In a release issued under the same headline earlier today
for Halcón Resources, additional information was missing in
the second paragraph of the Operations Update section. The
information is now included and appears in bold. The corrected
release follows.
Halcón Resources Corporation (NYSE:HK) (“Halcón”
or the “Company”) today announced its fourth quarter 2017 results
and provided an update on recent well results and operations.
Net production for the three months ended
December 31, 2017 averaged 6,283 barrels of oil equivalent per day
(Boe/d). Production was comprised of 70% oil, 15% natural gas
liquids (NGLs) and 15% natural gas for the quarter.
Halcón generated total revenues of $25.3 million
for the fourth quarter of 2017. The Company reported a net
loss available to common stockholders of $(93.1) million or a net
loss per basic and diluted share of $(0.63) for the fourth quarter
of 2017. After adjusting for selected items (see Selected
Item Review and Reconciliation table for additional information),
the Company generated a net loss of $(18.1) million, or $(0.12) per
diluted share for the fourth quarter of 2017. Adjusted EBITDA
(see EBITDA Reconciliation table for additional information)
totaled $2.2 million for the fourth quarter of 2017.
Excluding the impact of hedges, Halcón realized
95% of the average NYMEX oil price, 47% of the average NYMEX oil
price for NGLs and 71% of the average NYMEX natural gas price
during the fourth quarter of 2017. Realized hedge proceeds
totaled approximately $0.6 million during the fourth
quarter.
Total operating costs per unit, after adjusting
for selected items (see Selected Operating Data table for
additional information), were $41.08 per Boe for the fourth quarter
of 2017, compared to $19.30 per Boe for the third quarter of
2017. This increase in per unit total operating costs was
primarily driven by the loss of economies of scale related to
reduced quarterly production driven by the Company’s divestiture of
its Williston Basin assets.
Acquisitions
As previously reported, in December 2017, the
Company acquired 4,413 net acres adjacent to its Monument Draw area
for approximately $104 million. In January 2018, Halcón
closed on the acquisition of 8,320 net acres in its Monument Draw
north option for $108 million (the “Monument Draw North
Option”). On February 6, 2018, the Company entered into a
purchase and sale agreement to purchase 10,524 net acres and ~1,100
Boe/d of associated current production in Western Ward County for
$200 million (the “West Quito Draw Acquisition”). The West
Quito Draw Acquisition is expected to close in early April
2018.
Liquidity and Capital
Spending
As of December 31, 2017, Halcón’s liquidity was
$678 million pro forma for the January 2018 exercise of the
Monument Draw North Option ($108 million) in addition to the
Company’s net proceeds from the February 2018 offering of common
stock ($61 million) and unsecured notes ($203 million). This
liquidity consists of $580 million of pro forma cash on hand plus
an undrawn senior secured revolving credit facility with a
borrowing base of $100 million less letters of credit
outstanding.
During the fourth quarter of 2017, Halcón
incurred capital costs of approximately $94 million on drilling and
completions and $37 million on infrastructure, seismic and
other.
Hedging Update
As of February 28, 2018, Halcón had 9,510
barrels per day (bbl/d) of oil hedged for 2018 at an average price
of $52.65 per barrel. For 2019, the Company has 8,247 bbl/d
of oil hedged at an average price of $54.41 per barrel.
Halcón also has Midland vs. Cushing basis differential swaps in
place for 10,526 bbl/d in 2018 at an average swap price of -$1.23
per barrel and 12,000 bbl/d in 2019 at an average swap price of
-$1.02 per barrel.
As of February 28, 2018, Halcón had 7,500
MMBtu/d of natural gas hedged in 2018 at an average price of $3.16
per MMBtu. The Company had WAHA vs. NYMEX basis differential
swaps in place for 5,000 MMBtu/d for the second half of 2018
through year-end 2019 at an average swap price of -$1.05 per
MMBtu/d.
Operations Update
Halcón is currently producing in excess of
12,000 Boe/d net. The Company expects first quarter 2018
production to average between 10,500 and 11,500 Boe/d net.
Halcón is currently running three operated rigs in the Delaware
Basin and is considering adding a fourth rig later in 2018 to focus
on West Quito Draw once that acquisition closes. The Company
also has one full-time frac crew operating which will continue to
work for Halcón for the remainder of 2018. Halcón also plans
to source a spot frac crew from time to time in 2018 to ensure its
drilled but uncompleted well inventory stays at reasonable
levels.
Halcón currently holds 21,679 net acres in its
Monument Draw area in addition to an option to acquire an
additional 7,680 net acres on the eastern side of its acreage (the
“East Option Acreage”). The Company has five horizontal lower
Wolfcamp wells producing in this area with two additional wells
currently being drilled. Halcón recently put the SR7902H
and SR7903H lower Wolfcamp wells online. These wells are located in
the southern portion of Halcón’s Monument Draw acreage and were
completed with an average lateral length of 9,524 feet. These two
wells averaged a peak 24 hour IP rate of 1,817 Boe/d and have a
current average 20 day IP rate of 1,593 Boe/d (81% oil) which
continues to increase. This well is located on the Company’s East
Option Acreage and was completed with a lateral length of 9,267
feet. This well had a peak 24 hour IP rate of 1,863 Boe/d and has a
current 10 day IP rate of 1,100 Boe/d (87% oil) which continues to
increase. The early time production of these wells is
greater than Halcón’s Wolfcamp type curve for this area. These two
wells are spaced at 660' within the Wolfcamp interval along with
the SR7901H. Early time results indicate a positive test at this
spacing interval with no apparent pressure depletion in the new
wells. Halcón also recently put the SR5902H lower Wolfcamp well
online. This well is located on the Company’s East Option Acreage
and was completed with a lateral length of 9,267 feet. This well
had a peak 24 hour IP rate of 1,863 Boe/d and has a current 10 day
IP rate of 1,095 Boe/d (88% oil) which continues to
increase.
