HOUSTON, Nov. 6, 2013 /PRNewswire/ -- Endeavour
International Corporation (NYSE: END) (LSE: ENDV) today reported
third quarter 2013 net loss, as adjusted of $34.7 million compared to a net loss, as adjusted
of $13.6 million for the same period
in 2012. On a GAAP basis, net loss for the third quarter of 2013
was $40.3 million as compared to net
loss of $34.2 million for the same
quarter in 2012.
Third quarter 2013 sales and production numbers were impacted by
the annual summer maintenance period in the U.K. North Sea and the
timing of liftings at the Alba field during the period. Sales
volumes for the third quarter of 2013 were 4,725 barrels of oil
equivalent per day ("boepd"), compared to 11,006 boepd for the same
quarter in the prior year. Physical production for the third
quarter of 2013 averaged 7,980 boepd compared to 10,724 boepd for
the same quarter of 2012.
Recent Business Highlights:
- First production achieved at Rochelle
- Bacchus B1 well commenced production in July
- Completion of the summer maintenance at the Alba field
- Joint venture in the Pennsylvania Marcellus
- Conclusion of the Strategic Review
"First production at Rochelle
is a major achievement for our Company. Rochelle was part of a package of assets
Endeavour purchased in 2006. The field's evolution from stranded
discovery to producing asset is a testament to the perseverance and
technical talent of all whom have been involved in the project,"
said William L. Transier, chairman,
chief executive officer and president. "Now with three
significant assets and all of our U.K. development projects
on-line, we will focus on exploiting the underlying value of our
assets and turn our attention in the near-term to reducing debt and
being cost efficient."
Operational Update
North Sea
Rochelle
commenced production on October 23,
2013. Following first production, Rochelle is in a 30-day proving period and the
W1 well is being ramped up to its full potential. Current
production is 44 MMscf/d with 2,500 barrels of oil a day ("bopd")
of associated condensate, which is in line with operational
expectations for the new infrastructure on the Scott Platform. At
East Rochelle, the E2 well has
been drilled to total depth, completed and a production test is due
to commence in the next few days. The E2 well is expected on-line
in the fourth quarter. When fully operational, the production from
the Rochelle field is expected to
exceed the available production capacity at Scott. Endeavour has a
44% working interest in the Rochelle development.
At the Bacchus field, the third planned production well (B1) was
completed in July. The well logged 2,057 feet net oil pay along a
horizontal completion segment in high quality Jurassic-aged Fulmar
sandstone in the field's western fault block. The third well was
completed ahead of schedule and below estimated costs. Current
production at the field is 13,000 bopd gross, in line with the
expected field performance. Endeavour has a 30% working interest in
the field.
At Alba, the planned 28-day summer maintenance program was
completed on time and the field restarted in the middle of
September. The previous water handling, turbine and emulsion
concerns have been addressed and the field is currently ramping
back up to full production levels. Production has achieved rates of
over 25,000 bopd and the operator is working to maintain consistent
production rates with on-going operational activities. Two infield
wells, drilled earlier in the year, were brought back on-line and
another platform well is scheduled to be on production in early
2014. Endeavour has a 25.68% working interest in the Alba
field.
As of the fourth quarter of 2013, all the Company's major U.K.
oil and gas assets are on production.
North America
In
Rio Blanco County, Colorado, the
Company successfully drilled, cored and logged its Wiley Federal
Unit well. The data indicates liquids-rich gas potential in both
the Niobrara and Frontier formations. The well is being evaluated
for a future horizontal re-entry sometime next year. In a separate
operation in Mesa County,
Colorado, Endeavour obtained Niobrara cores in a third party
well where the Company has drill-to-earn options, that may be
exercised by horizontal drilling in 2014. In total, the Company has
leasehold and drilling options over approximately 40,000 gross
acres in this liquids-rich Cretaceous play.
During October in the Pennsylvania Marcellus area, the Company
entered into a purchase and sale agreement covering 50% of its
upstream and midstream assets. The transaction is expected to
deliver the capital necessary for near term joint development of
these assets. Final closing of the agreement is anticipated to
occur in the fourth quarter of 2013.
