Accessibility Statement Skip Navigation
  • Resources
  • Investor Relations
  • Journalists
  • +44 (0)20 7454 5110
  • Client Login
  • Send a Release
Return to PR Newswire homepage
  • News
  • Products
  • Contact
Search
When typing in this field, a list of search results will appear and be automatically updated as you type.

Searching for your content...

No results found. Please change your search terms and try again.

News Releases

view all
    • News in Focus
        • Browse News Releases

        • All Public Company News
        • All Multimedia News
        • View All News Releases

        • Regulatory News

        • D/A/CH Regulatory News
        • UK Regulatory News
        • View All Regulatory News

    • Business & Money
        • Auto & Transportation

        • Aerospace & Defense
        • Air Freight
        • Airlines & Aviation
        • Automotive
        • Maritime & Shipbuilding
        • Railroads & Intermodal Transportation
        • Supply Chain/Logistics
        • Transportation, Trucking & Railroad
        • Travel
        • Trucking & Road Transportation
        • View All Auto & Transportation

        • Business Technology

        • Blockchain
        • Broadcast Tech
        • Computer & Electronics
        • Computer Hardware
        • Computer Software
        • Data Analytics
        • Electronic Commerce
        • Electronic Components
        • Electronic Design Automation
        • Financial Technology
        • High Tech Security
        • Internet Technology
        • Nanotechnology
        • Networks
        • Peripherals
        • Semiconductors
        • View All Business Technology

        • Entertain­ment & Media

        • Advertising
        • Art
        • Books
        • Entertainment
        • Film & Motion Picture
        • Magazines
        • Music
        • Publishing & Information Services
        • Radio & Podcast
        • Television
        • View All Entertain­ment & Media

        • Financial Services & Investing

        • Accounting News & Issues
        • Acquisitions, Mergers & Takeovers
        • Banking & Financial Services
        • Bankruptcy
        • Bond & Stock Ratings
        • Conference Call Announcements
        • Contracts
        • Cryptocurrency
        • Dividends
        • Earnings
        • Earnings Forecasts & Projections
        • Financing Agreements
        • Insurance
        • Investments Opinions
        • Joint Ventures
        • Mutual Funds
        • Private Placement
        • Real Estate
        • Restructuring & Recapitalisation
        • Sales Reports
        • Shareholder Activism
        • Shareholder Meetings
        • Stock Offering
        • Stock Split
        • Venture Capital
        • View All Financial Services & Investing

        • General Business

        • Awards
        • Commercial Real Estate
        • Corporate Expansion
        • Earnings
        • Environmental, Social and Governance (ESG)
        • Human Resource & Workforce Management
        • Licensing
        • New Products & Services
        • Obituaries
        • Outsourcing Businesses
        • Overseas Real Estate (non-US)
        • Personnel Announcements
        • Real Estate Transactions
        • Residential Real Estate
        • Small Business Services
        • Socially Responsible Investing
        • Surveys, Polls & Research
        • Trade Show News
        • View All General Business

    • Science & Tech
        • Consumer Technology

        • Artificial Intelligence
        • Blockchain
        • Cloud Computing/Internet of Things
        • Computer Electronics
        • Computer Hardware
        • Computer Software
        • Consumer Electronics
        • Cryptocurrency
        • Data Analytics
        • Electronic Commerce
        • Electronic Gaming
        • Financial Technology
        • Mobile Entertainment
        • Multimedia & Internet
        • Peripherals
        • Social Media
        • STEM (Science, Tech, Engineering, Math)
        • Supply Chain/Logistics
        • Wireless Communications
        • View All Consumer Technology

        • Energy & Natural Resources

        • Alternative Energies
        • Chemical
        • Electrical Utilities
        • Gas
        • General Manufacturing
        • Mining
        • Mining & Metals
        • Oil & Energy
        • Oil & Gas Discoveries
        • Utilities
        • Water Utilities
        • View All Energy & Natural Resources

        • Environ­ment

        • Conservation & Recycling
        • Environmental Issues
        • Environmental Policy
        • Environmental Products & Services
        • Green Technology
        • Natural Disasters
        • View All Environ­ment

