Sabine Oil & Gas LLC Announces 2013 Second Quarter Financial and Operational Results
HOUSTON, Aug. 21, 2013 /PRNewswire/ -- Sabine Oil & Gas LLC today reported its unaudited second quarter 2013 financial and operating results.
(Logo: http://photos.prnewswire.com/prnh/20130325/MM83201LOGO)
Key Second Quarter Results:
- Record oil production of 3,335 Bbl/d, a 21% increase over the first quarter of 2013 and a 307% increase over the second quarter of 2012. Total production of 165 MMcfe/d represents a 19% increase over the second quarter of 2012.
- Oil and natural gas liquids production volumes comprised 27% of total production and 48% of revenues for the quarter.
- In the Eagle Ford Shale, the Company completed four wells during the quarter in the South Shiner area of North DeWitt County. The results of these wells will be evaluated for several months before further reporting. The Company has also completed its first four pad-wells on the Sugarkane block and is currently flowing back the wells with encouraging initial results.
- The Company completed two Cotton Valley horizontal wells during the quarter. One of these wells produced at an average rate of over 11.7 MMcf/d of gas, 90 Bbl/d of oil and 730 Bbl/d of NGL for a 30-day period. The other well produced at an average rate of over 6 MMcf/d, 30 Bbl/d of oil and 420 Bbl/d of NGL for a 30-day period. In light of these very economic results and our extensive drilling inventory, the Company has dedicated a drilling rig to the Cotton Valley.
- The Company completed five of the fifteen Haynesville Shale wells covered under the joint development agreement that was executed in the first quarter of 2013. The five wells combined reached an average 24-hour production rate of over 9.5 MMcf/d, and an average 30-day production rate of over 8.8 MMcf/d.
- Subsequent to June 30, the Company completed two Granite Wash wells which are producing at an average gross production rate of over 1,300 BOEPD (~75% oil).
Results of the Second Quarter 2013
Production volumes during the three months ended June 30, 2013 were 14.9 Bcfe, an increase of 2.4 Bcfe or approximately 19% from second quarter 2012 production. The increase in production is primarily due to an increase in oil and natural gas liquids production attributable to our North Texas and South Texas acquisitions and our active and successful development program in these regions.
Revenues from production of natural gas, oil and natural gas liquids increased from $38.6 million in the second quarter of 2012 to $81.4 million in the second quarter of 2013, an increase of 111%. This increase of $42.8 million was a result of an increase in average prices per Mcfe of 78%, coupled with an increase in production of 19%.
During the second quarter of 2013, the Company's realized average price for natural gas including hedges was $4.70 per Mcf, or $0.79 per Mcf higher than the Company's unhedged realized average price of $3.91 per Mcf. The Company's realized average price of oil including hedges was $89.08 per Bbl, or $1.97 per Bbl lower than the Company's unhedged realized average price of $91.05 per Bbl. In the second quarter of 2013, our hedged volumes were approximately 85% and 60% of our natural gas and oil volumes, respectively. Effective May 8th 2013, the Company elected to de-designate all commodity contracts that were previously designated as cash flow hedges and elected to discontinue hedge accounting prospectively. As a result of discontinuing hedge accounting, the Company recognized the settlements on derivative instruments for April and May of 2013 of $5.2 million under "Gain on derivative instruments" in the revenue section and recorded settlements on derivative instruments for June of 2013 of $2.7 million under "Net gain (loss) on derivative instruments" in the Other income (expense) section. In the second quarter of 2012, our hedged volumes were approximately 66% and 43% of our natural gas and oil volumes, respectively, which resulted in a realized gain on such derivative instruments of $31.7 million.
Lease operating expenses decreased from $11.3 million in the second quarter of 2012 to $10.1 million in the second quarter of 2013, a decrease of 11%. The decrease in lease operating expense was primarily due to the absence of certain one-time compliance and environmental costs that were incurred in the second quarter of 2012 related to property acquisitions made in East Texas during 2011, and the sale of our Rockies properties during the second quarter of 2012. Lease operating expenses decreased from $0.90 per Mcfe in the second quarter of 2012 to $0.68 per Mcfe in the second quarter of 2013.
Marketing, gathering, transportation and other expenses decreased from $4.2 million in the second quarter of 2012 to $3.7 million in the second quarter of 2013, a decrease of 10%. The decrease was due to a decrease in East Texas production volumes by 8% and the sale of the Rockies assets in 2012. Marketing, gathering, transportation and other expenses decreased on a per unit basis from $0.33 per Mcfe in the second quarter of 2012 to $0.25 per Mcfe in the second quarter of 2013.