Halcón currently holds 27,035 net acres in its
Hackberry Draw area. Since acquiring most of this acreage in early
2017, the Company has drilled and completed 10 horizontal wells
(nine Wolfcamp and one 3rd Bone Spring). Halcón currently has one
well waiting on completion and three additional wells currently
being drilled in Hackberry Draw (two Wolfcamp and one 2nd Bone
Spring well). The Company’s two most recent Wolfcamp wells put
online, the Jose Katie East 1H and the Jose Katie West 1H, were
completed with an average lateral length of 9,817 feet. These two
wells averaged a peak 24 hour IP rate of 1,341 Boe/d and have a
current 20 day IP rate of 1,071 Boe/d (86% oil) which continues to
increase. The early time production of these wells is greater than
Halcón’s Wolfcamp type curve for this area. These two wells are
spaced at 660' in the Wolfcamp B interval. Early time results here
also indicate a positive test at this spacing interval.
Conference Call and Webcast
Information
Halcón Resources Corporation (NYSE:HK) has
scheduled a conference call for Thursday, March 1, 2018, at 11:00
a.m. EST (10:00 a.m. CST). To participate in the conference
call, dial (888) 394-8218 for domestic callers, and (323) 701-0225
for international callers a few minutes before the call begins and
reference Halcón Resources conference ID 7054105. The
conference call will also be webcast live over the Internet on
Halcón Resources’ website at http://www.halconresources.com in the
Investors section under Events and Presentations.
About Halcón Resources
Halcón Resources Corporation is an independent
energy company focused on the acquisition, production, exploration
and development of liquids-rich onshore oil and natural gas assets
in the United States.
For more information contact Quentin Hicks,
Executive Vice President of Finance, Capital Markets & Investor
Relations, at 832-538-0557 or qhicks@halconresources.com.
Forward-Looking Statements
This release contains forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Statements that are not strictly historical
statements constitute forward-looking statements.
Forward-looking statements include, among others, statements about
anticipated production, divestitures, liquidity, capital spending,
drilling and completion plans, and option exercises.
Forward-looking statements may often, but not always, be
identified by the use of such words such as
"expects", "believes", "intends", "anticipates", "plans",
"estimates", “projects”, "potential", "possible", or
"probable" or statements that certain actions, events or
results "may", "will", "should", or "could" be taken, occur or be
achieved. Forward-looking statements are based
on current beliefs and expectations and involve
certain assumptions or estimates that involve various
risks and uncertainties that could cause actual results to
differ materially from those reflected in the statements. These
risks include, but are not limited to, those set forth in the
Company's Annual Report on Form 10-K for the fiscal year ended
December 31, 2017 and other filings submitted by the Company
to the U.S. Securities and Exchange Commission
(SEC), copies of which may be obtained from the SEC's website
at www.sec.gov or through the Company's website
at www.halconresources.com. Readers should not place
undue reliance on any such forward-looking statements, which are
made only as of the date hereof. The Company has no duty,
and assumes no obligation, to update forward-looking
statements as a result of new information, future events
or changes in the Company's expectations.
“EUR,” or Estimated Ultimate Recovery, refers to
our management’s internal estimates based on per well hydrocarbon
quantities that may be potentially recovered from a hypothetical
future well completed as a producer in the area. These
quantities do not constitute “reserves” within the meaning of the
Society of Petroleum Engineer’s Petroleum Resource Management
System or SEC rules and are subject to substantially greater
uncertainties relating to recovery than reserves. For areas
where the Company has no or very limited operating history, EURs
are based on publicly available information relating to operations
of producers operating in such areas. For areas where the