Strategic Review
In October, the Board of Directors
concluded the strategic review process that started in February 2013. During the course of the strategic
review, the Board considered the sale of all or parts of the
Company and possible joint venture arrangements. As the year
progressed, Endeavour achieved several objectives that improved the
long-term value of the business, including the completion of
Bacchus, start-up of production at Rochelle and continued process improvements at
the Alba field. As a result, the Board decided it was in the best
interest of shareholders to retain and exploit the asset base.
In conjunction with the conclusion of the strategic review,
Endeavour decided to close its London office and consolidate its technical
teams in Aberdeen, Scotland. Derek A.
Neilson has been promoted to Managing Director of U.K.
Operations to head the consolidated team. Mr. Neilson has been with
Endeavour for over six years and has 28 years of experience in the
oil and gas industry. Once the consolidation and organizational
changes are fully implemented, the Company expects to achieve
annual cash savings of approximately $15
million to $20 million.
Finance
In August, the Company completed the sale of
an additional $25 million expansion
to the Monetary Production Payment (MPP), bringing the total to
$150 million outstanding. The MPP has
a two-year term and will be satisfied out of the production from
the Alba and Bacchus fields. Repayment of the MPP began in
July 2013 under its terms.
In September, Endeavour entered into a second Forward Sale
agreement receiving a payment of $22.5
million. This effectively hedged a portion of production by
locking in pricing for in excess of 200,000 barrels of oil, over a
six month delivery period. This has had a positive effect on the
Company's realized oil prices year-to-date. The first Forward Sale
commitment was fulfilled in June
2013.
Fourth Quarter Production Guidance
With Rochelle and Alba ramping up over the course of the fourth
quarter, average daily production volumes are expected to be in the
range of 12,000 – 13,000 boepd for the period. Sales volumes
recorded as revenue will be affected by the number of actual
liftings from the Alba field. Currently, one lifting is expected
during the fourth quarter.
Earnings Conference Call, Wednesday,
November 6, 2013 at 9:00 a.m.,
Central Time, 3:00 p.m.
British Time
Endeavour International will host a
conference call and web cast to discuss its 2013 third quarter
financial and operating results on Wednesday, November 6, 2013 at 9:00 a.m. Central Time, 3:00 p.m. British Time. A supporting slide deck
for the conference call is available on the home page of
Endeavour's website at www.endeavourcorp.com and under the Investor
Relations section in conjunction with the details for the
conference call. To participate and ask questions during the
conference call, dial the local country telephone number and the
confirmation code 4806271. The toll-free
numbers are 888-812-8595 in the United States and
0-808-101-1152 in the United Kingdom. Other international callers
should dial 913-312-0672 (tolls apply). To
listen only to the live audio web cast access Endeavour's home page
at www.endeavourcorp.com. A replay will be available
beginning at 12:00 p.m. Central Time
on November 6, 2013 through
12:00 p.m. on November 12, 2013 by dialing toll free
888-203-1112 (U.S.) or 719-457-0820
(international), confirmation code 4806271.
Endeavour International Corporation is an oil and gas
exploration and production company focused on the acquisition,
exploration and development of energy reserves in the North Sea and
the United States. For more
information, visit www.endeavourcorp.com.
Additional information for investors:
Certain
statements in this news release should be regarded as
"forward-looking" statements within the meaning of the securities
laws. These statements speak only as of the date made.
Such statements are subject to assumptions, risk and
uncertainty. Actual results or events may vary
materially.
The Securities and Exchange Commission (SEC) permits oil and
gas companies, in their filings with the SEC, to disclose not only
proved reserves, but also probable reserves and possible reserves
that meet the SEC's definitions for such terms, and price and cost
sensitivities for such reserves, and prohibits disclosure of
resources that do not constitute such reserves. We use may
use certain terms in our news releases, such as "reserve
potential," that the SEC's guidelines strictly prohibit us from
including in filings with the SEC. These estimates are by their
nature more speculative than estimates of proved, probable and
possible reserves and accordingly are subject to substantially
greater risk of being actually realized. In addition, we do
not represent that the probable or possible reserves described
herein meet the recoverability thresholds established by the SEC in
its new definitions. Investors are urged to also
consider closely the disclosure in our filings with the SEC,
available from our website at
www.endeavourcorp.com. Endeavour is also subject to
the requirements of the London Stock Exchange and considers the
disclosures in this release to be appropriate and/or required under
the guidelines of that exchange.