Production and ad valorem taxes increased from $1.3 million in the second quarter of 2012 to $4.1 million in the second quarter of 2013, an increase of 222%, due partially to the timing of the approval of high cost gas tax exemptions that were received in 2012 as well as increased production in our North Texas and South Texas regions. The Company expects future volatility with production taxes as a result of timing of approval for the aforementioned exemptions. Production taxes as a percentage of natural gas and oil revenues were 5% and 3% for the second quarter of 2013 and 2012, respectively.
General and administrative expenses increased from $4.5 million in the second quarter of 2012 to $6.8 million in the second quarter of 2013, an increase of $2.3 million, or 49%, primarily as a result of increased legal and consulting fees related to various current year projects and increased headcount associated with an expanded drilling program. General and administrative expenses increased from $0.36 per Mcfe in the second quarter of 2012 to $0.45 per Mcfe in the second quarter of 2013.
Depletion, depreciation and amortization ("DD&A") increased from $24.3 million in the second quarter of 2012 to $32.9 million in the second quarter of 2013, an increase of $8.6 million. DD&A increased from $1.94 per Mcfe in the second quarter of 2012 to $2.21 per Mcfe in the second quarter of 2013, or an increase of 14%. Increase in the DD&A rate was primarily the result of a decrease in our estimated SEC proved reserves due to performance revisions and the reclassification of proved natural gas reserves to unproved under the SEC five-year rule as a consequence of our decision to refocus our future development capital towards more oil-weighted properties. This decrease was partially offset by the impact of our December 2012 acquisitions and increased production.
In the second quarter of 2012, there were non-cash impairment charges related to oil and natural gas properties of $289.1 million and impairment charges for gas gathering and processing equipment of $2.6 million. There were no material impairments recognized in the second quarter of 2013 as a result of a favorable change in the average unweighted first day of the month pricing for the 12 months ended June 30, 2012 of $3.15 per MMbtu compared to $3.44 per MMbtu as of June 30, 2013.
Interest expense increased from $11.4 million for the second quarter of 2012 to $25.0 million for the second quarter of 2013, an increase of $13.6 million, primarily as a result of entrance into the Term Loan in December 2012. Additionally, as required under GAAP, we capitalized $3.0 million and $1.1 million of interest expense for the three months ended June 30, 2013 and 2012, respectively.
During the second quarter of 2013, net gain on derivative contracts was $24.3 million as compared to a net loss on derivatives of $3.9 million for the second quarter of 2012. The amount of future gain or loss recognized on derivative instruments is dependent upon future commodity prices.
The Company made a one- time payment to Nabors Industries Ltd. ("Nabors") in the amount of $10 million in order to satisfy Sabine Oil & Gas Holdings LLC's payment obligation to Nabors in conjunction with its equity interest sale in December 2012.
Results of the six months ended June 30, 2013
Production volumes during the six months ended June 30, 2013 were 27.5 Bcfe, an increase 1.3 Bcfe or approximately 5% from the six months ended June 30, 2012 production. The increase in production is primarily due to an increase in oil and natural gas liquids production attributable to our North Texas and South Texas acquisitions and our active and successful development program in these regions, offset by lower East Texas volumes and sale of the Rockies' assets.
Revenues from production of natural gas, oil and natural gas liquids increased from $87.5 million in the first six months of 2012 to $148.9 million in the first six months of 2013, an increase of 70%. This increase of $61.4 million was a result of an increase in average prices per Mcfe of 62% coupled with an increase in production of 5%.
During the six months ended June 30, 2013, the Company's realized average price for natural gas including hedges was $4.95 per Mcf, or $1.21 per Mcf higher than the Company's unhedged realized average price of $3.74 per Mcf. The Company's realized average price of oil including hedges was $90.22 per Bbl, or $2.09 per Bbl lower than the Company's unhedged realized average price of $92.31 per Bbl. In the first six months of 2013, our hedged volumes were approximately 89% and 61% of our natural gas and oil volumes, respectively. Effective May 8th 2013, the Company elected to de-designate all commodity contracts that were previously designated as cash flow hedges and elected to discontinue hedge accounting prospectively. As a result of discontinuing hedge accounting, the Company recognized the settlements on derivative instruments from January 2013 to May of 2013 of $20.2 million under "Gain on derivative instruments" in the revenue section and recorded settlements on derivative instruments for June of 2013 of $2.7 million under "Net gain (loss) on derivative instruments" in the Other income (expense) section. In the first six months of 2012, our hedged volumes were approximately 63% and 44% of our natural gas and oil volumes, respectively, which resulted in a realized gain on such derivative instruments of $58.1 million.