Company has sufficient operating data to make its own estimates,
EURs are based on internal estimates by the Company’s management
and reserve engineers.
|
|
|
|
|
|
|
|
|
|
|
HALCÓN RESOURCES CORPORATION |
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited) |
(In thousands, except per share
amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Successor |
|
Successor |
|
Predecessor |
|
|
|
|
|
|
|
|
Period from |
|
Period from |
|
|
|
|
|
|
|
|
September 10, 2016 |
|
January 1, 2016 |
|
|
Three Months Ended December 31, |
|
Year Ended |
|
through |
|
through |
|
|
|
2017 |
|
|
|
2016 |
|
|
December 31, 2017 |
|
December 31, 2016 |
|
September 9, 2016 |
Operating revenues: |
|
|
|
|
|
|
|
|
|
|
Oil,
natural gas and natural gas liquids sales: |
|
|
|
|
|
|
|
|
|
|
Oil |
|
$ |
21,202 |
|
|
$ |
118,526 |
|
|
$ |
340,674 |
|
|
$ |
139,786 |
|
|
$ |
248,064 |
|
Natural
gas |
|
|
1,143 |
|
|
|
5,933 |
|
|
|
16,194 |
|
|
|
6,756 |
|
|
|
9,511 |
|
Natural
gas liquids |
|
|
2,190 |
|
|
|
5,220 |
|
|
|
18,969 |
|
|
|
6,018 |
|
|
|
7,929 |
|
Total
oil, natural gas and natural gas liquids sales |
|
|
24,535 |
|
|
|
129,679 |
|
|
|
375,837 |
|
|
|
152,560 |
|
|
|
265,504 |
|
Other |
|
|
742 |
|
|
|
576 |
|
|
|
2,128 |
|
|
|
802 |
|
|
|
1,339 |
|
Total
operating revenues |
|
|
25,277 |
|
|
|
130,255 |
|
|
|
377,965 |
|
|
|
153,362 |
|
|
|
266,843 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
Production: |
|
|
|
|
|
|
|
|
|
|
Lease
operating |
|
|
2,921 |
|
|
|
18,591 |
|
|
|
61,743 |
|
|
|
22,382 |
|
|
|
50,032 |
|
Workover
and other |
|
|
(474 |
) |
|
|
8,945 |
|
|
|
21,739 |
|
|
|
10,510 |
|
|
|
22,507 |
|
Taxes
other than income |
|
|
1,608 |
|
|
|
10,191 |
|
|
|
30,757 |
|
|
|
12,364 |
|
|
|
24,453 |
|
Gathering
and other |
|
|
6,143 |
|
|
|
12,040 |
|
|
|
40,783 |
|
|
|
14,677 |
|
|
|
29,279 |
|
Restructuring |
|
|
5,455 |
|
|
|
- |
|
|
|
7,535 |
|
|
|
- |
|
|
|
5,168 |
|
General
and administrative |
|
|
24,385 |
|
|
|
24,714 |
|
|
|
111,351 |
|
|
|
41,395 |
|
|
|
83,641 |
|
Depletion, depreciation and accretion |
|
|
9,419 |
|
|
|
37,848 |
|
|
|
110,207 |
|
|
|
46,899 |
|
|
|
120,555 |
|
Full cost
ceiling impairment |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
420,934 |
|
|
|
754,769 |
|
(Gain)
loss on sale of oil and natural gas properties |
|
|
5,947 |
|
|
|
- |
|
|
|
(721,573 |
) |
|
|
- |
|
|
|
- |
|
Other
operating property and equipment impairment |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
28,056 |
|
Total
operating expenses |
|
|
55,404 |
|
|
|
112,329 |
|
|
|
(337,458 |
) |
|
|
569,161 |
|
|
|
1,118,460 |
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from operations |
|
|
(30,127 |
) |
|
|
17,926 |
|
|
|
715,423 |
|
|
|
(415,799 |
) |
|
|
(851,617 |
) |
|
|
|
|
|
|
|
|
|
|
|
Other income (expenses): |
|
|
|
|
|
|
|
|
|
|
Net gain
(loss) on derivative contracts |
|
|
(26,848 |
) |
|
|
(20,165 |
) |
|
|
1,291 |
|
|
|
(27,740 |
) |
|
|
(17,998 |
) |
Interest
expense and other, net |
|
|
(7,289 |
) |
|
|
(23,382 |
) |
|
|
(71,097 |
) |
|
|
(28,861 |
) |
|
|
(122,249 |
) |
Reorganization items |
|
|
- |
|
|
|
(1,493 |
) |
|
|
- |
|
|
|
(2,049 |
) |
|
|
913,722 |
|
Gain
(loss) on extinguishment of debt |
|
|
(28,866 |
) |
|
|
- |
|
|
|
(114,931 |
) |
|
|
- |
|
|
|
81,434 |
|
Total
other income (expenses) |
|
|
(63,003 |
) |
|
|
(45,040 |
) |
|
|
(184,737 |
) |
|
|
(58,650 |
) |
|
|
854,909 |
|
Income
(loss) before income taxes |
|
|
(93,130 |
) |
|
|
(27,114 |
) |
|
|
530,686 |
|
|
|
(474,449 |
) |
|
|
3,292 |
|
Income
tax benefit (provision) |
|
|
- |
|
|
|
(1,387 |
) |
|
|
5,000 |
|
|
|
(4,744 |
) |
|
|
8,666 |
|
Net income (loss) |
|
|
(93,130 |
) |
|
|
(28,501 |
) |
|
|
535,686 |
|
|
|
(479,193 |
) |
|
|
11,958 |
|
Non-cash
preferred dividend |
|
|
- |
|
|
|
- |
|
|
|
(48,007 |
) |
|
|
- |
|
|
|
- |
|
Series A
preferred dividends |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(8,847 |
) |
Preferred dividends and accretion on redeemable noncontrolling
interest |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(791 |
) |
|
|
(35,905 |
) |
Net income (loss) available to common
stockholders |
|
$ |
(93,130 |
) |
|
$ |
(28,501 |
) |
|
$ |
487,679 |
|
|
$ |
(479,984 |
) |
|
$ |
(32,794 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per share of common stock: |
