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Donnerstag, 03.08.2017 22:20 von PR Newswire | Aufrufe: 55

Gastar Exploration Announces Second Quarter 2017 Results

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PR Newswire

HOUSTON, Aug. 3, 2017

HOUSTON, Aug. 3, 2017 /PRNewswire/ -- Gastar Exploration Inc. (NYSE MKT: GST) ("Gastar" or the "Company") today reported financial and operating results for the three and six months ended June 30, 2017.

Second quarter 2017 highlights include:

Average daily production of 6,100 barrels of oil equivalent ("Boe") per day ("Boe/d"), exceeding high-end of guidance by 2%
Production volumes comprised of 73% liquids, in line with high-end of guidance
Mid-year proved reserves increased 18% over year-end 2016 proved reserves
Completion of the conversion of $37.5 million of convertible notes into 25,456,521 common shares

J. Russell Porter, Gastar's President and CEO, commented, "We continue to make progress delineating the Meramec and Osage formations across our acreage position. To date, we have drilled a total of 21 Meramec and 13 Osage wells across our STACK Play acreage. In addition, we have participated in numerous third-party wells within our footprint with initial production results that we believe confirm the quality of our acreage. With our operated wells and non-operated well participation, we have now accumulated a substantial amount of well and formation data regarding the STACK Play."

"We have decided to delay additional well completions across our acreage to allow Stephen Roberts, our newly appointed Chief Operating Officer, and his team the time necessary to evaluate recent results and determine the optimal completion procedures for our most recently drilled wells. This delay will allow us to implement refinements to our completion approach that are expected to improve production performance. We have already initiated enhancements and modifications to our drilling practices that have improved drilling times, eliminated certain drilling issues and reduced inefficiencies and costs. As we make similar changes to our completions, I expect much improved total drilling and completion costs as well as production performance that should be evident over the second half of this year."

"We are increasing our 2017 drilling capital budget by approximately $40 million, excluding land and other capitalized costs, to accommodate higher working interests in our operated wells, partially as a result of the termination of our drilling joint venture, more operated wells than originally budgeted and increased non-operated drilling activity. The higher drilling capital activity is resulting in an increase in our full-year mid-point production guidance by 700 Boe/d," concluded Porter.

Financial Review

Net loss attributable to Gastar's common stockholders for the second quarter of 2017 was $6.4 million, or a loss of $0.03 per share, compared to a second quarter 2016 net loss of $18.1 million, or a loss of $0.17 per share. Adjusted net loss attributable to common stockholders (non-GAAP), which excludes non-cash and unusual items, for the second quarter of 2017 was $9.8 million, or a loss of $0.05 per share, compared to an adjusted net loss attributable to common stockholders of $12.5 million, or a loss of $0.12 per share, for the second quarter 2016. (See the accompanying reconciliation of the non-GAAP financial measure adjusted net loss at the end of this news release.)

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Adjusted earnings before interest, income taxes, depreciation, depletion and amortization ("adjusted EBITDA") (non-GAAP) for the second quarter of 2017 was $9.8 million compared to adjusted EBITDA of $6.8 million for the second quarter of 2016 and $10.6 million for the first quarter of 2017. (See the accompanying reconciliation of the non-GAAP financial adjusted EBITDA at the end of this news release.)

Total Company revenues were $22.6 million in the second quarter of 2017, an 86% increase from $12.2 million in the second quarter of 2016 and a 21% increase from $18.7 million in the first quarter of 2017.

Revenues from oil, condensate, natural gas and natural gas liquids ("NGLs"), before the effects of commodity derivatives contracts, totaled $17.3 million in the second quarter of 2017, a 16% increase from $14.9 million in the second quarter of 2016 and a slight decrease from $17.4 million in the first quarter of 2017. The increase from second quarter of 2016 in oil, condensate, natural gas and NGLs revenues primarily resulted from a 21% increase in equivalent product pricing partially offset by a 4% decrease in equivalent production volumes. The slight decrease from first quarter 2017 revenues was due to a 9% decrease in equivalent product pricing offset by a 9% increase in equivalent production volumes.

Commodity hedges were in place for approximately 61% of our oil and condensate production, 59% of our natural gas production and 24% of our NGLs production for the second quarter of 2017. Commodity derivative contracts settled during the period resulted in a $2.0 million increase in revenue compared to a $565,000 increase in revenues in the second quarter of 2016.

The following table provides a summary of Gastar's overall average commodity prices for the three and six months ended June 30, 2017 and 2016:

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2017		2016		2017		2016⁽¹⁾

Average sales price per unit:
Oil and condensate per Bbl, including impact of hedging activities ⁽¹⁾	$	52.21	$	43.59	$	53.31	$	42.48
Oil and condensate per Bbl, excluding impact of hedging activities	$	45.94	$	41.82	$	47.28	$	33.91
Natural gas per Mcf, including impact of hedging activities ⁽¹⁾	$	2.51	$	1.84	$	2.85	$	1.65
Natural gas per Mcf, excluding impact of hedging activities	$	2.54	$	1.84	$	2.76	$	1.40
NGLs per Bbl, including impact of hedging activities ⁽¹⁾	$	19.41	$	12.62	$	21.74	$	9.38
NGLs per Bbl, excluding impact of hedging activities	$	17.02	$	12.02	$	19.45	$	6.98
Average sales price per Boe, including impact of hedging activities ⁽¹⁾	$	34.49	$	26.57	$	36.02	$	20.60
Average sales price per Boe, excluding impact of hedging activities	$	30.88	$	25.60	$	32.37	$	16.49


(1)	The impact of hedging includes only the gain (loss) on commodity derivative contracts settled during the periods presented.

For details on Gastar's current hedging position, please see our Form 10-Q for the quarter ended June 30, 2017 filed with the U.S. Securities and Exchange Commission ("SEC").

Average daily Mid-Continent production for the second quarter of 2017 was 6,100 Boe/d as compared to 6,200 Boe/d in the second quarter of 2016 and 5,700 Boe/d in the first quarter of 2017.

In the Mid-Continent area, average daily production in the second quarter of 2017 decreased 2% compared to the second quarter of 2016 and sequentially increased 7% primarily due to increased well completion activity. Second quarter 2017 Mid-Continent equivalent production consisted of approximately 73% liquids, comprised of 50% oil and 23% NGLs, up 2% from second quarter 2016 production and up 1% from first quarter 2017.

Lease operating expenses ("LOE") per Boe of production were $9.20 in the second quarter of 2017 versus $7.86 in the second quarter of 2016 and $9.93 in the first quarter of 2017, including workover costs. Excluding workover expense, LOE per Boe for the second quarter of 2017 was $8.49 as compared to $8.24 per BOE in the second quarter of 2016 and $7.73 per Boe for the first quarter of 2017.

General and administrative ("G&A") expense was $4.6 million in the second quarter of 2017 compared to $6.3 million in the second quarter of 2016 and $3.8 million in the first quarter of 2017. G&A expense for the second quarter of 2017 included $1.2 million of non-cash stock-based compensation expense, versus $702,000 in the second quarter of 2016 and $996,000 in the first quarter of 2017. Increase in sequential cash G&A expense was primarily due to additional legal and public company costs.

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