Rosehill Resources Inc. (“Rosehill” or the “Company”) (NASDAQ:ROSE)
(NASDAQ:ROSEW) (NASDAQ:ROSEU) today reported operational and
financial results for the second quarter of 2017.
Second Quarter 2017 Highlights and
Recent Key Items:
- Completed a reverse recapitalization on April 27, 2017,
pursuant to which the Company acquired a portion of the equity of
Rosehill Operating Company, LLC and changed its name to “Rosehill
Resources Inc.”;
- Spud 12 gross operated horizontal wells in the first half of
the year in the Delaware Basin with 11 total drilled and
uncompleted (“DUC”) wells at June 30, 2017;
- Produced an average of 5,258 net barrels of oil equivalent
(“BOE”) per day in the second quarter of 2017, up 34% from the same
period in 2016;
- In late July, Rosehill began flowback on its first well
targeting the 2nd Bone Spring sand, the Kyle 26 ST-1, with a peak
rate of 2,130 BOE per day (84% oil);
- Increased proved reserves to 24.8 million barrels of oil
equivalent (“MMBOE”) with a PV-10 of $183 million at June 30, 2017
(audited and determined under SEC guidelines), up 88% and 126%,
respectively, from December 31, 2016;
- Net loss attributable to Rosehill was $0.5 million, or $0.08
per diluted share, for the three months ended June 30, 2017 and net
income attributable to Rosehill was $4.0 million, or $0.68 per
diluted share, for the six months ended June 30, 2017;
- Adjusted EBITDAX was $8.8 million for the three months ended
June 30, 2017 and $21.1 million for the six months ended June 30,
2017, up from $5.3 million and $7.5 million, respectively, for the
same periods in 2016; and
- Updated full year 2017 capital, production and Adjusted EBITDAX
guidance and provided preliminary 2018 forecast.
J.A. (Alan) Townsend, Rosehill’s President and
Chief Executive Officer, commented, “We are pleased with the
results from the second quarter, our first since completing the
reverse recapitalization. We believe we have a strong, concentrated
acreage position in the Delaware Basin and we see opportunities for
significant value-adding growth from our organic development
program over many years. Our continued emphasis on improving
drilling and completion efficiency and driving cost savings will
help generate sustainable earnings growth for our
shareholders.”
Townsend continued, “We remain focused on
operational results that will lead to financial success at the well
level and corporate level. We are excited with the many
opportunities that lie ahead for Rosehill as we build upon our
existing assets and evaluate acquisition opportunities.”
As more fully described in our quarterly filing
on Form 10-Q and in Note to Financial Results below, the historical
financial and operational results are those of Rosehill
Operating.
Operational Update
In the second quarter, the Company’s net daily
production averaged 5,258 net BOE per day, which was comprised of
2,779 barrels of oil per day, 1,195 barrels of natural gas liquids
(“NGLs”) per day and 7.7 million cubic feet of gas (“MMCF”) per
day. These total equivalent volumes were up 34% from the same
period in 2016.
For the six months ended June 30, 2017, the
Company’s net daily production averaged 5,343 net BOE per day,
which was comprised of 2,963 barrels of oil per day, 1,131 barrels
of NGLs per day and 7.5 MMCF of gas per day. These total
equivalent volumes were up 56% from the same period in 2016.
During the second quarter of 2017, Rosehill
averaged two operated rigs and drilled 7 gross horizontal
wells. In July 2017, the Company added one frac spread and
has started completion work on its 11 DUC well inventory.
In late July, the Company began flowback on its
first well targeting the 2nd Bone Spring sand, the Kyle 26 ST-1,
with a peak rate of 2,130 BOE per day (84% oil) during the second
week on production. Management believes these early results
demonstrate the economic viability of the 2nd Bone Spring sand.
During the second quarter of 2017, Rosehill
averaged under 20 days from spud to total depth over a 4,600 foot
average lateral length. Drilling costs for these wells
averaged $2.5 million per well.