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.63 |
) |
|
$ |
(0.31 |
) |
|
$ |
3.67 |
|
|
$ |
(5.26 |
) |
|
$ |
(0.27 |
) |
Diluted |
|
$ |
(0.63 |
) |
|
$ |
(0.31 |
) |
|
$ |
3.65 |
|
|
$ |
(5.26 |
) |
|
$ |
(0.27 |
) |
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
148,504 |
|
|
|
91,251 |
|
|
|
132,763 |
|
|
|
91,228 |
|
|
|
120,513 |
|
Diluted |
|
|
148,504 |
|
|
|
91,251 |
|
|
|
133,576 |
|
|
|
91,228 |
|
|
|
120,513 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HALCÓN RESOURCES CORPORATION |
CONSOLIDATED BALANCE SHEETS
(Unaudited) |
(In thousands, except share and per share
amounts) |
|
|
|
|
|
|
|
|
|
|
|
Successor |
|
|
|
|
December 31, 2017 |
|
December 31, 2016 |
Current assets: |
|
|
|
|
|
Cash and cash equivalents |
|
$ |
424,071 |
|
|
$ |
24 |
|
|
Accounts
receivable |
|
|
36,416 |
|
|
|
147,762 |
|
|
Receivables
from derivative contracts |
|
|
677 |
|
|
|
5,923 |
|
|
Prepaids
and other |
|
|
10,628 |
|
|
|
6,940 |
|
|
Total current assets |
|
|
471,792 |
|
|
|
160,649 |
|
Oil
and natural gas properties (full cost method): |
|
|
|
|
|
Evaluated |
|
|
877,316 |
|
|
|
1,269,034 |
|
|
Unevaluated |
|
|
765,786 |
|
|
|
316,439 |
|
|
Gross oil and natural gas properties |
|
|
1,643,102 |
|
|
|
1,585,473 |
|
|
Less -
accumulated depletion |
|
|
(570,155 |
) |
|
|
(465,849 |
) |
|
Net
oil and natural gas properties |
|
|
1,072,947 |
|
|
|
1,119,624 |
|
Other operating property and equipment: |
|
|
|
|
|
Other
operating property and equipment |
|
|
101,282 |
|
|
|
38,617 |
|
|
Less -
accumulated depreciation |
|
|
(4,092 |
) |
|
|
(1,107 |
) |
|
Net
other operating property and equipment |
|
|
97,190 |
|
|
|
37,510 |
|
Other noncurrent assets: |
|
|
|
|
|
Funds in
escrow and other |
|
|
1,691 |
|
|
|
1,887 |
|
Total assets |
|
$ |
1,643,620 |
|
|
$ |
1,319,670 |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Accounts payable and accrued liabilities |
|
$ |
131,087 |
|
|
$ |
186,184 |
|
|
Liabilities from derivative contracts |
|
|
19,248 |
|
|
|
16,434 |
|
|
Other |
|
|
- |
|
|
|
4,935 |
|
|
Total current liabilities |
|
|
150,335 |
|
|
|
207,553 |
|
Long-term debt, net |
|
|
409,168 |
|
|
|
964,653 |
|
Other noncurrent liabilities: |
|
|
|
|
|
Liabilities from derivative contracts |
|
|
7,751 |
|
|
|
486 |
|
|
Asset retirement obligations |
|
|
4,368 |
|
|
|
31,985 |
|
|
Other |
|
|
- |
|
|
|
2,305 |
|
Commitments and
contingencies |
|
|
|
|
Stockholders' equity: |
|
|
|
|
|
Common stock: 1,000,000,000 shares of $0.0001 par value |
|
|
|
|
|
authorized; 149,379,491 and 92,991,183 shares issued and
outstanding |
|
|
|
|
|
as of December 31, 2017 and 2016, respectively |
|
|
15 |
|
|
|
9 |
|
|
Additional paid-in capital |
|
|
1,016,281 |
|
|
|
592,663 |
|
|
Retained earnings (accumulated deficit) |
|
|
55,702 |
|
|
|
(479,984 |
) |
|
Total stockholders' equity |
|
|
1,071,998 |
|
|
|
112,688 |
|
Total liabilities and stockholders'
equity |
|
$ |
1,643,620 |
|
|
$ |
1,319,670 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HALCÓN RESOURCES CORPORATION |
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited) |
(In thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Successor |
|
Successor |
|
Predecessor |
|
|
|
|
|
|
|
|
|
|
Period from |
|
Period from |
|
|
|
|
|
|
|
|
|
|
September 10, 2016 |
|
January 1, 2016 |
|
|
|
|
Three Months Ended December 31, |
|
Year Ended |
|
through |
|
through |
|
|
|
|
|
2017 |
|
|
|
2016 |
|
|
December 31, 2017 |
|
December 31, 2016 |
|
September 9, 2016 |
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
|
Net income
(loss) |
|
$ |
(93,130 |
) |
|
$ |
(28,501 |
) |
|
$ |
535,686 |
|
|
$ |
(479,193 |
) |
|
$ |
11,958 |
|
Adjustments
to reconcile net income (loss) to net cash provided by (used |
|
|
|
|
|
|
|
|
|
|
in)
operating activities: |
|
|
|
|
|
|
|
|
|
|
|
Depletion,
depreciation and accretion |
|
|
9,419 |
|
|
|
37,848 |
|
|
|
110,207 |
|
|
|
46,899 |
|
|
|
120,555 |
|
|
Full cost
ceiling impairment |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
420,934 |
|
|
|
754,769 |
|
|
(Gain) loss
on sale of oil and natural gas properties |
|
|
5,947 |
|
|
|
- |
|
|
|
(721,573 |
) |
|
|
- |
|
|
|
- |
|
|
Other
operating property and equipment impairment |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
28,056 |
|
|
Stock-based