        • Heavy Industry & Manufacturing

        • Aerospace & Defence
        • Agriculture
        • Chemical
        • Construction & Building
        • General Manufacturing
        • HVAC (Heating, Ventilation & Air-Conditioning)
        • Machinery
        • Machine Tools, Metalworking & Metallurgy
        • Mining
        • Mining & Metals
        • Paper, Forest Products & Containers
        • Precious Metals
        • Textiles
        • Tobacco
        • View All Heavy Industry & Manufacturing

        • Telecomm­unications

        • Carriers & Services
        • Mobile Entertainment
        • Networks
        • Peripherals
        • Telecommunications Equipment
        • Telecommunications Industry
        • VoIP (Voice over Internet Protocol)
        • Wireless Communications
        • View All Telecomm­unications

    • Lifestyle & Health
        • Consumer Products & Retail

        • Animals & Pets
        • Beers, Wines & Spirits
        • Beverages
        • Bridal Services
        • Cannabis
        • Cosmetics & Personal Care
        • Fashion
        • Food & Beverages
        • Furniture & Furnishings
        • Home Improvement
        • Household, Consumer & Cosmetics
        • Household Products
        • Jewellery
        • Non-Alcoholic Beverages
        • Office Products
        • Organic Food
        • Product Recalls
        • Restaurants
        • Retail
        • Supermarkets
        • Toys
        • View All Consumer Products & Retail

        • Entertain­ment & Media

        • Advertising
        • Art
        • Books
        • Entertainment
        • Film & Motion Picture
        • Magazines
        • Music
        • Publishing & Information Services
        • Radio & Podcast
        • Television
        • View All Entertain­ment & Media

        • Health

        • Biometrics
        • Biotechnology
        • Clinical Trials & Medical Discoveries
        • Dentistry
        • FDA Approval
        • Fitness/Wellness
        • Health Care & Hospitals
        • Health Insurance
        • Infection Control
        • International Medical Approval
        • Medical Equipment
        • Medical Pharmaceuticals
        • Mental Health
        • Pharmaceuticals
        • Supplementary Medicine
        • View All Health

        • Sports

        • General Sports
        • Outdoors, Camping & Hiking
        • Sporting Events
        • Sports Equipment & Accessories
        • View All Sports

        • Travel

        • Amusement Parks & Tourist Attractions
        • Gambling & Casinos
        • Hotels & Resorts
        • Leisure & Tourism
        • Outdoors, Camping & Hiking
        • Passenger Aviation
        • Travel Industry
        • View All Travel

    • Policy & Public Interest
        • Policy & Public Interest

        • Animal Welfare
        • Corporate Social Responsibility
        • Economic News, Trends & Analysis
        • Education
        • Environmental
        • European Government
        • Labour & Union
        • Natural Disasters
        • Not For Profit
        • Public Safety
        • View All Policy & Public Interest

    • People & Culture
        • People & Culture

        • Aboriginal, First Nations & Native American
        • African American
        • Asian American
        • Children
        • Diversity, Equity & Inclusion
        • Hispanic
        • Lesbian, Gay & Bisexual
        • Men's Interest
        • People with Disabilities
        • Religion
        • Senior Citizens
        • Veterans
        • Women
        • View All People & Culture

    • Explore Our Platform
    • Plan Campaigns
    • Create with AI
    • Distribute Press Releases
    • Report Results
    • Amplify Content
    • All Products
    • General Enquiries
    • Media Enquiries
    • Partnerships
    • Hamburger menu
    • Cision PR Newswire UK provides press release distribution, targeting, monitoring, and marketing services
    • Send a Release
      • Phone

      • +44 (0)20 7454 5110 from 8 AM - 5:30 PM GMT

      • ALL CONTACT INFO
      • Contact Us

        +44 (0)20 7454 5110
        from 8 AM - 5:30 PM GMT

    • Searching for your content...

      No results found. Please change your search terms and try again.