Reserve Update
Rosehill’s proved reserves at June 30, 2017 were
prepared by its internal reserve engineers using SEC guidelines and
audited by the Company’s independent reserve engineers. Rosehill’s
proved reserves increased 88% from year end 2016 to 24.8 MMBOE at
June 30, 2017, consisting of 45% oil, 26% natural gas liquids and
29% natural gas. The PV-10 value at SEC pricing increased 126% from
December 31, 2016 to $183 million. The Company’s Delaware
Basin reserves were 23.7 MMBOE at June 30, 2017, consisting of 47%
oil, 28% natural gas and 25% natural gas liquids, with a PV-10
value of $177 million.
Financial Highlights
For the second quarter of 2017, the Company
reported a net loss attributable to Rosehill of $0.5 million, or
$0.08 per diluted share, as compared to a net loss of $3.0 million,
or $0.51 per diluted share, in the second quarter of 2016.
For the six months ended June 30, 2017, the
Company reported net income attributable to Rosehill of $4.0
million, or $0.68 per diluted share, as compared to a net loss of
$8.0 million, or $1.36 per diluted share, in the same period in
2016.
Adjusted EBITDAX (a non-GAAP financial measure
as defined and reconciled below) totaled $8.8 million for the
second quarter of 2017, up from $5.3 million in the same period in
2016. Adjusted EBITDAX for the six months ended June 30, 2017 was
$21.1 million, up from $7.5 million for the same period in
2016.
For the second quarter of 2017, average realized
prices (all prices excluding the effects of derivatives) were
$44.45 per barrel of oil, $2.59 per Mcf of natural gas and $14.70
per barrel of NGLs, resulting in a total equivalent price of $30.68
per BOE, up 25% from the same period in 2016.
Rosehill’s cash operating costs for the second
quarter of 2017 were $11.61 per BOE, which includes lease operating
expenses, gathering and transportation, production taxes and
general and administrative expenses and excludes costs associated
with the reverse recapitalization.
As of June 30, 2017, Rosehill had $11.1 million
in cash and $20.0 million drawn on its revolving credit facility,
which is subject to a borrowing base of $55.0 million. The
borrowing base is scheduled for redetermination on or about October
1, 2017.
During the second quarter of 2017, Rosehill
incurred capital costs, excluding asset retirement costs and
leasing and acquisition costs, of $36.0 million.
Revised 2017 Guidance and 2018
Forecast
Below is Rosehill’s full year 2017 guidance and
2018 forecast, each of which has been updated to reflect
operational pace and activity, year-to-date well results and the
impact of the reverse recapitalization.
|
|
2017 Guidance |
|
2018 Forecast |
|
|
|
|
Original |
|
Revised |
|
Original |
|
Revised |
|
|
|
|
$54.19 / $3.02 |
(1 |
) |
$50.00 / $3.00 |
(1 |
) |
$54.19 / $3.02 |
(1 |
) |
$50.00 / $3.00 |
(1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Total Capital ($ - millions)
(2) |
$
91 |
|
$ 135 - 155 |
|
$
115 |
|
$ 150 -
200 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Production (BOE/d) |
5,614 |
|
5,700 - 5,900 |
|
7,644 |
|
12,000 - 14,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDAX ($ - millions) |
$
45 |
|
$ 45 - 60 |
|
$
77 |
|
$ 120 -
140 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt/EBITDAX |
0.0x |
|
1.3x - 1.5x |
|
0.3x |
|
0.9x - 1.1x |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Amounts represent WTI crude and Henry Hub
natural gas prices utilized for projections. NGLs estimated
at 25% of WTI. |
(2) Approximately 90% drilling, completion and
recompletion activities in 2017 revised guidance and 2018 revised
forecast. |
|
Rosehill is actively drilling with two rigs and has one
dedicated frac crew that began work in July 2017 and currently
expects to remain at this level for the remainder of the year. The
Company spud 12 gross operated horizontal wells in the first half
of 2017 and had 11 DUC wells at June 30, 2017. The Company expects
to spud a total of 22 to 24 gross operated horizontal wells in 2017
and exit 2017 with 8 to 11 DUC wells.