compensation, net |
|
|
3,209 |
|
|
|
8,323 |
|
|
|
36,757 |
|
|
|
21,519 |
|
|
|
4,876 |
|
|
Unrealized
loss (gain) on derivative contracts |
|
|
27,478 |
|
|
|
82,111 |
|
|
|
16,468 |
|
|
|
112,449 |
|
|
|
263,732 |
|
|
Amortization and write-off of deferred loan costs |
|
|
489 |
|
|
|
- |
|
|
|
1,795 |
|
|
|
- |
|
|
|
6,371 |
|
|
Amortization of discount and premium |
|
|
239 |
|
|
|
2,129 |
|
|
|
2,597 |
|
|
|
2,506 |
|
|
|
1,515 |
|
|
Reorganization items |
|
|
- |
|
|
|
(16,523 |
) |
|
|
(739 |
) |
|
|
(15,963 |
) |
|
|
(929,084 |
) |
|
Loss (gain)
on extinguishment of debt |
|
|
28,866 |
|
|
|
- |
|
|
|
114,931 |
|
|
|
- |
|
|
|
(81,434 |
) |
|
Accrued
settlements on derivative contracts |
|
|
697 |
|
|
|
4,197 |
|
|
|
24 |
|
|
|
(18,498 |
) |
|
|
- |
|
|
Other
expense (income) |
|
|
38 |
|
|
|
173 |
|
|
|
(3,355 |
) |
|
|
79 |
|
|
|
(4,233 |
) |
Cash flow
from operations before changes in working capital |
|
|
(16,748 |
) |
|
|
89,757 |
|
|
|
92,798 |
|
|
|
90,732 |
|
|
|
177,081 |
|
Changes in
working capital |
|
|
29,117 |
|
|
|
1,057 |
|
|
|
21,793 |
|
|
|
12,404 |
|
|
|
(1,733 |
) |
Net cash
provided by (used in) operating activities |
|
|
12,369 |
|
|
|
90,814 |
|
|
|
114,591 |
|
|
|
103,136 |
|
|
|
175,348 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
|
Oil and
natural gas capital expenditures |
|
|
(112,377 |
) |
|
|
(51,100 |
) |
|
|
(331,257 |
) |
|
|
(61,389 |
) |
|
|
(226,741 |
) |
|
Proceeds
received from sales of oil and natural gas assets |
|
|
102,316 |
|
|
|
888 |
|
|
|
2,003,894 |
|
|
|
888 |
|
|
|
(407 |
) |
|
Acquisition
of oil and natural gas properties |
|
|
(101,870 |
) |
|
|
(70 |
) |
|
|
(1,018,546 |
) |
|
|
(70 |
) |
|
|
124 |
|
|
Acquisition
of other operating property and equipment |
|
|
- |
|
|
|
- |
|
|
|
(25,538 |
) |
|
|
- |
|
|
|
- |
|
|
Other
operating property and equipment capital expenditures |
|
|
(27,740 |
) |
|
|
(519 |
) |
|
|
(53,214 |
) |
|
|
(750 |
) |
|
|
(950 |
) |
|
Proceeds
received from sale of other operating property and equipment |
|
|
507 |
|
|
|
- |
|
|
|
21,798 |
|
|
|
- |
|
|
|
138 |
|
|
Funds held
in escrow and other |
|
|
(4 |
) |
|
|
- |
|
|
|
1,455 |
|
|
|
(1,721 |
) |
|
|
62 |
|
Net cash
provided by (used in) investing activities |
|
|
(139,168 |
) |
|
|
(50,801 |
) |
|
|
598,592 |
|
|
|
(63,042 |
) |
|
|
(227,774 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
|
Proceeds
from borrowings |
|
|
- |
|
|
|
85,000 |
|
|
|
1,349,000 |
|
|
|
115,000 |
|
|
|
886,000 |
|
|
Repayments
of borrowings |
|
|
(425,000 |
) |
|
|
(127,000 |
) |
|
|
(1,922,826 |
) |
|
|
(159,000 |
) |
|
|
(727,648 |
) |
|
Cash
payments to Noteholders and Preferred Holders |
|
|
(12,750 |
) |
|
|
- |
|
|
|
(83,653 |
) |
|
|
(10,013 |
) |
|
|
(97,521 |
) |
|
Debt
issuance costs |
|
|
(579 |
) |
|
|
- |
|
|
|
(17,799 |
) |
|
|
- |
|
|
|
(1,977 |
) |
|
Preferred
stock issued |
|
|
- |
|
|
|
- |
|
|
|
400,055 |
|
|
|
- |
|
|
|
- |
|
|
Offering
costs and other |
|
|
(148 |
) |
|
|
- |
|
|
|
(13,913 |
) |
|
|
- |
|
|
|
(511 |
) |
Net cash
provided by (used in) financing activities |
|
|
(438,477 |
) |
|
|
(42,000 |
) |
|
|
(289,136 |
) |
|
|
(54,013 |
) |
|
|
58,343 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
increase (decrease) in cash and cash equivalents |
|
|
(565,276 |
) |
|
|
(1,987 |
) |
|
|
424,047 |
|
|
|
(13,919 |
) |
|
|
5,917 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and
cash equivalents at beginning of period |
|
|
989,347 |
|
|
|
2,011 |
|
|
|
24 |
|
|
|
13,943 |
|
|
|
8,026 |
|
Cash and
cash equivalents at end of period |
|
$ |
424,071 |
|
|
$ |
24 |
|
|
$ |
424,071 |
|
|
$ |
24 |
|
|
$ |
13,943 |
|
|
|
|
|
|
|
|
|
|
|
HALCÓN RESOURCES CORPORATION |
|
SELECTED OPERATING DATA |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Years Ended December 31, |
|
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
2016(3) |
|
|
|
|
|
|
|
|
|
|
|
Production volumes: |
|
|
|
|
|
|
|
|
|
Crude oil
(MBbls) |
|
|
403 |
|
|
|
2,717 |
|
|
|
7,511 |
|
|
|
10,368 |
|
|
Natural
gas (MMcf) |
|
|
547 |
|
|
|
2,490 |
|
|
|
7,439 |
|
|
|
9,571 |
|
|
Natural
gas liquids (MBbls) |
|
|
84 |
|
|
|
421 |
|
|
|
1,249 |
|
|
|
1,597 |
|
|
Total
(MBoe) |
|
|
578 |
|
|
|
3,553 |
|
|
|
10,000 |
|
|
|
13,560 |
|
|
Average
daily production (Boe/d) |
