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05.08.2021 22:00
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Kolibri Global Energy Announces Second Quarter 2021 Results
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PR Newswire
NEWBURY PARK, Calif., Aug. 5, 2021
TSX ticker symbol; KEI
OTCQB ticker symbol; KGEIF
NEWBURY PARK, Calif., Aug. 5, 2021 /PRNewswire/ -
All amounts are in U.S. Dollars unless otherwise indicated:
SECOND QUARTER HIGHLIGHTS
- Adjusted funds flow was $1.5 million in the second quarter of 2021 compared to $1.6 million in the second quarter of 2020. The decrease was mainly due to lower production and realized losses on the commodity contracts in 2021 partially offset by the average price increase
- Revenue, net of royalties was $3.5 million in the second quarter of 2021 compared to $1.5 million for second quarter of 2020, an increase of 131%, as prices increased by 166% partially offset by a 15% production decrease
- Average netback from operations for the second quarter of 2021 was $30.30/boe, an increase of 260% from the prior year second quarter due to higher prices in 2021. Netback including commodity contracts for the second quarter of 2021 was $23.49/boe which was 11% higher than the prior year second quarter
- Average production for the second quarter of 2021 was 994 BOEPD, a decrease of 15% compared to the second quarter of 2020 average production of 1,163 BOEPD due to the normal production decline of existing wells
- Interest expense decreased by 29% in the second quarter of 2021 compared to the same period in the prior year due to principal payments on the credit facility during the second half of 2020 and 2021 which reduced the outstanding loan balance and lower interest rates
- The Company received a notice in June 2021 from the Small Business Administration (SBA) that the entire balance of the original Paycheck Protection Program (PPP) loan of $0.3 million had been forgiven and the Company recorded this amount into income
- General & administrative (G&A) expense increased by 4% in the second quarter of 2021 compared to the prior year quarter due to higher advisor fees partially offset by management's cost cutting efforts
- Net loss in the second quarter of 2021 was $1.4 million, compared to a net loss of $2.2 million in the second quarter of 2020. The Company recorded an unrealized loss from commodity contracts of $2.1 million in the second quarter of 2021, compared to an unrealized loss of $2.3 million recorded in the second quarter of 2020. Without the unrealized hedging losses for the second quarter of 2021, the Company would have recognized positive net income
- The Company had an outstanding balance of $18.3 million on its credit facility at June 30, 2021 and, subsequent to the end of the quarter, paid down an additional $0.5 million. As part of the May 2021 redetermination, the Company will make additional principal payments to reduce the outstanding balance to $17.1 million by November 2021
Kolibri's President and Chief Executive Officer, Wolf Regener commented:
"We are pleased that the Company was able to generate positive adjusted funds flow of $1.5 million during the second quarter of 2021 without any new capital expenditures due to the low decline rates of our existing wells. The Company has already made principal repayments of $2.8 million so far in 2021, including payments made after the end of the quarter, which has reduced our interest expense by almost 40%. The $18.3 million outstanding balance on the credit facility is down from a peak debt of $30.0 million in 2019. Going forward this year, the Company expects its low decline rates to allow the Company to continue to generate positive cash flow from its operations. Without the unrealized losses from commodity hedges in 2021, the Company would have recognized positive net income.
The Company's $0.3 million PPP loan was forgiven by the SBA in the second quarter of 2021, so this amount was recognized into income.
Adjusted funds flow was $1.5 million in the second quarter 2021 compared to $1.6 million in the second quarter of 2020. The decrease was mainly due to lower production and realized losses on the commodity contracts in 2021 partially offset by the average price increase.
Net revenue increased by 131% in the second quarter of 2021 as average prices increased by 166% which was partially offset by production decreases of 15% compared to the prior year quarter.
Netback from operations for the second quarter of 2021 increased to $30.30/boe compared to $8.41/boe, an increase of 260% from the prior year second quarter due to higher prices in 2021. Netback including commodity contracts for the second quarter of 2021 was $23.49/boe which was 11% higher than the prior year second quarter amount of $21.15/boe.
Interest expense decreased by 29% in the second quarter of 2021 compared to the comparable prior year period due to principal payments on the credit facility during the second half of 2020 and 2021 which reduced the outstanding loan balance and lower interest rates.
The Company's G&A expenses increased by 4% due to higher advisor fees in the second quarter of 2021 which offset cost cutting measures.
Operating expenses averaged $8.81 per BOE for the second quarter of 2021 compared to $6.07 per BOE for the same period in 2020. The increase was mainly due to higher production taxes in the second quarter of 2021 which were $2.67 per BOE compared to $0.81 per BOE in the prior year second quarter. Operating expense per boe excluding production taxes for the second quarter of 2021 increased by 16% compared to the prior year quarter due to one-time field maintenance costs incurred in 2021.
Average production was 994 BOEPD in the second quarter of 2021 compared to 1,163 BOEPD in the second quarter of 2020, a decrease of 15%. The decrease was due to the normal production decline of the Company's existing wells.
