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Monday, February 29, 2016

Stone Energy: $1.1 Billion Net Loss in 2015

From a press release:
Stone had fourth quarter 2015 adjusted net income of $2.1 million, or $0.04 per share, before pre-tax impairment charges of $351.1 million. Full year 2015 adjusted net loss was $28.6 million, or $0.52 per share, before pre-tax impairment charges of $1,362.4 million. After impairment charges, the net loss was $318.7 million for the fourth quarter of 2015, or $5.76 per share, and $1,090.9 million for the full year 2015, or $19.75per share. The 2015 net loss compares with the 2014 net loss of $189.5 million, or $3.60 per share. The fourth quarter 2015 net loss compares with the fourth quarter 2014 net loss of $190.5 million, or $3.47 per share. Please see "Non-GAAP Financial Measures" and the accompanying financial statements for reconciliations of adjusted net income or loss, a non-GAAP financial measure, to net loss. Discretionary cash flow for the fourth quarter of 2015 totaled $114.6 million, compared to $90.1 million for the fourth quarter of 2014. Discretionary cash flow for 2015 totaled $351.9 million, compared to $437.8 million for 2014. Please see "Non-GAAP Financial Measures" and the accompanying financial statements for reconciliations of discretionary cash flow, a non-GAAP financial measure, to net cash flow provided by operating activities. 
Net daily production volumes for the fourth quarter of 2015 averaged 24 MBoe (145 MMcfe) per day, compared with net daily production of 42 MBoe (255 MMcfe) per day in the fourth quarter of 2014. Net daily production volumes for 2015 averaged 40 thousand barrels of oil equivalent (MBoe) per day (238 million cubic feet of gas equivalent (MMcfe) per day), compared with net daily production of 43 MBoe (256 MMcfe) per day in 2014. The decrease in fourth quarter and full year 2015 volumes was primarily due to the shut-in of approximately 100 MMcfe per day at the Mary field. The production mix for 2015 was 41% oil, 17% natural gas liquids (NGLs) and 42% natural gas, while the production mix for 2014 was 36% oil, 14% NGLs and 50% natural gas.

Excluding potential production from the currently shut-in Mary field (approximately 100 MMcfe per day), average daily production for the first quarter of 2016 is expected to be 32-33 MBoe (192-198 MMcfe) per day. Excluding potential production from the Mary field, production guidance for the full year 2016 is 31-33 MBoe (186-198 MMcfe) with approximately 55% projected as oil, 9% projected as natural gas liquids and 36% projected as natural gas. Please see "2016 Guidance."
Read the whole release by clicking here.

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