Page 12 - NorthAmOil Week 08

NorthAmOil
NEWS IN BRIEF
NorthAmOil
Oil volumes in the fourth quarter were sequentially higher, averaging 92,000 barrels per day. For the full year, Cimarex reported average daily oil volumes of 86,200 barrels, a 27% year-over-year increase. Cimarex produced 292,700 barrels of oil equivalent (boe) per day in the fourth quarter and averaged 278,500 boe per day for the year.
In the fourth quarter realised oil prices averaged $54.80 per barrel, up 11% from
the $49.30 per barrel received in the fourth quarter of 2018. Realised natural gas prices averaged $1.19 per 1,000 cubic feet (mcf), down 45% from the fourth quarter 2018 average of $2.16 per mcf. NGL prices averaged $14.13 per barrel, down 32% from the $20.71 per barrel received in the fourth quarter of 2018, but up 31% from the lows we saw in
the third quarter of 2019. For the full year, Cimarex realised $52.77 per barrel of oil, down 7% from 2018, $1.11 per mcf of natural gas and $13.55 per barrel of NGLs sold. CIMAREX ENERGY, February 19, 2020
SandRidge Energy reports financial and operational results for fourth-quarter and full-year 2019
SandRidge Energy today announced financial and operational results for the quarter and fiscal year ended December 31, 2019.
John Suter, Interim President and CEO commented: “This was a challenging year for SandRidge with financial results impacted by low and volatile commodity prices, particularly with regard to Mid-Continent natural gas and NGL realisations. To adapt, we adjusted capital spending for the fourth quarter by deferring projects to minimize outspend and generate moderate free cash
flow. Even with the deferral of fourth quarter projects, we delivered within or exceeded
all operational guidance metrics. Entering 2020, we remain focused on our strategy
to maximise value for our shareholders
by relentlessly driving cost reduction and pursuing only high return opportunities. Our reduced capital spending plan is expected
to generate positive free cash flow assuming $53 per barrel and $2.15 per mmBtu. We continue to remain flexible with contingent development plans should commodity prices improve.”
For the fourth quarter, the company reported a net loss of $249mn, or $7.01 per share, and net cash provided by operating activities of $26mn. After adjusting for certain items, the Company’s adjusted net loss amounted to $4mn, or $0.11 per share, operating cash flow totalled $31mn and adjusted Ebitda was $32mn for the quarter. SANDRIDGE ENERGY, February 26, 2020
Enerplus announces fourth
quarter and full year 2019
financial and operating
results, 2019 year-end
reserves and ESG targets
Enerplus Corporation today reported fourth quarter 2019 cash flow from operating activities of $188.5mn and adjusted funds flow of $178.9mn. Enerplus reported a fourth quarter 2019 net loss of $429.1mn, or $(1.93) per share. The company recognised
a $451.1mn non-cash goodwill impairment related to its Canadian reporting unit in the quarter. Excluding the goodwill impairment and certain other non-cash or non-recurring items, fourth quarter 2019 adjusted net
income was $34.4mn, or $0.15 per share. Full year 2019 cash flow from operating
activities was $694.2mn and adjusted funds flow was $709.0mn. The company reported a full year 2019 net loss of $259.7mn, or $(1.12) per share. Excluding the goodwill impairment and certain other non-cash or non-recurring items, full year 2019 adjusted net income was $243.2mn, or $1.05 per share.
“We delivered strong results in 2019 having generated double-digit production per share growth and returning over $200mn to shareholders,” stated Ian C. Dundas, president and chief executive officer. “We have positioned Enerplus to be resilient through commodity price cycles with our strong balance sheet, profitable growth
plan underpinned by financial returns
and focus on generating free cash flow. In addition, we believe that our commitment
to environmental, social and governance initiatives will further support long-term value creation.”
ENERPLUS, February 21, 2020
Continental Resources announces full-year 2019 and 4Q19 results; 2020 capital budget and guidance
Continental Resources, today announced its full-year 2019 and fourth quarter 2019 operating and financial results, as well as its 2020 capital expenditures budget and operating plan.
The company reported full-year 2019 net income of $775.6mn, or $2.08 per diluted share. The company’s net income includes certain items typically excluded by the investment community in published estimates, the result of which is referred
to as “adjusted net income.” For full-year 2019, typically excluded items in aggregate represented $63.1mn, or $0.17 per diluted share. Adjusted net income for full-year 2019 was $838.7mn, or $2.25 per diluted share (non-GAAP). Net cash provided by operating activities for full-year 2019 was $3.12bn and EBITDAX was $3.45bn (non-GAAP).
The company reported net income of $193.9mn, or $0.53 per diluted share, for
the quarter ended December 31, 2019. In fourth quarter 2019, typically excluded items in aggregate represented $9.7mn, or $0.02 per diluted share, of Continental’s reported net income. Adjusted net income for fourth quarter 2019 was $203.6mn, or $0.55 per
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Week 08 27•February•2020