The Company incurred a net loss in the second quarter of 2021 of $1.4 million, compared to a net loss of $2.2 million in the second quarter of 2020. The Company recorded an unrealized loss from commodity contracts of $2.1 million in the second quarter of 2021, compared to an unrealized loss of $2.3 million recorded in the second quarter of 2020."
| | | Second Quarter | | First Six Months | | |||
| | | 2021 | 2020 | % | 2021 | 2020 | % | |
| | | | | | | | | |
| Net Loss: | | | | | | | ||
| $ Thousands | $(1,418) | $(2,224) | 36% | $(1,946) | $(68,716) | 97% | ||
| $ per common share | $(0.01) | $(0.01) | - | $(0.01) | $(0.30) | 97% | ||
| assuming dilution | | | | | | | ||
| | | | | | | | | |
| Capital Expenditures (adjustments) | $90 | $(110) | - | $61 | $(111) | - | ||
| | | | | | | | | |
| Average Production (Boepd) | 994 | 1,163 | (15%) | 1,007 | 1,194 | (16%) | ||
| Average Price per Barrel | $49.97 | $18.72 | 166% | $47.70 | $27.15 | 76% | ||
| Average Netback from operations per Barrel | $30.30 | $8.41 | 260% | $29.30 | $14.75 | 99% | ||
| Average Netback including commodity contracts per Barrel | $23.49 | $21.15 | 11% | $24.14 | $22.67 | 6% | ||
| | | | | | | | | |
| | | June 2021 | | March 2021 | | December | | |
| | | | | | | | | |
| Cash and Cash Equivalents | $697 | | $735 | | $920 | | ||
| Working Capital | $(21,377) | | $(4,371) | | $(3,456) | | ||
Second Quarter 2021 versus Second Quarter 2020
Oil and gas gross revenues totaled $4,520,000 in the quarter versus $1,981,000 in the second quarter of 2020. Oil revenues increased $2,205,000 or 129% as average oil prices increased by $40.42 per barrel or 173% partially offset by oil production decreases of 16% to 674 boepd. Natural gas revenues increased $78,000 or 51% to $231,000 as average natural gas prices increased by $1.23/mcf or 75% to $2.86/mcf which were partially offset by a natural gas production decrease of 14% to 889 mcfpd. Natural gas liquids (NGLs) revenues increased $256,000 or 215% as average NGL prices increased 242% to $23.96/boe which was partially offset by a NGL production decrease of 8% to 172 boepd.
Average production for the second quarter of 2021 was 994 BOEPD, a decrease of 15% compared to the second quarter of 2020 average production of 1,163 BOEPD due to the normal production decline of existing wells.
Production and operating expenses increased to $797,000 in the second quarter of 2021, an increase of 22%. Operating expenses averaged $8.81 per BOE for the second quarter of 2021 compared to $6.07 per BOE for the same period in 2020. The increase was mainly due to higher production taxes in the second quarter of 2021 which were $2.67 per BOE compared to $0.81 per BOE in the prior year second quarter. Operating expense per boe excluding production taxes for the second quarter of 2021 increased by 16% compared to the prior year quarter mainly due to one-time field maintenance costs incurred in 2021.
Depletion and depreciation expense decreased $252,000 or 22% due to a decrease in production in the second quarter of 2021.
G&A expense increased $26,000 or 4% due to higher advisor fees which were partially offset by management's continued efforts to reduce G&A costs throughout the Company.
Finance income decreased $1.3 million in the second quarter of 2021 compared to the prior year quarter due to realized gains on commodity contracts in the second quarter of the prior year.
Finance expense increased $0.3 million in the second quarter of 2021 compared to the prior year quarter primarily due to realized losses on commodity contracts in 2021 partially offset by lower interest expense.
FIRST SIX MONTHS 2021 HIGHLIGHTS
- Adjusted funds flow was $3.0 million in the first six months of 2021 compared to $3.6 million in the first six months of 2020. The decrease was primarily due to realized losses from commodity contracts in 2021 and a 16% decrease in production in the six months ended June 30, 2021 compared to 2020 partially offset by a 76% increase in average prices in the six months ended June 30, 2021
- Revenue, net of royalties was $6.8 million in the first six months of 2021 compared to $4.6 million for first six months of 2020, an increase of 48%, as prices increased by 76% partially offset by production decreases of 16%
- Average netback from operations for the first six months of 2021 was $29.30/boe, an increase of 99% from the prior year period due to higher prices in 2021. Netback including commodity contracts for the first six months of 2021 was $24.14/boe which was 6% higher than the prior year period
- Average production for the first six months of 2021 was 1,007 BOEPD, a decrease of 16% compared to the first six months of 2020 average production of 1,194 BOEPD due to the normal production decline of existing wells
- Interest expense decreased by 39% in the first six months of 2021 compared to the same period in the prior year due to principal payments on the credit facility during the second half of 2020 and 2021 which reduced the outstanding loan balance and lower interest rates
- The Company received a notice in June 2021 from the Small Business Administration (SBA) that the entire balance of the original Paycheck Protection Program (PPP) loan of $0.3 million had been forgiven and the Company recorded this amount into income
- G&A expense increased by 4% in the first six months of 2021 compared to the prior year due to higher advisor fees partially offset by management's cost cutting efforts
- Net loss for the first six months of 2021 was $1.9 million compared to $68.7 million for the first six months of 2020. The first six months of 2021 included unrealized losses on commodity contracts of $2.9 million and the first six months of 2020 included a PP&E impairment of $71.9 million
First Six Months of 2021 versus First Six Months of 2020
Oil and gas gross revenues totaled $8,696,000 in the first six months of 2021 versus $5,899,000 in the first six months of 2020. Oil revenues increased $2,274,000 or 44% as average oil prices increased by $25.43 per barrel or 74% partially offset by oil production decreases of 17% to 686 boepd. Natural gas revenues increased $180,000 or 53% to $231,000 as average natural gas prices increased by $1.44/mcf or 80% to $3.23/mcf which were partially offset by a natural gas production decrease of 15% to 893 mcfpd. Natural gas liquids (NGLs) revenues increased $343,000 or 84% as average NGL prices increased 111% to $24.06/boe which was partially offset by a NGL production decrease of 12% to 172 boepd.
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