      News Releases

      view all
      Close menu
    • News
    • Products
    • Contact
      • Client Login
      • Send a Release
      • Resources
      • Journalists
      • 2 News in Focus
      • 5 Business & Money
      • 5 Science & Tech
      • 5 Lifestyle & Health
      • 1 Policy & Public Interest
      • 1 People & Culture
      • Client Login
      • Send a Release
      • Resources
      • Journalists
      • Explore Our Platform
      • Plan Campaigns
      • Create with AI
      • Distribute Press Releases
      • Report Results
      • Amplify Content
      • All Products
      • Client Login
      • Send a Release
      • Resources
      • Journalists
      • General Enquiries
      • Media Enquiries
      • Partnerships
      • Client Login
      • Send a Release
      • Resources
      • Journalists
      Close submenu (News in Focus) News in Focus
      • Browse News Releases
      • Regulatory News
      Close submenu (Business & Money) Business & Money
      • Auto & Transportation
      • Business Technology
      • Entertain­ment & Media
      • Financial Services & Investing
      • General Business
      Close submenu (Science & Tech) Science & Tech
      • Consumer Technology
      • Energy & Natural Resources
      • Environ­ment
      • Heavy Industry & Manufacturing
      • Telecomm­unications
      Close submenu (Lifestyle & Health) Lifestyle & Health
      • Consumer Products & Retail
      • Entertain­ment & Media
      • Health
      • Sports
      • Travel
      Close submenu (Policy & Public Interest) Policy & Public Interest
      • Policy & Public Interest
      Close submenu (People & Culture) People & Culture
      • People & Culture

      Endeavour Announces 2012 Second Quarter Operational and Financial Results


      News provided by

      Endeavour International Corporation

      02 Aug, 2012, 06:00 GMT

      Share this article

      Share this article


      - Second Bacchus Well On-line

      - Rochelle Development Drilling Begins

      HOUSTON, Aug. 2, 2012 /PRNewswire/ -- Endeavour International Corporation (NYSE: END) (LSE: ENDV) today announced production for the second quarter 2012 averaged approximately 6,400 barrels of oil equivalent per day ("boepd") compared to 3,200 boepd in the same period last year. The Company also announced production from the second Bacchus well and commencement of drilling operations at Rochelle, Endeavour's operated development in the Central North Sea.

      Business highlights include:

      • North Sea:
        • At Bacchus, the second well is online and is currently producing at approximately 8,500 gross barrels of oil per day ("bopd")
        • At Rochelle, the Diamond Ocean Nomad arrived on location to commence drilling operations
        • A new Alba infill well was brought on production in late June
        • The acquisition of the additional 23.43% working interest in the Alba field from ConocoPhillips was completed
        • MacCulloch and Nicol are anticipated to close in late third/early fourth quarter
      • U.S. Onshore:
        • Drilling in the Heath oil shale play will commence in the coming months  

      "The last several months have seen Endeavour accomplish several of its goals for 2012. The completion of the acquisition of Alba was a major accomplishment for the Company. Alba is now the largest asset in our portfolio and provides a strong base of continuing production. The strong results from the second Bacchus well re-enforces our belief in the reservoir and its long-term potential," said William L. Transier, chairman, chief executive officer and president. "For the second half of the year, we remain focused on our remaining objectives including closing the acquisition of MacCulloch and Nicol and start-up of production at Rochelle."

      Operational Update

      United Kingdom

      At the Bacchus field, Block 22/06a in the Central North Sea, the second development well started production on July 29, 2012. The latest horizontal well, Bacchus West, penetrated Jurassic-aged Fulmar reservoir sandstones and logged 889 feet (measured depth) of net pay in three sections. The well is currently producing approximately 8,500 gross bopd at significantly restricted choke rates. Current combined production from the two Bacchus wells is approximately 13,000 bopd. With the additional positive information gained from the second development well, the Bacchus partners have decided to observe reservoir performance before making a decision on the placement of the next development well to insure optimization of the entire reservoir. Endeavour has a 30% working interest in the Bacchus field.