Lease operating expenses decreased from $23.3 million in the first six months of 2012 to $19.7 million in the first six months of 2013, a decrease of 15%. The decrease in lease operating expense was primarily due to the absence of certain one-time compliance and environmental costs that were incurred in the first six months of 2012 related to property acquisitions made in East Texas during 2011, and the sale of our Rockies properties during the second quarter of 2012. Lease operating expenses decreased from $0.89 per Mcfe in the first six months of 2012 to $0.72 per Mcfe in the first six months of 2013.
Marketing, gathering, transportation and other expenses decreased from $8.8 million in the first six months of 2012 to $8.2 million in the first six months of 2013, a decrease of 6%. The decrease was due to a decrease in East Texas production volumes of 19% and the sale of the Rockies assets in 2012. Marketing, gathering, transportation and other expenses decreased on a per unit basis from $0.34 per Mcfe in the first six months of 2012 to $0.30 per Mcfe in the first six months of 2013.
Production and ad valorem taxes increased from $3.1 million in the first six months of 2012 to $7.6 million in the first six months of 2013, an increase of 145%, due partially to the timing of the approval of high cost gas tax exemptions that were received in 2012 as well as increased production in our North Texas and South Texas regions. The Company expects future volatility with production taxes as a result of timing of approval for the aforementioned exemptions. Production taxes as a percentage of natural gas and oil revenues were 5% and 4% for the first six months of 2013 and 2012, respectively.
General and administrative expenses increased from $10.2 million in the first six months of 2012 to $12.9 million in the first six months of 2013, an increase of $2.7 million, or 26%, primarily as a result of increased legal and consulting fees related to various current year projects and increased headcount associated with an expanded drilling program. General and administrative expenses increased from $0.39 per Mcfe in the first six months of 2012 to $0.47 per Mcfe in the first six months of 2013.
DD&A increased from $51.3 million in the first six months of 2012 to $60.2 million in the first six months of 2013, an increase of $8.9 million. DD&A increased from $1.96 per Mcfe in the first six months of 2012 to $2.19 per Mcfe in the first six months of 2013, or an increase of 12%. Increase in the DD&A rate is primarily the result of a decrease in our estimated SEC proved reserves due to performance revisions and the reclassification of proved natural gas reserves to unproved under the SEC five-year rule as a consequence of our decision to refocus our future development capital towards our more oil-weighted properties. This decrease was partially offset by the impact of our December 2012 acquisitions and increased production.
In the first six months of 2012, there were non-cash impairment charges related to oil and natural gas properties of $420.5 million, impairment charges for gas gathering and processing equipment of $11.5 million and impairment charges for other assets of $0.3 million. In the first six months of 2013, there were non-cash impairment charges related to oil and natural gas properties of $12.7 million. These 2013 impairment charges were recognized in the first quarter of 2013 and there were no material impairments recognized in the second quarter of 2013 as a result of favorable average unweighted first day of the month pricing for the 12 months ended June 30, 2012 of $3.15 per MMbtu versus $3.44 per MMbtu as of June 30, 2013 as well as favorable performance from our 2013 development activities.
Interest expense increased from $23.1 million for the first six months of 2012 to $48.3 million for the first six months of 2013, an increase of $25.2 million, primarily as a result of entrance into the Term Loan in December 2012. Additionally, as required under GAAP, we capitalized $6.9 million and $2.2 million of interest expense for the first six months of 2013 and 2012, respectively.
During the first six months of 2013, net gain on derivatives of $18.7 million compared to a net loss on derivatives of $3.9 million for the first six months of 2012. The amount of future gain or loss recognized on derivative instruments is dependent upon future commodity prices.
The Company made a one- time payment to Nabors Industries Ltd. ("Nabors") in the amount of $10 million in order to satisfy Sabine Oil & Gas Holdings LLC's payment obligation to Nabors in conjunction with its equity interest sale in December 2012.
Debt/Liquidity
As of June 30, 2013, our borrowing base under our First Lien Credit Facility was $550 million, and we had an outstanding balance of approximately $309 million, net of cash on hand. As of August 20, 2013, the Company had an outstanding revolver balance of $360 million, net of cash on hand.
