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.
|
|
|
|
| |