Endeavour
International Corporation
Condensed
Consolidated Balance Sheets
(Unaudited)
(Amounts in
thousands)
|
|
|
|
|
|
|
|
September
30,
|
|
December
31,
|
|
2013
|
|
2012
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
Current
Assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
60,357
|
|
$
|
59,185
|
Accounts
receivable
|
|
24,496
|
|
|
46,181
|
Prepaid expenses and
other current assets
|
|
48,696
|
|
|
20,995
|
Total
Current Assets
|
|
133,549
|
|
|
126,361
|
|
|
|
|
|
|
Property and
Equipment, Net
|
|
1,078,906
|
|
|
1,003,441
|
Goodwill
|
|
259,238
|
|
|
262,764
|
Other
Assets
|
|
36,396
|
|
|
49,906
|
|
|
|
|
|
|
Total
Assets
|
$
|
1,508,089
|
|
$
|
1,442,472
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
|
Accounts
payable
|
$
|
44,802
|
|
$
|
60,153
|
Current maturities of
debt
|
|
115,163
|
|
|
15,713
|
Deferred
revenue
|
|
40,691
|
|
|
-
|
Monetary production
payment, current
|
|
19,167
|
|
|
-
|
Accrued expenses and
other
|
|
54,422
|
|
|
90,100
|
Total
Current Liabilities
|
|
274,245
|
|
|
165,966
|
|
|
|
|
|
|
Long-Term
Debt
|
|
752,769
|
|
|
843,793
|
Deferred
Taxes
|
|
127,658
|
|
|
141,887
|
Other
Liabilities
|
|
263,465
|
|
|
147,692
|
Total
Liabilities
|
|
1,418,137
|
|
|
1,299,338
|
|
|
|
|
|
|
Commitments and
Contingencies
|
|
|
|
|
|
|
|
|
|
|
|
Series C Convertible
Preferred Stock
|
|
43,703
|
|
|
43,703
|
|
|
|
|
|
|
Stockholders'
Equity
|
|
46,249
|
|
|
99,431
|
|
|
|
|
|
|
Total Liabilities and
Stockholders' Equity
|
$
|
1,508,089
|
|
$
|
1,442,472
|
|
Endeavour
International Corporation
Condensed
Consolidated Statement of Operations
(Unaudited)
(Amounts in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September
30,
|
|
September
30,
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
Revenues
|
$
|
36,901
|
|
$
|
83,275
|
|
$
|
220,738
|
|
$
|
121,444
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
Operations:
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
16,358
|
|
|
23,973
|
|
|
71,951
|
|
|
34,613
|
Depreciation,
depletion and amortization
|
|
18,596
|
|
|
23,759
|
|
|
93,466
|
|
|
42,292
|
Impairment of oil and
gas properties
|
|
6,032
|
|
|
11,416
|
|
|
9,566
|
|
|
47,116
|
General and
administrative
|
|
3,913
|
|
|
5,026
|
|
|
14,276
|
|
|
15,379
|
Total
Expenses
|
|
44,899
|
|
|
64,174
|
|
|
189,259
|
|
|
139,400
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) From
Operations
|
|
(7,998)
|
|
|
19,101
|
|
|
31,479
|
|
|
(17,956)
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income
(Expense):
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized gains
(losses) on derivatives
|
|
855
|
|
|
(1,204)
|
|
|
1,158
|
|
|
(2,178)
|
Interest
expense
|
|
(26,461)
|
|
|
(18,053)
|
|
|
(72,346)
|
|
|
(63,016)
|
Loss on early
extinguishment of debt
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(21,661)
|
Letter of credit
fees
|
|
(7,274)
|
|
|
(9,378)
|
|
|
(25,782)
|
|
|
(12,442)
|
Unrealized foreign
currency gains (losses)
|
|
(10,793)
|
|
|
(1,448)
|