Hedging:
For the remainder of 2013 (July – December), the Company has NYMEX hedges in place on approximately 124,300 MMbtu/d of its projected natural gas production, at a weighted average price of $4.81/ MMBtu, and 3,190 Bbl/day of oil production at a weighted average price of $93.62/bbl. For the calendar year of 2014, the Company has hedge contracts in place for 115,000 MMbtu/d of its projected natural gas production at a weighted average price of $4.31/MMbtu, and 2,950 Bbl/day of oil production at a weighted average price of $90.40/bbl.
Sabine will host a conference call at 10:00am. CDT on August 21, 2013. To participate in the call, dial 1-888-606-5934 and international participants should dial 1-517-308-9375. The participant passcode is SABINE2013. A replay of the conference call will be available through the Company's website at http://www.sabineoil.com for the second quarter ended June 30, 2013.
Sabine Oil & Gas LLC is an independent energy company engaged in the acquisition, production, exploration and development of onshore oil and natural gas properties in the United States. Our current operations are principally located in the Cotton Valley Sand and Haynesville Shale in East Texas, the Eagle Ford Shale in South Texas and the Granite Wash and Cleveland Sand in the Texas Panhandle.
This press release includes "forward-looking statements." All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements include, but are not limited to forward-looking statements about plans, strategies, objectives and anticipated financial and operating results of the Company, including the Company's drilling program, production, hedging activities, capital expenditure levels and other guidance. These statements are based on certain assumptions made by the Company based on management's experience and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. These risks include, but are not limited to, commodity price volatility, inflation, lack of availability of drilling and production equipment and services, environmental risks, drilling and other operating risks, regulatory changes, the uncertainty inherent in estimating natural gas and oil reserves and in projecting future rates of production, cash flow, access to capital and the timing of development expenditures. For a detailed list of the Company's risk factors, please consult the Company's Annual Report and subsequent quarterly reports posted at www.sabineoil.com and other press releases.
Any forward-looking statement speaks only as of the date on which such statement is made and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise.
| Sabine Oil & Gas LLC |
||||||||
| Operational and Financial Statistics (unaudited) |
||||||||
| Three Months Ended |
Six Months Ended |
|||||||
| June 30, |
June 30, |
|||||||
| 2013 |
2012 |
2013 |
2012 |
|||||
| Oil, natural gas and NGL sales by product (in thousands): |
||||||||
| Natural gas |
$ 42,048 |
$ 23,026 |
$ 74,118 |
$ 52,263 |
||||
| Oil |
27,634 |
6,970 |
51,153 |
14,125 |
||||
| NGL |
11,674 |
8,584 |
23,608 |
21,089 |
||||
| Total |
$ 81,356 |
$ 38,580 |
$ 148,879 |
$ 87,477 |
||||
| Production data: |
||||||||
| Natural gas (Bcf) |
10.76 |
10.70 |
19.79 |
22.38 |
||||
| Oil (MBbl) |
303.50 |
74.66 |
554.17 |
144.51 |
||||
| NGL (MBbl) |
383.88 |
227.21 |
724.80 |
489.07 |
||||
| Combined (Bcfe)(1) |
14.88 |
12.51 |
27.46 |
26.18 |
||||
| Average prices before effects of economic hedges (2): |
||||||||
| Natural gas (per Mcf) |
$3.91 |
$2.15 |
$3.74 |
$2.33 |
||||
| Oil (per Bbl) |
$91.05 |
$93.35 |
$92.31 |
$97.74 |
||||
| NGL (per Bbl) |
$30.41 |
$37.78 |
$32.57 |
$43.12 |
||||
| Combined (per Mcfe)(1) |
$5.47 |
$3.08 |
$5.42 |
$3.34 |
||||
| Average realized prices after effects of economic hedges (2): |
||||||||
| Natural gas (per Mcf) |
$4.70 |
$5.06 |
$4.95 |
$4.88 |
||||
| Oil (per Bbl) |
$89.08 |
$93.35 |
$90.22 |
$97.74 |
||||
| NGL (per Bbl) |
$30.41 |
$37.78 |
$32.57 |
$43.12 |
||||
| Combined (per Mcfe)(1) |
$6.00 |
$5.57 |
$6.25 |
$5.51 |
||||
| Average costs (per Mcfe)(1): |
||||||||
