cash provided by operating
activities
25,514
16,576
27,397
30,411
Revenues
Oil
$
36,369
$
11,976
$
64,234
$
41,986
NGLs
4,940
1,762
9,239
4,362
Natural gas
4,718
3,482
12,365
7,902
Total revenues
$
46,027
$
17,220
$
85,838
$
54,250
Total production volumes by
product
Oil (Bbls)
566,379
579,179
1,066,377
1,237,680
NGLs (Bbls)
219,247
267,462
414,935
570,933
Natural gas (Mcf)
1,759,213
2,203,209
3,188,404
4,313,625
Total barrels of oil equivalent (6:1)
1,078,828
1,213,843
2,012,713
2,527,551
Daily production volumes by
product
Oil (Bbls/d)
6,224
6,365
5,859
6,800
NGLs (Bbls/d)
2,409
2,939
2,280
3,137
Natural gas (Mcf/d)
19,332
24,211
17,519
23,701
Total barrels of oil equivalent
(BOE/d)
11,855
13,339
11,059
13,888
Average realized prices
Oil ($ per Bbl)
$
64.21
$
20.16
$
60.24
$
33.92
NGLs ($ per Bbl)
22.53
6.59
22.27
7.64
Natural gas ($ per Mcf)
2.68
1.58
3.88
1.83
Total oil equivalent, excluding the effect
from commodity derivatives ($ per BOE)
42.66
14.19
42.65
21.46
Total oil equivalent, including the effect
from commodity derivatives ($ per BOE)
32.65
31.22
34.59
32.88
Operating and other expenses
Lease operating
$
3,933
$
4,028
$
8,379
$
11,667
Gas gathering, processing and
transportation
1,520
875
3,062
3,025
Production and ad valorem taxes
2,497
1,721
4,917
4,091
Depreciation, depletion and
amortization
5,860
16,575
11,169
40,929
General and administrative
5,962
5,981
9,939
8,856
Interest expense
4,323
10,512
8,430
22,122
Operating and other expenses per
BOE
Lease operating
$
3.65
$
3.32
$
4.16
$
4.62
Gas gathering, processing and
transportation
1.41
0.72
1.52
1.20
Production and ad valorem taxes
2.31
1.42
2.44
1.62
Depreciation, depletion and
amortization
5.43
13.65
5.55
16.19
General and administrative
5.53
4.93
4.94
3.50
Interest expense
4.01
8.66
4.19
8.75
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210810005997/en/
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