|
|
6,283 |
|
|
|
38,620 |
|
|
|
27,397 |
|
|
|
37,049 |
|
|
|
|
|
|
|
|
|
|
|
|
Average
prices: |
|
|
|
|
|
|
|
|
|
Crude oil
(per Bbl) |
|
$ |
52.61 |
|
|
$ |
43.62 |
|
|
$ |
45.36 |
|
|
$ |
37.41 |
|
|
Natural
gas (per Mcf) |
|
|
2.09 |
|
|
|
2.38 |
|
|
|
2.18 |
|
|
|
1.70 |
|
|
Natural
gas liquids (per Bbl) |
|
|
26.07 |
|
|
|
12.40 |
|
|
|
15.19 |
|
|
|
8.73 |
|
|
Total per
Boe |
|
|
42.45 |
|
|
|
36.50 |
|
|
|
37.58 |
|
|
|
30.83 |
|
|
|
|
|
|
|
|
|
|
|
|
Cash
effect of derivative contracts: |
|
|
|
|
|
|
|
|
|
Crude oil
(per Bbl) |
|
$ |
1.20 |
|
|
$ |
22.73 |
|
|
$ |
2.26 |
|
|
$ |
31.76 |
|
|
Natural
gas (per Mcf) |
|
|
0.27 |
|
|
|
0.08 |
|
|
|
0.11 |
|
|
|
0.12 |
|
|
Natural
gas liquids (per Bbl) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Total per
Boe |
|
|
1.09 |
|
|
|
17.43 |
|
|
|
1.78 |
|
|
|
24.37 |
|
|
|
|
|
|
|
|
|
|
|
|
Average
prices computed after cash effect of settlement of derivative
contracts: |
|
|
|
|
|
|
|
|
|
Crude oil
(per Bbl) |
|
$ |
53.81 |
|
|
$ |
66.35 |
|
|
$ |
47.62 |
|
|
$ |
69.17 |
|
|
Natural
gas (per Mcf) |
|
|
2.36 |
|
|
|
2.46 |
|
|
|
2.29 |
|
|
|
1.82 |
|
|
Natural
gas liquids (per Bbl) |
|
|
26.07 |
|
|
|
12.40 |
|
|
|
15.19 |
|
|
|
8.73 |
|
|
Total per
Boe |
|
|
43.54 |
|
|
|
53.93 |
|
|
|
39.36 |
|
|
|
55.20 |
|
|
|
|
|
|
|
|
|
|
|
|
Average
cost per Boe: |
|
|
|
|
|
|
|
|
|
Production: |
|
|
|
|
|
|
|
|
|
Lease
operating |
|
$ |
5.05 |
|
|
$ |
5.23 |
|
|
$ |
6.17 |
|
|
$ |
5.34 |
|
|
Workover
and other |
|
|
(0.82 |
) |
|
|
2.52 |
|
|
|
2.17 |
|
|
|
2.43 |
|
|
Taxes
other than income |
|
|
2.78 |
|
|
|
2.87 |
|
|
|
3.08 |
|
|
|
2.72 |
|
|
Gathering
and other, as adjusted (1) |
|
|
8.96 |
|
|
|
2.54 |
|
|
|
3.40 |
|
|
|
2.32 |
|
|
Restructuring |
|
|
9.44 |
|
|
|
- |
|
|
|
0.75 |
|
|
|
0.38 |
|
|
General
and administrative, as adjusted (1) |
|
|
25.11 |
|
|
|
3.90 |
|
|
|
5.29 |
|
|
|
4.29 |
|
|
Depletion |
|
|
14.13 |
|
|
|
10.27 |
|
|
|
10.43 |
|
|
|
11.80 |
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Represents gathering and other and general and administrative costs
per Boe, adjusted for items noted in the reconciliation below: |
|
|
|
|
|
|
|
|
|
|
|
|
|
General and
administrative: |
|
|
|
|
|
|
|
|
|
General
and administrative, as reported |
|
$ |
42.19 |
|
|
$ |
6.95 |
|
|
$ |
11.14 |
|
|
$ |
9.22 |
|
|
Stock-based compensation: |
|
|
|
|
|
|
|
|
|
Non-cash |
|
|
(5.55 |
) |
|
|
(2.34 |
) |
|
|
(3.68 |
) |
|
|
(1.95 |
) |
|
Transaction costs, key employee retention agreements and
other: |
|
|
|
|
|
|
|
|
|
Cash |
|
|
(11.53 |
) |
|
|
(0.71 |
) |
|
|
(2.17 |
) |
|
|
(2.98 |
) |
|
General
and administrative, as adjusted |
|
$ |
25.11 |
|
|
$ |
3.90 |
|
|
$ |
5.29 |
|
|
$ |
4.29 |
|
|
|
|
|
|
|
|
|
|
|
|
Gathering and other, as
reported |
|
$ |
10.63 |
|
|
$ |
3.39 |
|
|
$ |
4.08 |
|
|
$ |
3.24 |
|
|
Rig termination
/ stacking charges |
|
|
(1.67 |
) |
|
|
(0.85 |
) |
|
|
(0.68 |
) |
|
|
(0.92 |
) |
|
Gathering and other, as
adjusted |
|
$ |
8.96 |
|
|
$ |
2.54 |
|
|
$ |
3.40 |
|
|
$ |
2.32 |
|
|
|
|
|
|
|
|
|
|
|
|
Total operating costs,
as reported |
|
$ |
59.83 |
|
|
$ |
20.96 |
|
|
$ |
26.64 |
|
|
$ |
22.95 |
|
|
Total adjusting
items |
|
|
(18.75 |
) |
|
|
(3.90 |
) |
|
|
(6.53 |
) |
|
|
(5.85 |
) |
|
Total operating costs,
as adjusted (2) |
|
$ |
41.08 |
|
|
$ |
17.06 |
|
|
$ |
20.11 |
|
|
$ |
17.10 |
|
|
|
|
|
|
|
|
|
|
|
|
(2)
Represents lease operating, workover and other expense, taxes other
than income, gathering and other expense and general and
administrative costs per Boe, adjusted for items noted in
reconciliation above. |
|
|
|
|
|
|
|
|
|
|
|
(3) For
illustrative purposes, the Company has combined the Successor and
Predecessor results to derive combined results for the year
ended December 31, 2016. The combination was generated
by addition of comparable financial statement line items. However,
because of various adjustments to the consolidated financial
statements in connection with the application of fresh-start
reporting, including asset valuation adjustments and liability
adjustments, the results of operations for the Successor may
not be comparable to those of the Predecessor. The financial
information preceding the table above provides the Successor and
the Predecessor GAAP results for the applicable periods.