Commodity Hedging
As of June 30, 2017, the Company had the
following outstanding derivative contracts.
|
|
Three Months
Ended |
|
|
|
9/30/17 |
|
|
12/31/17 |
|
|
3/31/18 |
|
|
6/30/18 |
|
|
|
|
|
|
|
|
|
|
|
|
NYMEX WTI Crude
Swaps: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notional
volume (Bbl) |
|
|
57,000 |
|
|
|
96,000 |
|
|
|
75,000 |
|
|
|
15,000 |
Weighted
average fixed price ($/Bbl) |
|
$ |
54.29 |
|
|
$ |
54.11 |
|
|
$ |
53.77 |
|
|
$ |
51.82 |
NYMEX WTI Crude
Options: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Puts: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notional
volume (Bbl) |
|
|
30,000 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
Weighted
average fixed price ($/Bbl) |
|
$ |
42.50 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
Calls: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notional
volume (Bbl) |
|
|
15,000 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
Weighted
average fixed price ($/Bbl) |
|
$ |
60.00 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
NYMEX HH
Natural Gas Swaps: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notional
volume (Mcf) |
|
|
390,000 |
|
|
|
390,000 |
|
|
|
630,000 |
|
|
|
- |
Weighted
average fixed price ($/Mcf) |
|
$ |
3.12 |
|
|
$ |
3.13 |
|
|
$ |
3.47 |
|
|
$ |
- |
NYMEX HH
Natural Gas Options: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Puts: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notional
volume (Mcf) |
|
|
- |
|
|
|
360,000 |
|
|
|
- |
|
|
|
- |
Weighted
average fixed price ($/Mcf) |
|
$ |
- |
|
|
$ |
3.03 |
|
|
$ |
- |
|
|
$ |
- |
Calls: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notional
volume (Mcf) |
|
|
- |
|
|
|
180,000 |
|
|
|
- |
|
|
|
- |
Weighted
average fixed price ($/Mcf) |
|
$ |
- |
|
|
$ |
3.83 |
|
|
$ |
- |
|
|
$ |
- |
After June 30, 2017 and through August 9, 2017, the Company used
crude swaps to hedge an additional 8,000 barrels of oil per month
from August 2017 through December 2017 at $49.38 per barrel and
13,000 barrels of oil per month for all of 2018 at $49.86 per
barrel.
Conference Call
As previously announced, the Company will hold a
conference call to discuss its second quarter financial and
operating results, Wednesday, August 16, 2017, at 9:00 a.m Central
Time (10:00 a.m. Eastern Time). Interested parties may participate
by dialing (866) 601-1105 from the United States or (430) 775-1347
from outside the United States. The conference call I.D
number is 67101960. The call will also be available as a live
webcast on the “News/Events” tab of the Investors section of the
Company’s website, www.rosehillresources.com. The webcast will be
available for replay for at least 30 days.
About Rosehill Resources
Inc.
Rosehill Resources is an oil and gas exploration
company with producing assets in Texas and New Mexico, and its
investment activity is focused on the Delaware Basin portion of the
Permian Basin. The Company’s strategy for growth includes the
organic development of its core acreage position in Loving County
as well as focused acquisitions in the Delaware Basin.
Note to Financial Results
On April 27, 2017, the Company consummated a
reverse recapitalization (the “Transaction”) pursuant to which the
Company acquired a portion of the equity of Rosehill Operating
Company, LLC (“Rosehill Operating”), into which Tema Oil & Gas
Company, a wholly-owned subsidiary of Rosemore, Inc., contributed
certain assets and liabilities. At the closing of the Transaction,
the Company became the sole managing member of Rosehill Operating
and the Company’s sole material asset is its interest in Rosehill
Operating. Following the Transaction, the Company changed its name
to “Rosehill Resources Inc.”
Although the Company was the legal acquirer,
Rosehill Operating was the accounting acquirer. As a result, the
reports filed by the Company subsequent to the Transaction are
prepared “as if” Rosehill Operating is the predecessor and legal
successor to the Company. Thus, the financial information included
in this press release reflect (i) the historical operating results
of Rosehill Operating prior to the Transaction; (ii) the combined
results of the Company following the Transaction; (iii) the assets
and liabilities of Rosehill Operating at their historical cost; and
(iv) Rosehill Operating’s equity (pre-Transaction), the Company’s
equity (post-Transaction) and the Company’s earnings per share for
all periods.