|
|
38
|
|
|
(4,186)
|
Other
expense
|
|
(2,544)
|
|
|
(1,215)
|
|
|
(4,505)
|
|
|
(1,758)
|
Total Other
Expense
|
|
(46,217)
|
|
|
(31,298)
|
|
|
(101,437)
|
|
|
(105,241)
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss Before Income
Taxes
|
|
(54,215)
|
|
|
(12,197)
|
|
|
(69,958)
|
|
|
(123,197)
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax Expense
(Benefit)
|
|
(14,330)
|
|
|
21,505
|
|
|
(2,141)
|
|
|
(3,424)
|
Net Loss
|
|
(39,885)
|
|
|
(33,702)
|
|
|
(67,817)
|
|
|
(119,773)
|
Preferred Stock
Dividends
|
|
456
|
|
|
456
|
|
|
1,367
|
|
|
1,367
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss to Common
Stockholders
|
$
|
(40,341)
|
|
$
|
(34,158)
|
|
$
|
(69,184)
|
|
$
|
(121,140)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss per Common
Share:
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
Diluted
|
$
|
(0.86)
|
|
$
|
(0.73)
|
|
$
|
(1.47)
|
|
$
|
(2.94)
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average
Number of Common Shares Outstanding:
|
|
|
|
|
|
|
|
|
Basic and
Diluted
|
|
47,092
|
|
|
46,555
|
|
|
47,082
|
|
|
41,163
|
|
Endeavour
International Corporation
Condensed
Consolidated Statement of Cash Flows
(Unaudited)
(Amounts in
thousands)
|
|
|
|
|
|
|
|
Nine Months
Ended
|
|
September
30,
|
|
2013
|
|
2012
|
Cash Flows from
Operating Activities:
|
|
|
|
|
|
Net loss
|
$
|
(67,817)
|
|
$
|
(119,773)
|
Adjustments to
reconcile net loss to net cash
|
|
|
|
|
|
provided by operating
activities:
|
|
|
|
|
|
Depreciation, depletion and amortization
|
|
93,466
|
|
|
42,292
|
Impairment of oil and gas properties
|
|
9,566
|
|
|
47,116
|
Deferred
tax benefit
|
|
(17,262)
|
|
|
(15,849)
|
Unrealized (gains) losses on derivatives
|
|
(1,158)
|
|
|
2,178
|
Amortization of non-cash compensation
|
|
2,352
|
|
|
3,605
|
Amortization of loan costs and discount
|
|
15,330
|
|
|
10,536
|
Non-cash
interest expense
|
|
5,246
|
|
|
7,077
|
Loss on
early extinguishment of debt
|
|
-
|
|
|
21,661
|
Other
|
|
10,192
|
|
|
9,692
|
Changes
in operating assets and liabilities
|
|
4,872
|
|
|
(7,191)
|
Net Cash Provided by
Operating Activities
|
|
54,787
|
|
|
1,344
|
|
|
|
|
|
|
Cash Flows From
Investing Activities:
|
|
|
|
|
|
Capital
expenditures
|
|
(176,171)
|
|
|
(175,597)
|
Acquisitions, net of
cash acquired
|
|
(2,602)
|
|
|
(228,437)
|
Increase in restricted
cash
|
|
-
|
|
|
(178)
|
Net Cash Used in
Investing Activities
|
|
(178,773)
|
|
|
(404,212)
|
|
|
|
|
|
|
Cash Flows From
Financing Activities:
|
|
|
|
|
|
Repayments of
borrowings
|
|
-
|
|
|
(247,065)
|
Borrowings under debt
agreements, net of debt discount
|
|
-
|
|
|
595,000
|
Proceeds from issuance
of common stock
|
|
-
|
|
|
60,805
|
Proceeds from issuance
of monetary production payment
|
|
150,000
|
|
|
-
|
Repayments of monetary
production payment
|
|
(4,167)
|
|
|
-
|
Dividends
paid
|
|
(1,249)
|
|
|
(833)
|
Payments for early
extinguishment of debt
|
|
-
|
|
|
(7,248)
|
Financing costs
paid
|
|
(19,427)
|
|
|
(28,109)
|
Other