      At Rochelle the contracted drilling rig, the Diamond Ocean Nomad, has arrived and commenced operations to drill the first of two planned development wells. Modifications to the Scott Platform, the off-take solution for the Rochelle development, are expected to be substantially completed during the third quarter in preparation for Rochelle production later in the year. Installation of the pipe and manifolds on the seabed is also scheduled to commence later in the third quarter. The Rochelle development continues on schedule for first production in the fourth quarter of 2012. Endeavour is operator and holds a 44% ownership interest in the Rochelle development which is comprised of Blocks 15/26b, 15/26c and 15/27.

      United Kingdom Business Development

      During the quarter, the Company completed the acquisition of the additional 23.43% working interest in the Alba field, the first of the three assets being acquired from ConocoPhillips. Alba represents a majority of the production and proved and probable reserves from the three fields. The remaining two assets, MacCulloch and Nicol are scheduled to close late in the third quarter/early fourth quarter of this year.

      Production for the second quarter reflects one month of Endeavour's 25.68% working interest in the Alba field. Entitlement production for Endeavour's increased ownership interest in Alba will be recorded as revenue in the third quarter, when the first lifting after the closing of the acquisition occurred.

      United States Onshore

      In the Heath Shale tight oil play, the Company and its partners have completed the core and log data analysis from four vertical pilot wells drilled in 2011. The partnership has prioritized the wells to be re-entered and is in the process of securing a rig to drill the first lateral in the coming months.

      There is currently no drilling activity underway in the Company's U.S. gas fields in the Louisiana, Haynesville or the Pennsylvania, Marcellus. U.S. net daily production averaged 15.2 MMCFe/D for the second quarter and 16.8 MMCFe/D for the first half of 2012.

      2012 Second Quarter Finance and Operating Results

      The Company reported second quarter adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) increased to $8.4 million in the second quarter this year from $7.6 million in the second quarter a year ago. On a GAAP basis, for the second quarter of 2012 net loss was $50.8 million as compared to net loss of $15.6 million for the same quarter in 2011.

      In May, Endeavour completed the additional working interest in the Alba field. As a result $460 million, representing the funds available from the Company's high yield notes offering, were released from escrow and the Senior Term Loan was retired. The remaining amounts were used in the payment of the purchase price for Alba.

      Interest expense for the second quarter includes several non-recurring items. The Company incurred two months of double interest expense during the quarter as both the high yield notes and the Senior Term Loan were outstanding in April and May. The Senior Term Loan was retired at the end of May. Interest expense was also impacted during the quarter by the write-off of the deferred financing charges for the Senior Term Loan of approximately $15 million. On a going forward basis, cash interest expense should average approximately $20 million per quarter.

      In June, Endeavour completed the sale of 8.625 million shares of common stock, including the underwriters' overallotment option, for net proceeds of approximately $61 million dollars. The funds from the offering are being used to fund the Company's development projects.

      In addition, Endeavour completed two agreements supporting Letters of Credit Facilities that replaced previously outstanding Letters of Credit and assisted in the closing of the additional working interest in Alba. The Company also completed and funded a new senior loan in the amount of $100 million during the quarter. The Company is engaged in the bank syndication process to put a new revolver in place that will encompass both the senior loan and to replace these two facilities at an appropriate time in the future.

      Earnings Conference Call, Thursday, August 2, 2012 at 9:00 a.m., Central Daylight Time, 3:00 p.m. British Summer Time

      Endeavour International will host a conference call and web cast to discuss its 2012 second quarter financial and operating results on Thursday, August 2, 2012 at 9 a.m. Central Daylight Time, 3 p.m. British Summer Time. To participate and ask questions during the conference call, dial the local country telephone number and the confirmation code 2480825. The toll-free numbers are 888-713-4494 in the United States and 0-808-101-1402 in the United Kingdom. Other international callers should dial 913-312-1384(tolls apply). To listen only to the live audio web cast access Endeavour's home page at http://www.endeavourcorp.com. A replay will be available beginning at 12:00 p.m. Central Daylight Time on August 2, 2012 through 12:00 p.m. on August 9, 2012 by dialing toll free 888-203-1112 (U.S.) or 719-457-0820 (international), confirmation code 2480825.