Non-GAAP Measures
Adjusted EBITDAX
Adjusted EBITDAX is a supplemental non-GAAP
financial measure that is used by Rosehill’s management and
external users of our financial statements, such as industry
analysts, investors, lenders and rating agencies. The Company
defines Adjusted EBITDAX as net income (loss) before interest
expense, income taxes, depreciation, depletion, and amortization,
accretion and impairment of oil and natural gas properties, (gains)
losses on commodity derivatives excluding net cash receipts
(payments) on settled commodity derivatives, gains and losses from
the sale of assets, transaction costs incurred in connection with
the Transaction and other non-cash operating items. Adjusted
EBITDAX is not a measure of net income as determined by United
States generally accepted accounting principles (“U.S. GAAP”).
Management believes Adjusted EBITDAX is useful
because it allows for more effective evaluation and comparison of
our operating performance and results of operations from period to
period without regard to our financing methods or capital
structure. Rosehill excludes the items listed above from net income
in arriving at Adjusted EBITDAX because these amounts can vary
substantially from company to company within the industry depending
upon accounting methods and book values of assets, capital
structures, and the method by which the assets were acquired.
Adjusted EBITDAX should not be considered as an alternative to, or
more meaningful than, net income as determined in accordance with
U.S. GAAP or as an indicator of our operating performance or
liquidity. Certain items excluded from Adjusted EBITDAX are
significant components in understanding and assessing a company’s
financial performance, such as a company’s cost of capital and tax
structure, as well as the historic costs of depreciable assets,
none of which are components of Adjusted EBITDAX. Rosehill’s
computations of Adjusted EBITDAX may not be comparable to other
similarly titled measures of other companies.
We have provided below a reconciliation of Adjusted
EBITDAX to net loss, the most directly comparable GAAP financial
measure.
|
Three months ended June 30, |
|
Six months ended June 30, |
|
|
|
|
|
|
|
|
$
- thousands |
2017 |
|
2016 |
|
|
2017 |
|
2016 |
|
|
2017 Guidance |
|
2018 Forecast |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(1,414 |
) |
$ |
(3,015 |
) |
|
$ |
3,000 |
|
$ |
(7,954 |
) |
|
$ |
4,342 |
|
- |
$ |
13,642 |
|
|
$ |
25,000 |
- |
$ |
33,500 |
Interest expense,
net |
|
431 |
|
|
612 |
|
|
|
974 |
|
|
2,046 |
|
|
|
1,000 |
|
- |
|
1,500 |
|
|
|
3,000 |
- |
|
4,000 |
Income tax expense |
|
187 |
|
|
46 |
|
|
|
273 |
|
|
64 |
|
|
|
700 |
|
- |
|
900 |
|
|
|
2,000 |
- |
|
2,500 |
Depreciation,
depletion, amortization and accretion |
|
9,536 |
|
|
5,616 |
|
|
|
17,767 |
|
|
10,638 |
|
|
|
40,000 |
|
- |
|
45,000 |
|
|
|
90,000 |
- |
|
100,000 |
Transaction costs |
|
1,375 |
|
|
- |
|
|
|
2,469 |
|
|
- |
|
|
|
2,469 |
|
- |
|
2,469 |
|
|
|
- |
|
|
- |
(Gain) loss on
commodity derivative instruments, net |
|
(1,303 |
) |
|
1,918 |
|
|
|
(3,202 |
) |
|
1,901 |
|
|
|
(3,202 |
) |
- |
|
(3,202 |
) |
|
|
- |
|
|
- |
Net cash received
(paid) in settlement of commodity derivative instruments |
|
(15 |
) |
|
102 |
|
|
|
(309 |
) |
|
808 |
|
|
|
(309 |
) |
- |
|
(309 |
) |
|
|
- |
|
|
- |
Inventory write
down |
|
- |
|
|
- |
|
|
|
115 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
- |
Gain on sale of other
assets |
|
- |
|
|
- |
|
|
|
(11 |
) |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
- |
Adjusted EBITDAX |
$ |
8,797 |
|
$ |
5,279 |
|
|
$ |
21,076 |
|
$ |
7,503 |
|
|
$ |
45,000 |
|
- |
$ |
60,000 |
|
|
$ |
120,000 |
- |
$ |
140,000 |
PV-10
PV–10 is a non-GAAP financial measures used by
management, investors and analysts to estimate the present value,
discounted at 10% per annum, of estimated future cash flows of the
Company’s estimated proved reserves before income tax and asset
retirement obligations. Management believes that PV-10 provides
useful information to investors because it is widely used by
professional analysts and sophisticated investors in evaluating oil
and natural gas companies. Because there are many unique factors
that can impact an individual company when estimating the amount of
future income taxes to be paid, the Company believes the use of a
pre-tax measure is valuable for evaluating the Company. PV-10
should not be considered as an alternative to the standardized
measure of discounted future net cash flows as computed under
GAAP.