| Lease operating |
$0.68 |
$0.90 |
$0.72 |
$0.89 |
||||
| Workover |
$0.00 |
$0.04 |
$0.01 |
$0.05 |
||||
| Marketing, gathering, transportation and other |
$0.25 |
$0.33 |
$0.30 |
$0.34 |
||||
| Production and ad valorem taxes |
$0.27 |
$0.10 |
$0.28 |
$0.12 |
||||
| General and administrative |
$0.45 |
$0.36 |
$0.47 |
$0.39 |
||||
| Depletion, depreciation and amortization |
$2.21 |
$1.94 |
$2.19 |
$1.96 |
||||
| (1) Oil production was converted at six Mcf per Bbl to calculate combined production and per Mcfe amounts. |
||||||||
| (2) Average prices shown in the table reflect prices both before and after the effects of our cash settlements on commodity hedging transactions. Our calculation of such effects includes gains or losses on cash settlements for commodity derivatives. |
||||||||
| Sabine Oil & Gas LLC |
|||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) |
|||||||||
| Three Months Ended June 30, |
Six Months Ended June 30, |
||||||||
| 2013 |
2012 |
2013 |
2012 |
||||||
| (in thousands) |
|||||||||
| Revenues |
|||||||||
| Oil, natural gas and natural gas liquids sales |
$81,356 |
$38,580 |
$148,879 |
$87,477 |
|||||
| Gain on derivative instruments |
5,205 |
31,669 |
20,209 |
58,074 |
|||||
| Other |
201 |
(12) |
374 |
(101) |
|||||
| Total revenues |
86,762 |
70,237 |
169,462 |
145,450 |
|||||
| Operating expenses |
|||||||||
| Lease operating |
10,072 |
11,284 |
19,708 |
23,285 |
|||||
| Workover |
31 |
489 |
261 |
1,259 |
|||||
| Marketing, gathering, transportation and other |
3,744 |
4,177 |
8,220 |
8,789 |
|||||
| Production and ad valorem taxes |
4,077 |
1,265 |
7,568 |
3,083 |
|||||
| General and administrative |
6,765 |
4,528 |
12,930 |
10,234 |
|||||
| Depletion, depreciation and amortization |
32,893 |
24,267 |
60,177 |
51,296 |
|||||
| Accretion |
218 |
237 |
428 |
481 |
|||||
| Impairments |
4 |
291,698 |
12,723 |
432,301 |
|||||
| Total operating expenses |
57,804 |
337,945 |
122,015 |
530,728 |
|||||
| Other income (expenses) |
|||||||||
| Interest expense |
(24,978) |
(11,421) |
(48,296) |
(23,060) |
|||||
| Net gain (loss) on derivative instruments |
27,284 |
(4,488) |
21,812 |
(5,127) |
|||||
| Other income (expenses) |
(9,971) |
23 |
(9,960) |
(306) |
|||||
| Total other income (expenses) |
(7,665) |
(15,886) |
(36,444) |
(28,493) |
|||||
| Net income (loss) including noncontrolling interests |
21,293 |
(283,594) |
11,003 |
(413,771) |
|||||
| Less: Net income applicable to noncontrolling interests |
- |
3 |
- |
30 |
|||||
| Net income (loss) applicable to controlling interests |
$ 21,293 |
$ (283,591) |
$ 11,003 |
$ (413,741) |
|||||
| Sabine Oil & Gas LLC |
||||||||
| ADJUSTED EBITDA (unaudited) |
||||||||
| Three Months Ended |
Six Months Ended |
|||||||
| June 30, |
June 30, |
|||||||
| 2013 |
2012 |
2013 |
2012 |
|||||
| (in thousands) |
||||||||
| Net income (loss) applicable to controlling interests |
$ 21,293 |
$ (283,591) |
$ 11,003 |
$ (413,741) |
||||
| Reconciliation to derive Adjusted EBITDA (1): |
||||||||
| Interest expense, net of capitalized interest |
24,978 |
11,421 |
48,296 |
23,060 |
||||
| Depletion, depreciation and amortization |
32,893 |
24,267 |
60,177 |
51,296 |
||||
| Option premium amortization |
(292) |
(14) |
(581) |
(28) |
||||
| Impairments |
4 |
291,698 |
12,723 |
432,301 |
||||
| Other (2) |
10,000 |
- |
10,001 |
333 |
||||
| Rent expense and amortization of deferred rent |
(62) |
(133) |
(195) |
(266) |
||||
| Accretion |
218 |
237 |
428 |
481 |
||||
| Net loss (gain) on derivative instruments |
(24,305) |
3,933 |
(18,731) |
3,982 |
||||
| Net income applicable to noncontrolling interests |
- |
(3) |
- |
(30) |
||||
| Adjusted EBITDA (1) |
$ 64,727 |
$ 47,815 |
$ 123,121 |
$ 97,388 |
||||
| Pro forma adjustments (3) |
- |
17,544 |
- |
36,381 |
||||
| Adjusted Pro forma EBITDA (1) (3) |
$ 64,727 |
$ 65,359 |
$ 123,121 |
$ 133,769 |
||||
| 1. |