      Endeavour International Corporation is an oil and gas exploration and production company focused on the acquisition, exploration and development of energy reserves in the North Sea and the United States. For more information, visit http://www.endeavourcorp.com.

      Additional information for investors:

      Certain statements in this news release should be regarded as "forward-looking" statements within the meaning of the securities laws. These statements speak only as of the date made. Such statements are subject to assumptions, risk and uncertainty. Actual results or events may vary materially.

      The Securities and Exchange Commission (SEC) permits oil and gas companies, in their filings with the SEC, to disclose not only proved reserves, but also probable reserves and possible reserves that meet the SEC's definitions for such terms, and price and cost sensitivities for such reserves, and prohibits disclosure of resources that do not constitute such reserves. We use may use certain terms in our news releases, such as "reserve potential," that the SEC's guidelines strictly prohibit us from including in filings with the SEC. These estimates are by their nature more speculative than estimates of proved, probable and possible reserves and accordingly are subject to substantially greater risk of being actually realized. In addition, we do not represent that the probable or possible reserves described herein meet the recoverability thresholds established by the SEC in its new definitions. Investors are urged to also consider closely the disclosure in our filings with the SEC, available from our website at http://www.endeavourcorp.com/. Endeavour is also subject to the requirements of the London Stock Exchange and considers the disclosures in this release to be appropriate and/or required under the guidelines of that exchange.



      Endeavour International Corporation

      Condensed Consolidated Balance Sheets

      (Unaudited)

      (Amounts in thousands)






      June 30,



      December 31,





      2012



      2011

















      Assets

      Current Assets:







      Cash and cash equivalents

      $

      94,570


      $

      106,036


      Restricted cash


      178



      -


      Accounts receivable


      37,354



      8,649


      Prepaid expenses and other current assets


      42,042



      18,840



      Total Current Assets


      174,144



      133,525









      Property and Equipment, Net


      810,378



      549,196

      Goodwill


      258,973



      211,886

      Other Assets


      55,681



      30,384







      Total Assets

      $

      1,299,176


      $

      924,991







      Liabilities and Stockholders' Equity

      Current Liabilities:







      Accounts payable

      $

      87,596


      $

      62,275


      Current maturities of debt


      12,500



      12,350


      Accrued expenses and other


      36,844



      20,549



      Total Current Liabilities


      136,940



      95,174

















      Long-Term Debt


      797,285



      455,028

      Deferred Taxes


      106,022



      115,759

      Other Liabilities


      77,500



      61,248



      Total Liabilities


      1,117,747



      727,209









      Commitments and Contingencies














      Series C Convertible Preferred Stock


      43,703



      43,703









      Stockholders' Equity


      137,726



      154,079









      Total Liabilities and Stockholders' Equity


      $

      1,299,176


      $

      924,991






      Endeavour International Corporation

      Condensed Consolidated Statement of Operations

      (Unaudited)

      (Amounts in thousands, except per share data)





      Second Quarter


      Six Months Ended




      June 30,


      June 30,




      2012


      2011


      2012


      2011

      Revenues

      $

      23,003


      $

      19,053


      $

      38,169


      $

      33,157















      Cost of Operations:













      Operating expenses


      5,742



      6,352



      10,640



      11,392


      Depreciation, depletion and amortization


      10,627



      7,004



      18,533



      13,326


      Impairment of U.S. oil and gas properties


      19,960



      -



      35,700



      -


      General and administrative


      5,030



      4,948



      10,353



      9,662


      Total Expenses


      41,359



      18,304



      75,226



      34,380















      Income (Loss) From Operations


      (18,356)



      749



      (37,057)



      (1,223)















      Other Income (Expense):













      Derivatives:














      Unrealized gains (losses)


      3,805



      (6,448)



      (973)



      (1,984)


      Interest expense


      (46,916)



      (7,831)



      (66,624)



      (20,354)


      Interest income and other


      (3,676)



      (48)



      (6,346)



      (186)

      Total Other Expense


      (46,787)



      (14,327)



      (73,943)



      (22,524)















      Loss Before Income Taxes


      (65,143)



      (13,578)