With respect to PV-10 calculated as of an
interim date, it is not practical to calculate the taxes for the
related interim period because GAAP does not provide for disclosure
of standardized measure on an interim basis.
Forward-Looking Statements
This communication includes certain statements
that may constitute "forward-looking statements" for purposes of
the federal securities laws. All statements, other than statements
of historical fact included in this communication, regarding our
opportunities in the Delaware Basin, our strategy, future
operations, financial position, estimated results of operations,
future earnings, future capital spending plans, prospects, plans
and objectives of management are forward-looking statements. When
used in this communication, the words “could,” “believe,”
“anticipate,” “intend,” “estimate,” “expect,” “project,”
“guidance,” “forecast” and similar expressions are intended to
identify forward-looking statements, although not all
forward-looking statements contain such identifying words.
You should not place undue reliance on these
forward-looking statements. Although the Company believes that the
plans, intentions and expectations reflected in or suggested by the
forward-looking statements in this communication are reasonable, no
assurance can given that these plans, intentions or expectations
will be achieved or occur, and actual results could differ
materially and adversely from those anticipated or implied by the
forward-looking statements. Some factors that could cause actual
results to differ include, but are not limited to, commodity price
volatility, inflation, lack of availability of drilling and
completion equipment and services, environmental risks, drilling
and other operating risks, regulatory changes, the uncertainty
inherent in estimating oil and natural gas reserves and in
projecting future rates of production, cash flow and access to
capital, the timing of development expenditures and the other
risks and uncertainties discussed under Risk Factors in the
Company’s Registration Statement on Form S-3, as amended, filed
with the SEC on June 14, 2017, and in other public filings with the
Securities and Exchange Commission (the “SEC”) by the Company. The
Company’s SEC filings are available publicly on the SEC’s website
at www.sec.gov. These forward-looking statements are based on
management's current expectations and assumptions about future
events and are based on currently available information as to the
outcome and timing of future events. All forward-looking statements
speak only as of the date of this communication. Except as
otherwise required by applicable law, the Company disclaims any
duty to update any forward-looking statements, all of which are
expressly qualified by the statements in this section, to reflect
events or circumstances after the date of this communication.
Reserves Disclosure
The estimates of proved reserves as of June 30,
2017 in this release are based on the review and calculations of
our internal reservoir engineers and have been audited by our
independent reserve engineers. Investors are encouraged to refer to
the Company’s definitive proxy statement, filed with the SEC on
April 12, 2017, as amended and supplemented, for additional
information regarding the Company’s estimated proved reserves as of
December 31, 2016.
Estimated net proved reserves at June 30, 2017
were determined using average first-day-of-the-month prices for the
prior twelve months in accordance with SEC guidelines. For oil
volumes, the average West Texas Intermediate posted price was
adjusted for quality, transportation fees and a regional price
differential. For natural gas volumes, the average Henry Hub spot
price was adjusted for energy content, transportation fees and a
regional price differential. For NGL volumes, the average Mt.
Belvieu liquids price was adjusted for quality, transportation fees
and a regional price differential. All prices are held constant
throughout the lives of the properties.