financing
|
|
1
|
|
|
4
|
Net Cash Provided by
Financing Activities
|
|
125,158
|
|
|
372,554
|
|
|
|
|
|
|
Net Increase
(Decrease) in Cash and Cash Equivalents
|
|
1,172
|
|
|
(30,314)
|
Cash and Cash
Equivalents, Beginning of Period
|
|
59,185
|
|
|
106,036
|
|
|
|
|
|
|
Cash and Cash
Equivalents, End of Period
|
$
|
60,357
|
|
$
|
75,722
|
|
Endeavour
International Corporation
Operating
Statistics
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
|
September
30,
|
|
|
2013
|
|
|
2012
|
|
|
2013
|
|
|
2012
|
Sales volume:
(1)
|
|
|
|
|
|
|
|
|
|
|
|
Oil and condensate
sales (Mbbls):
|
|
|
|
|
|
|
|
|
|
|
|
United
Kingdom
|
|
327
|
|
|
812
|
|
|
2,039
|
|
|
1,099
|
United
States
|
|
-
|
|
|
1
|
|
|
1
|
|
|
2
|
Total
|
|
327
|
|
|
813
|
|
|
2,040
|
|
|
1,101
|
|
|
|
|
|
|
|
|
|
|
|
|
Gas sales
(MMcf):
|
|
|
|
|
|
|
|
|
|
|
|
United
Kingdom
|
|
9
|
|
|
19
|
|
|
35
|
|
|
69
|
United States
(2)
|
|
638
|
|
|
1,182
|
|
|
2,127
|
|
|
4,234
|
Total
|
|
647
|
|
|
1,201
|
|
|
2,162
|
|
|
4,303
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil equivalent
sales (MBOE):
|
|
|
|
|
|
|
|
|
|
|
|
United
Kingdom
|
|
328
|
|
|
815
|
|
|
2,045
|
|
|
1,110
|
United States
(2)
|
|
107
|
|
|
198
|
|
|
356
|
|
|
708
|
Total
|
|
435
|
|
|
1,013
|
|
|
2,401
|
|
|
1,818
|
|
|
|
|
|
|
|
|
|
|
|
|
Total BOE per
day
|
|
4,725
|
|
|
11,006
|
|
|
8,794
|
|
|
6,635
|
|
|
|
|
|
|
|
|
|
|
|
|
Physical
production volume (BOE per day): (1)
|
|
|
|
|
|
|
|
|
|
|
|
United
Kingdom
|
|
6,824
|
|
|
8,573
|
|
|
7,586
|
|
|
4,474
|
United
States
|
|
1,156
|
|
|
2,151
|
|
|
1,354
|
|
|
2,585
|
Total
|
|
7,980
|
|
|
10,724
|
|
|
8,940
|
|
|
7,059
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized Price,
before and after derivatives :
|
|
|
|
|
|
|
|
|
|
|
|
United
Kingdom:
|
|
|
|
|
|
|
|
|
|
|
|
Oil and condensate
price ($ per Bbl)
|
$
|
106.82
|
|
$
|
99.32
|
|
$
|
104.77
|
|
$
|
101.78
|
Gas price ($ per
Mcf)
|
$
|
7.92
|
|
$
|
6.80
|
|
$
|
8.03
|
|
$
|
7.18
|
Equivalent oil price
($ per BOE)
|
$
|
106.55
|
|
$
|
99.09
|
|
$
|
104.60
|
|
$
|
101.16
|
|
|
|
|
|
|
|
|
|
|
|
|
United
States:
|
|
|
|
|
|
|
|
|
|
|
|
Oil and condensate
price ($ per Bbl)
|
|
106.78
|
|
$
|
92.93
|
|
|
94.84
|
|
|
96.19
|
Gas price ($ per
Mcf)
|
$
|
2.99
|
|
$
|
2.09
|
|
$
|
3.15
|
|
$
|
2.11
|
Equivalent oil price
($ per BOE)
|
$
|
18.29
|
|
$
|
12.88
|
|
$
|
19.13
|
|
$
|
12.95
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized Price,
before and after derivatives:
|
|
|
|
|
|
|
|
|
|
|
|
Oil and condensate
price ($ per Bbl)
|
$
|
106.82
|
|
$
|
99.31
|
|
$
|
104.76
|
|
$
|
101.76
|
Gas price ($ per
Mcf)
|
$
|
3.06
|
|
$
|
2.16
|
|
$
|
3.23
|
|
$
|
2.19
|
Equivalent oil price
($ per BOE)
|
$
|
84.89
|
|
$
|
82.24
|
|
$
|
91.95
|
|
$
|
66.80
|
|
|
(1)
|
We record oil
revenues when deliveries have occurred and legal ownership of the
oil transfers to the customer. Physical production may differ from
sales volumes based on the timing of tanker liftings for our
international sales.