      (111,000)



      (23,747)















      Income Tax Expense (Benefit)


      (14,335)



      2,026



      (24,929)



      (687)

      Net Loss


      (50,808)



      (15,604)



      (86,071)



      (23,060)

      Preferred Stock Dividends


      456



      506



      911



      1,052















      Net Loss to Common Stockholders

      $

      (51,264)


      $

      (16,110)


      $

      (86,982)


      $

      (24,112)















      Net Loss per Common Share:













      Basic and Diluted

      $

      (1.31)


      $

      (0.42)


      $

      (2.26)


      $

      (0.74)















      Weighted Average Number of Common Shares Outstanding:













      Basic and Diluted


      39,020



      38,612



      38,438



      32,714






      Endeavour International Corporation

      Condensed Consolidated Statement of Cash Flows

      (Unaudited)

      (Amounts in thousands)






      Six Months Ended June 30,





      2012


      2011

      Cash Flows from Operating Activities:







      Net loss

      $

      (86,070)


      $

      (23,060)


      Adjustments to reconcile net loss to net cash








      used in operating activities:








      Depreciation, depletion and amortization


      18,533



      13,326



      Impairment of U.S. oil and gas properties


      35,700



      -



      Deferred tax benefit


      (24,008)



      (875)



      Unrealized losses on derivatives


      973



      1,984



      Amortization of non-cash compensation


      3,114



      1,792



      Amortization of loan costs and discount


      21,724



      6,560



      Non-cash interest expense


      5,153



      5,928



      Other


      4,686



      2,789



      Changes in operating assets and liabilities


      (15,140)



      (32,311)

      Net Cash Used in Operating Activities


      (35,335)



      (23,867)









      Cash Flows From Investing Activities:







      Capital expenditures


      (116,458)



      (66,727)


      Acquisitions


      (228,105)



      (22,240)


      Increase in restricted cash


      (178)



      (1,347)

      Net Cash Used in Investing Activities


      (344,741)



      (90,314)










      Cash Flows From Financing Activities:







      Repayments of borrowings


      (244,565)



      (92,050)


      Borrowings under debt agreements, net of debt discount


      580,000



      -


      Financing costs paid


      (27,500)



      (654)


      Proceeds from issuance of common stock


      61,088



      118,444


      Dividends paid


      (416)



      (973)


      Other financing


      3



      376

      Net Cash Provided by Financing Activities


      368,610



      25,143










      Net Decrease in Cash and Cash Equivalents


      (11,466)



      (89,038)

      Cash and Cash Equivalents, Beginning of Period


      106,036



      99,267










      Cash and Cash Equivalents, End of Period

      $

      94,570


      $

      10,229





      Endeavour International Corporation

      Operating Statistics

      (Unaudited)







      Second Quarter


      Six Months Ended





      June 30,


      June 30,





      2012


      2011

      2012


      2011

      Sales volume (1)













      Oil and condensate sales (Mbbls):














      United Kingdom


      191



      125



      286



      225



      United States


      1



      1



      2



      2



      Total


      192



      126



      288



      227
















      Gas sales (MMcf):














      United Kingdom


      30



      34



      51



      78



      United States


      1,375



      1,012



      3,052



      1,976



      Total


      1,405



      1,046



      3,103



      2,054
















      Oil equivalent sales (MBOE)














      United Kingdom


      196



      131



      295



      238



      United States


      230



      169



      510



      332



      Total


      426



      300



      805



      570















      Total BOE per day


      4,677



      3,295



      4,426



      3,149















      Physical production volume (BOE per day) (1)














      United Kingdom


      3,910



      1,316



      2,401



      1,311



      United States


      2,527



      1,888



      2,804



      1,887



      Total


      6,437



      3,204



      5,205



      3,198














      Realized Price, before and after derivatives













      Oil and condensate price ($ per Bbl)

      $

      104.46


      $

      117.34


      $

      108.67


      $

      109.03


      Gas price ($ per Mcf)

      $

      2.14


      $

      4.13


      $

      2.20


      $

      4.07


      Equivalent oil price ($ per BOE)

      $

      54.05


      $

      63.54


      $

      47.39


      $

      58.18

      (1) We record oil revenues using the sales method, i.e. when delivery has occurred. Actual production may differ based on the timing of tanker liftings. Physical production may differ from sales volumes based on the timing of tanker liftings for our international sales. We use the entitlements method to account for sales of gas production.