Adjusted EBITDA are non-GAAP financial measures. We use Adjusted EBITDA as a supplemental financial measure. Adjusted EBITDA is calculated in a manner consistent with the indenture governing our 2017 Notes and our senior secured revolving credit facility as net income (loss) before interest, taxes, depreciation and amortization, as further adjusted to include other adjustments, such as impairment, accretion expense, non-cash hedge gains or losses and other non-cash charges and pro forma adjustments for acquisitions and divestitures that may not be comparable to similarly titled measures, employed by other companies. Adjusted EBITDA should not be considered in isolation or as a substitute for operating income, net income or loss, cash flows provided by operating, investing and financing activities, or other income or cash flow statement data prepared in accordance with GAAP. Adjusted EBITDA provide no information regarding a company's capital structure, borrowings, interest costs, capital expenditures, and working capital movement or tax position. Adjusted EBITDA do not represent funds available for discretionary use because those funds are required for debt service, capital expenditures, working capital, and other commitments and obligations. However, our management team believes Adjusted EBITDA are useful to an investor in evaluating our company because these measures: |
||||||||
| • |
are widely used by investors in the natural gas and oil industry to measure a company's operating performance without regard to items excluded from the calculation of such term, which can vary substantially from company to company depending upon accounting methods and book value of assets, capital structure and the method by which assets were acquired, among other factors; |
||||||||
| • |
help investors to more meaningfully evaluate and compare the results of our operations from period to period by removing the effect of our capital structure from our operating structure; and |
||||||||
| • |
are used by our management team for various purposes, including strategic planning and forecasting. Adjusted EBITDA is also the basis for covenants under the indenture governing our 2017 Notes regulating future debt issuance and restricted payments and pursuant to maintenance covenants under our senior secured revolving credit facility. |
||||||||
| 2. |
The Company was requested by Holdings to make a distribution of $10 million to Nabors, in June 2013 which is reflected in "Other income (expense)" in the Consolidated statement of Operations. |
||||||||
| 3. |
Pro forma adjustments reflect the impact of net revenues and operating expenses of our recent acquisitions as if they have occurred as of the beginning of the fiscal year of the acquisition. |
||||||||
| Sabine Oil & Gas LLC |
|||||
| Selected Balance Sheet Data (unaudited) |
|||||
| June 30, |
December 31, |
||||
| 2013 |
2012 |
||||
| (in thousands) |
|||||
| Assets: |
|||||
| Total current assets |
$ 105,310 |
$ 98,371 |
|||
| Total property plant and equipment, net |
1,460,960 |
1,345,626 |
|||
| Other non-current assets |
212,655 |
211,058 |
|||
| Total assets |
$ 1,778,925 |
$ 1,655,055 |
|||
| Liabilities and member's capital: |
|||||
| Total current liabilities |
$ 178,902 |
$ 85,920 |
|||
| Credit facility |
309,000 |
405,000 |
|||
| Term loan |
644,450 |
490,127 |
|||
| Senior notes |
347,725 |
347,411 |
|||
| Other non-current liabilities |
31,296 |
36,748 |
|||
| Total Liabilities |
1,511,373 |
1,365,206 |
|||
| Member's capital |
267,552 |
289,849 |
|||
| Total Liabilities and member's capital |
$ 1,778,925 |
$ 1,655,055 |
|||
| Selected Cash Flow Data |
|||||
| Six Months Ended June 30, |
|||||
| 2013 |
2012 |
||||
| (in thousands) |
|||||
| Net cash provided by operating activities |
$ 83,386 |
$ 79,392 |
|||
| Net cash used in investing activities |
(141,925) |
(72,215) |
|||
| Net cash provided by (used in) financing activities |
52,364 |
(10,164) |
|||
| Net decrease in cash and cash equivalents |
(6,175) |
(2,987) |
|||
| Cash and cash equivalents, beginning of period |
6,193 |
4,306 |
|||
| Cash and cash equivalents, end of period |
$ 18 |
$ 1,319 |
|||
SOURCE Sabine Oil & Gas LLC
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article