The Company believes that subject to consideration of the impact of
fresh-start reporting, combining the results of the Predecessor and
Successor provide meaningful information about, for instance,
production, revenues and costs, that assist a reader in
understanding the Company’s financial results for the applicable
periods. |
|
|
|
HALCÓN RESOURCES CORPORATION |
SELECTED ITEM REVIEW AND RECONCILIATION
(Unaudited) |
(In thousands, except per share
amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Successor |
|
Successor |
|
Predecessor |
|
|
|
|
|
|
|
|
Period from |
|
Period from |
|
|
|
|
|
|
|
|
|
September 10, 2016 |
|
January 1, 2016 |
|
|
|
Three Months Ended December 31, |
|
Year Ended |
|
through |
|
through |
|
|
|
|
2017 |
|
|
|
2016 |
|
|
December 31, 2017 |
|
December 31, 2016 |
|
September 9, 2016 |
|
As
Reported: |
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
available to common stockholders, as reported |
|
$ |
(93,130 |
) |
|
$ |
(28,501 |
) |
|
$ |
487,679 |
|
|
$ |
(479,984 |
) |
|
$ |
(32,794 |
) |
|
Non-cash preferred
dividend |
|
|
- |
|
|
|
- |
|
|
|
48,007 |
|
|
|
- |
|
|
|
- |
|
|
Series A preferred
dividends |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
8,847 |
|
|
Preferred dividends and
accretion on redeemable noncontrolling interest |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
791 |
|
|
|
35,905 |
|
|
Net income (loss) |
|
$ |
(93,130 |
) |
|
$ |
(28,501 |
) |
|
$ |
535,686 |
|
|
$ |
(479,193 |
) |
|
$ |
11,958 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impact of
Selected Items: |
|
|
|
|
|
|
|
|
|
|
|
Unrealized loss (gain)
on derivatives contracts: |
|
|
|
|
|
|
|
|
|
|
|
Crude
oil |
|
$ |
27,844 |
|
|
$ |
81,335 |
|
|
$ |
17,740 |
|
|
$ |
111,658 |
|
|
$ |
262,813 |
|
|
Natural
gas |
|
|
(366 |
) |
|
|
776 |
|
|
|
(1,272 |
) |
|
|
791 |
|
|
|
919 |
|
|
Total
mark-to-market non-cash charge |
|
|
27,478 |
|
|
|
82,111 |
|
|
|
16,468 |
|
|
|
112,449 |
|
|
|
263,732 |
|
|
Full cost ceiling
impairment |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
420,934 |
|
|
|
754,769 |
|
|
(Gain) loss on sale of
oil and natural gas properties |
|
|
5,947 |
|
|
|
- |
|
|
|
(721,573 |
) |
|
|
- |
|
|
|
- |
|
|
Other operating
property and equipment impairment |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
28,056 |
|
|
Loss (gain) on
extinguishment of debt |
|
|
28,866 |
|
|
|
- |
|
|
|
114,931 |
|
|
|
- |
|
|
|
(81,434 |
) |
|
Deferred financing
costs expensed, net(1) |
|
|
232 |
|
|
|
- |
|
|
|
537 |
|
|
|
- |
|
|
|
3,582 |
|
|
Reorganization
items |
|
|
- |
|
|
|
1,493 |
|
|
|
- |
|
|
|
2,049 |
|
|
|
(913,722 |
) |
|
Restructuring |
|
|
5,455 |
|
|
|
- |
|
|
|
7,535 |
|
|
|
- |
|
|
|
5,168 |
|
|
Rig termination /
stacking charges, key employee retention agreements, transaction
costs and other |
|
|
7,099 |
|
|
|
5,519 |
|
|
|
26,973 |
|
|
|
6,443 |
|
|
|
40,689 |
|
|
Selected items, before
income taxes |
|
|
75,077 |
|
|
|
89,123 |
|
|
|
(555,129 |
) |
|
|
541,875 |
|
|
|
100,840 |
|
|
Income tax effect of
selected items(2) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Selected items, net of
tax |
|
$ |
75,077 |
|
|
$ |
89,123 |
|
|
$ |
(555,129 |
) |
|
$ |
541,875 |
|
|
$ |
100,840 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
Adjusted: |
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
available to common stockholders, excluding selected items |
|
$ |
(18,053 |
) |
|
$ |
60,622 |
|
|
$ |
(19,443 |
) |
|
$ |
62,682 |
|
|
$ |
112,798 |
|
|
Net income (loss) from
assumed conversions |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
10,778 |
|
|
Net income (loss)
available to common stockholders after assumed conversions,
excluding selected items(3) |
|
$ |
(18,053 |
) |
|
$ |
60,622 |
|
|
$ |
(19,443 |
) |
|
$ |
62,682 |
|
|
$ |
123,576 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income (loss)
per common share, as reported |
|
$ |
(0.63 |
) |
|
$ |
(0.31 |
) |
|
$ |
3.67 |
|
|
$ |
(5.26 |
) |
|
$ |
(0.27 |
) |
|
Impact of selected
items |
|
|
0.51 |
|
|
|
0.97 |
|
|
|
(3.82 |
) |
|
|
5.95 |
|
|
|
1.21 |
|
|
Basic net income (loss)
per common share, excluding selected items(3) |
|
$ |
(0.12 |
) |
|
$ |
0.66 |
|
|
$ |
(0.15 |
) |
|
$ |
0.69 |
|
|
$ |
0.94 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income
(loss) per common share, as reported |
|
$ |
(0.63 |
) |
|
$ |
(0.31 |
) |
|
$ |
3.65 |
|
|
$ |
(5.26 |
) |
|
$ |
(0.27 |
) |
|
Impact of selected
items |
|
|
0.51 |
|
|
|
0.97 |
|
|
|
(3.80 |
) |
|
|
5.95 |
|
|
|
1.13 |
|
|
Diluted net income
(loss) per common share, excluding selected items(3)(4) |
|
$ |
(0.12 |
) |
|
$ |
0.66 |
|
|
$ |
(0.15 |
) |
|
$ |
0.69 |
|
|
$ |
0.86 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
(used in) operating activities |
|
$ |
12,369 |
|
|
$ |
90,814 |
|
|
$ |
114,591 |
|
|
$ |
103,136 |
|
|
$ |
175,348 |
|
|
Changes in working
capital, net of acquisitions |
|
|
(29,117 |
) |
|
|
(1,057 |
) |
|
|
(21,793 |
) |
|
|
(12,404 |
) |
|
|
1,733 |
|
|
Cash flow from
operations before changes in working capital |
|
|
(16,748 |
) |
|
|
89,757 |
|
|
|
92,798 |
|
|
|
90,732 |
|
|
|
177,081 |
|
|
Cash components of
selected items |
|
|
13,125 |
|
|
|
19,338 |
|
|
|
36,679 |
|
|
|
42,953 |
|
|
|
66,092 |
|
|
Income tax effect of
selected items(2) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Cash flow from
operations before changes in working capital, adjusted for selected
items(3) |
|
$ |
(3,623 |
) |
|
$ |
109,095 |
|
|
$ |
129,477 |
|
|
$ |
133,685 |
|
|
$ |
243,173 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Represents charges related to the write-off of debt issuance costs
associated with the revolving credit facility. |
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) For