Rosehill Resources Inc. |
|
Operational Highlights |
|
|
|
|
Three Months |
|
Six Months |
|
|
|
Ended June 30, |
|
Ended June 30, |
|
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
Revenues (in thousands): |
|
|
|
|
|
|
|
Oil sales |
|
$ |
11,246 |
|
$ |
6,430 |
|
$ |
25,029 |
|
$ |
9,528 |
|
Natural gas
sales |
|
1,817 |
|
|
1,159 |
|
|
3,711 |
|
|
2,064 |
|
NGL
sales |
|
1,602 |
|
|
1,194 |
|
|
3,426 |
|
|
1,929 |
|
Total revenues
|
$ |
14,665 |
|
$ |
8,783 |
|
$ |
32,166 |
|
$ |
13,521 |
|
|
|
|
|
|
|
|
|
|
|
Average sales price(1): |
|
|
|
|
|
|
|
Oil (per
Bbl) |
$ |
44.45 |
|
$ |
41.75 |
|
$ |
46.70 |
|
$ |
36.79 |
|
Natural gas
(per Mcf) |
|
2.59 |
|
|
1.81 |
|
|
2.73 |
|
|
1.81 |
|
NGLs (per
Bbl) |
|
14.70 |
|
|
12.31 |
|
|
16.71 |
|
|
10.96 |
|
Total (per Boe) |
$ |
30.68 |
|
$ |
24.53 |
|
$ |
33.26 |
|
$ |
21.63 |
|
Total, including effects of gain (loss) on
settled |
|
|
|
|
commodity derivatives, net (per Boe) |
$ |
30.65 |
|
$ |
24.82 |
|
$ |
32.94 |
|
$ |
22.93 |
|
|
|
|
|
|
|
|
|
|
|
Net
Production: |
|
|
|
|
|
|
|
|
Oil
(MBbls) |
|
253 |
|
|
154 |
|
|
536 |
|
|
259 |
|
Natural gas
(MMcf) |
|
701 |
|
|
640 |
|
|
1,357 |
|
|
1,140 |
|
NGLs
(MBbls) |
|
109 |
|
|
97 |
|
|
205 |
|
|
176 |
|
Total (Mboe) |
|
478 |
|
|
358 |
|
|
967 |
|
|
625 |
|
|
|
|
|
|
|
|
|
|
|
Average daily net production volume: |
|
|
|
|
|
|
Oil
(Bbls/d) |
|
2,779 |
|
|
1,688 |
|
|
2,963 |
|
|
1,425 |
|
Natural gas
(Mcf/d) |
|
7,700 |
|
|
7,036 |
|
|
7,495 |
|
|
6,263 |
|
NGLs
(Bbls/d) |
|
1,195 |
|
|
1,071 |
|
|
1,131 |
|
|
965 |
|
Total (Boe/d) |
|
5,258 |
|
|
3,931 |
|
|
5,343 |
|
|
3,433 |
|
|
|
|
|
|
|
|
|
|
|
(1)
Excluding the effects of realized and unrealized commodity
derivative transactions unless noted otherwise. |
Rosehill Resources Inc. |
Condensed Consolidated Statement of
Operations |
(in thousands, except per share
amounts) |
|
|
|
|
|
Three Months |
|
Six Months |
|
|
|
|
Ended June 30, |
|
Ended June 30, |
|
|
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
Revenues |
|
|
|
|
|
|
|
|
|
Oil sales |
|
|
|
$ |
11,246 |
|
|
$ |
6,430 |
|
|
$ |
25,029 |
|
|
$ |
9,528 |
|
Natural gas
sales |
|
|
|
1,817 |
|
|
|
1,159 |
|
|
|
3,711 |
|
|
|
2,064 |
|
NGL
sales |
|
|
|
1,602 |
|
|
|
1,194 |
|
|
|
3,426 |
|
|
|
1,929 |
|
Total revenues |
|
|
14,665 |
|
|
|
8,783 |
|
|
|
32,166 |
|
|
|
13,521 |
|
Operating expenses |
|
|
|
|
|
|
|
|
Lease operating expenses |
|
1,918 |
|
|
|
1,310 |
|
|
|
3,535 |
|
|
|
2,307 |
|
Production taxes |