      Endeavour International Corporation

      Reconciliation of GAAP to Non-GAAP Measures

      (Unaudited)

      (Amounts in thousands)


      As required under Regulation G of the Securities Exchange Act of 1934, provided below are reconciliations of net income (loss) to the following non-GAAP financial measures: net income, as adjusted and Adjusted EBITDA. We use these non-GAAP measures as key metrics for our management and to demonstrate our ability to internally fund capital expenditures and service debt. The non-GAAP measures are useful in comparisons of oil and gas exploration and production companies as they exclude non-operating fluctuations in assets and liabilities.

      (amounts in thousands)

      Second Quarter June 30,

      Six Months Ended June 30,


      2012

      2011

      2012

      2011

      Net loss

      $

      (50,808)

      $

      (15,604)

      $

      (86,071)

      $

      (23,060)

      Impairment of U.S. oil and gas properties
      (net of tax) (1)


      19,960


      -


      35,700


      -

      Unrealized (gain) loss (net of tax) (2)


      (4,355)


      6,259


      (207)


      790










      Net Loss as Adjusted

      $

      (35,203)

      $

      (9,345)

      $

      (50,578)

      $

      (22,270)










      Net loss

      $

      (50,808)

      $

      (15,604)

      $

      (86,071)

      $

      (23,060)

      Unrealized loss on derivatives


      (3,805)


      6,448


      973


      1,984

      Net interest expense


      46,794


      7,732


      66,445


      20,150

      Depreciation, depletion and amortization


      10,627


      7,004


      18,533


      13,326

      Impairment of U.S. oil and gas properties


      19,960


      -


      35,700


      -

      Income tax expense (benefit)


      (14,335)


      2,026


      (24,929)


      (687)










      Adjusted EBITDA

      $

      8,433

      $

      7,606

      $

      10,651

      $

      11,713


      (1) Since the impairments related to U.S. oil and gas properties, we recognized no tax benefits as there was no assurance that we could generate any U.S. taxable earnings.

      (2) Net of tax (benefit) expense of $550 and $189 and $1,180 and $1,195, respectively.



      Modal title

      Contact PR Newswire

      • +44 (0)20 7454 5110
        from 8 AM - 5:30 PM GMT
      • General Enquiries
      • Media Enquiries
      • Partnerships

      Products

      • Explore Our Platform
      • Plan Campaigns
      • Create with AI
      • Distribute Press Releases
      • Report Results
      • Amplify Content

      About

      • About PR Newswire
      • About Cision
      • Careers
      • Accessibility Statement
      • APAC
      • APAC - Simplified Chinese
      • APAC - Traditional Chinese
      • Brazil
      • Canada
      • Czech
      • Denmark
      • Finland
      • France
      • Germany
      • India
      • Indonesia
      • Israel
      • Japan
      • Korea
      • Mexico
      • Middle East
      • Middle East - Arabic
      • Netherlands
      • Norway
      • Poland
      • Portugal
      • Russia
      • Slovakia
      • Spain
      • Sweden
      • United States
      • Vietnam

      My Services

      • All News Releases
      • PR Newswire Amplify™
      • Resources
      • Journalists
      • Data Privacy

      Do not sell or share my personal information:

      • Submit via Privacy@cision.com 
      • Call Privacy toll-free: 877-297-8921

      Contact PR Newswire

      Products

      About

      My Services
      • All News Releases
      • Customer Portal
      • Resources
      • Journalists
      +44 (0)20 7454 5110
      from 8 AM - 5:30 PM GMT
      • Terms of Use
      • Privacy Policy
      • Information Security Policy
      • Site Map
      • RSS
      • Cookie Settings
      Copyright © 2026 PR Newswire Europe Limited. All Rights Reserved. A Cision company.