the 2017 and 2016 columns, this represents tax impact using an
estimated tax rate of 0.0% due to the Company maintaining a full
valuation allowance. |
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) Net
income (loss) and earnings per share excluding selected items and
cash flow from operations before changes in working capital
adjusted for selected items are non-GAAP measures presented
based on management's belief that they will enable a user of the
financial information to understand the impact of these items on
reported results. Additionally, this presentation
provides a beneficial comparison to similarly adjusted measurements
of prior periods. These financial measures are not measures of
financial performance under GAAP and should not be considered
as an alternative to net income, earnings per share and cash flow
from operations, as defined by GAAP. These financial measures may
not be comparable to similarly named non-GAAP financial
measures that other companies may use and may not be useful in
comparing the performance of those companies to Halcón's
performance. |
|
|
|
|
|
|
|
|
|
|
|
|
|
(4) The
impact of selected items for the three months ended and year ended
December 31, 2017 was calculated based upon weighted average
diluted shares of 148.5 million and 132.8
million, respectively, due to the net loss available to common
stockholders excluding selected items. The impact of selected items
for the three months ended December 31, 2016, the period
of September 10, 2016 through December 31, 2016 and the period
of January 1, 2016 through September 9, 2016 was calculated based
upon weighted average diluted shares of 91.5 million, 91.3
million and 144.3 million, respectively, due to the net income
available to common stockholders, excluding selected items. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HALCÓN RESOURCES CORPORATION |
EBITDA RECONCILIATION
(Unaudited) |
(In thousands) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Years Ended December 31, |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
2016(2) |
|
|
|
|
|
|
|
|
|
Net income (loss), as
reported |
|
$ |
(93,130 |
) |
|
$ |
(28,501 |
) |
|
$ |
535,686 |
|
|
$ |
(467,235 |
) |
Impact of adjusting
items: |
|
|
|
|
|
|
|
|
Interest
expense |
|
|
8,383 |
|
|
|
23,126 |
|
|
|
74,524 |
|
|
|
152,477 |
|
Depletion, depreciation and accretion |
|
|
9,419 |
|
|
|
37,848 |
|
|
|
110,207 |
|
|
|
167,454 |
|
Full cost
ceiling impairment |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,175,703 |
|
Other
operating property and equipment impairment |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
28,056 |
|
Income
tax provision (benefit) |
|
|
- |
|
|
|
1,387 |
|
|
|
(5,000 |
) |
|
|
(3,922 |
) |
Stock-based compensation |
|
|
3,209 |
|
|
|
8,323 |
|
|
|
36,757 |
|
|
|
26,395 |
|
Interest
income |
|
|
(1,404 |
) |
|
|
(3 |
) |
|
|
(2,255 |
) |
|
|
(36 |
) |
(Gain)
loss on sale of other assets |
|
|
102 |
|
|
|
276 |
|
|
|
(253 |
) |
|
|
706 |
|
Restructuring |
|
|
5,455 |
|
|
|
- |
|
|
|
7,535 |
|
|
|
5,168 |
|
Reorganization items |
|
|
- |
|
|
|
1,493 |
|
|
|
- |
|
|
|
(911,673 |
) |
Loss
(gain) on extinguishment of debt |
|
|
28,866 |
|
|
|
- |
|
|
|
114,931 |
|
|
|
(81,434 |
) |
(Gain)
loss on sale of oil and natural gas properties |
|
|
5,947 |
|
|
|
- |
|
|
|
(721,573 |
) |
|
|
- |
|
Loss
(gain) on mark-to-market of embedded derivative and tranche
rights |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(5,734 |
) |
Unrealized loss (gain) on derivatives contracts |
|
|
27,478 |
|
|
|
82,111 |
|
|
|
16,468 |
|
|
|
376,181 |
|
Write-off
of deferred loan costs |
|
|
232 |
|
|
|
- |
|
|
|
537 |
|
|
|
3,582 |
|
Rig
termination / stacking charges |
|
|
966 |
|
|
|
3,003 |
|
|
|
6,825 |
|
|
|
12,467 |
|
Transaction costs, key employee retention agreements and other |
|
|
6,662 |
|
|
|
2,516 |
|
|
|
20,677 |
|
|
|
40,399 |
|
Adjusted EBITDA(1) |
|
$ |
2,185 |
|
|
$ |
131,579 |
|
|
$ |
195,066 |
|
|
$ |
518,554 |
|
|
|
|
|
|
|
|
|
|
(1)
Adjusted EBITDA are non-gaap measures. These financial measures are
presented based on management's belief that they will enable a user
of the financial information to understand the impact of these
items on reported results. Additionally, this presentation provides
a beneficial comparison to similarly adjusted measurements of
prior periods. These financial measures are not measures of
financial performance under GAAP and should not be considered as an
alternative to GAAP. These financial measures may not be
comparable to similarly named non-GAAP financial measures that
other companies may use and may not be useful in comparing the
performance of those companies to Halcón's performance. |
|
|
|
|
|
|
|
|
|
(2) For
illustrative purposes, the Company has combined the Successor and
Predecessor results to derive combined results for the year ended
December 31, 2016. The combination was generated by addition
of comparable financial statement line items. However, because of
various adjustments to the consolidated financial
statements in connection with the application of fresh-start
reporting, including asset valuation adjustments and liability
adjustments, the results of operations for the Successor may not
be comparable to those of the Predecessor. The financial
information preceding the table above provides the Successor and
the Predecessor GAAP results for the applicable periods. The
Company believes that subject to consideration of the impact of
fresh-start reporting, combining the results of the Predecessor and
Successor provide meaningful information about, for instance,
production, revenues and costs, that assist a reader in
understanding the Company’s financial results for the applicable
periods. |
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