|
|
Endeavour
International Corporation
Reconciliation of
GAAP to Non-GAAP Measures
(Unaudited)
(Amounts in
thousands)
|
|
As required under
Regulation G of the Securities Exchange Act of 1934, provided below
are reconciliations of net income (loss) to the following non-GAAP
financial measures: net income, as adjusted and Adjusted
EBITDA. We use these non-GAAP measures as key metrics for our
management and to demonstrate our ability to internally fund
capital expenditures and service debt. The non-GAAP measures
are useful in comparisons of oil and gas exploration and production
companies as they exclude non-operating fluctuations in assets and
liabilities.
|
|
|
|
|
|
|
|
|
|
|
|
|
(Amounts in
thousands)
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September
30,
|
|
September
30,
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
Net loss
|
$
|
(39,885)
|
|
$
|
(33,702)
|
|
$
|
(67,817)
|
|
$
|
(119,773)
|
Impairment of oil and
gas properties (net of tax) (1)
|
|
6,032
|
|
|
11,416
|
|
|
9,566
|
|
|
47,116
|
Unrealized gains
(losses) on derivatives (net of tax) (2)
|
|
(855)
|
|
|
265
|
|
|
(1,158)
|
|
|
58
|
Loss on early
extinguishment of debt (net of tax) (3)
|
|
-
|
|
|
-
|
|
|
-
|
|
|
17,762
|
Deferred tax expense
related to U.K. tax rate change
|
|
|
|
|
8,393
|
|
|
|
|
|
8,393
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss as
Adjusted
|
$
|
(34,708)
|
|
$
|
(13,628)
|
|
$
|
(59,409)
|
|
$
|
(46,444)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
$
|
(39,885)
|
|
$
|
(33,702)
|
|
$
|
(67,817)
|
|
$
|
(119,773)
|
Unrealized loss on
derivatives
|
|
(855)
|
|
|
1,204
|
|
|
(1,158)
|
|
|
2,178
|
Net interest
expense
|
|
26,441
|
|
|
18,005
|
|
|
72,290
|
|
|
62,789
|
Letter of credit
fees
|
|
7,274
|
|
|
9,378
|
|
|
25,782
|
|
|
12,442
|
Loss on early
extinguishment of debt
|
|
-
|
|
|
-
|
|
|
-
|
|
|
21,661
|
Depreciation,
depletion and amortization
|
|
18,596
|
|
|
23,759
|
|
|
93,466
|
|
|
42,292
|
Impairment of oil and
gas properties
|
|
6,032
|
|
|
11,416
|
|
|
9,566
|
|
|
47,116
|
Income tax expense
(benefit)
|
|
(14,330)
|
|
|
21,505
|
|
|
(2,141)
|
|
|
(3,424)
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
$
|
3,273
|
|
$
|
51,565
|
|
$
|
129,988
|
|
$
|
65,281
|
|
|
(1)
|
Since the impairments
related to U.S. oil and gas properties, we recognized no tax
benefits as there was no assurance that we could generate any U.S.
taxable earnings.
|
(2)
|
Net of tax benefit of
none, $939, none and $2,120 for the three months ended September
30, 2013 and 2012, nine months ended September 30, 2013 and 2012,
respectively.
|
(3)
|
Net of tax benefit of
$3,899 for the nine months ended September 30, 2012.
|
SOURCE Endeavour International Corporation