|
|
659 |
|
|
|
403 |
|
|
|
1,467 |
|
|
|
606 |
|
Gathering and transportation |
|
768 |
|
|
|
585 |
|
|
|
1,494 |
|
|
|
1,068 |
|
Depreciation, depletion, amortization and accretion
|
|
9,536 |
|
|
|
5,616 |
|
|
|
17,767 |
|
|
|
10,638 |
|
Exploration costs |
|
|
457 |
|
|
|
175 |
|
|
|
774 |
|
|
|
318 |
|
General and administrative |
|
2,204 |
|
|
|
1,141 |
|
|
|
3,669 |
|
|
|
2,549 |
|
Transaction costs |
|
|
1,375 |
|
|
|
- |
|
|
|
2,469 |
|
|
|
- |
|
Gain on sale of other assets |
|
- |
|
|
|
- |
|
|
|
(11 |
) |
|
|
- |
|
Total operating expenses |
|
16,917 |
|
|
|
9,230 |
|
|
|
31,164 |
|
|
|
17,486 |
|
Operating income (loss) |
|
(2,252 |
) |
|
|
(447 |
) |
|
|
1,002 |
|
|
|
(3,965 |
) |
Other income (expense) |
|
|
|
|
|
|
|
|
Interest expense |
|
|
(431 |
) |
|
|
(612 |
) |
|
|
(974 |
) |
|
|
(2,046 |
) |
Gain (loss) on commodity derivative instruments |
|
1,303 |
|
|
|
(1,918 |
) |
|
|
3,202 |
|
|
|
(1,901 |
) |
Other income (expense), net |
|
153 |
|
|
|
8 |
|
|
|
43 |
|
|
|
22 |
|
Total other income (expense) |
|
1,025 |
|
|
|
(2,522 |
) |
|
|
2,271 |
|
|
|
(3,925 |
) |
Income (loss) before income taxes |
|
(1,227 |
) |
|
|
(2,969 |
) |
|
|
3,273 |
|
|
|
(7,890 |
) |
Income tax
expense |
|
|
|
187 |
|
|
|
46 |
|
|
|
273 |
|
|
|
64 |
|
Net income
(loss) |
|
|
|
(1,414 |
) |
|
|
(3,015 |
) |
|
|
3,000 |
|
|
|
(7,954 |
) |
Net income
(loss) attributable to noncontrolling interest |
|
(2,329 |
) |
|
|
- |
|
|
|
(2,329 |
) |
|
|
- |
|
Net income
(loss) attributable to Rosehill Resources Inc. |
|
|
|
|
|
before preferred stock dividend |
|
915 |
|
|
|
(3,015 |
) |
|
|
5,329 |
|
|
|
(7,954 |
) |
Preferred
stock dividend |
|
|
1,372 |
|
|
|
- |
|
|
|
1,372 |
|
|
|
- |
|
Net income
(loss) attributable to Rosehill Resources Inc. |
$ |
(457 |
) |
|
$ |
(3,015 |
) |
|
$ |
3,957 |
|
|
$ |
(7,954 |
) |
|
|
|
|
|
|
|
|
|
|
|
Earnings
(loss) per common share |
|
|
|
|
|
|
|
Basic |
|
|
$ |
(0.08 |
) |
|
$ |
(0.51 |
) |
|
$ |
0.68 |
|
|
$ |
(1.36 |
) |
Diluted |
|
|
$ |
(0.08 |
) |
|
$ |
(0.51 |
) |
|
$ |
0.68 |
|
|
$ |
(1.36 |
) |
Weighted
average common shares outstanding |
|
|
|
|
|
|
Basic |
|
|
|
5,857 |
|
|
|
5,857 |
|
|
|
5,857 |
|
|
|
5,857 |
|
Diluted |
|
|
|
5,857 |
|
|
|
5,857 |
|
|
|
5,857 |
|
|
|
5,857 |
|
Contact Information:
Alan TownsendPresident and Chief Executive
Officer281-675-3400
Craig OwenChief Financial Officer281-675-3400
Rose Hill Acquisition (NASDAQ:ROSE)
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