Borrowing Base Reaffirmed at $1.05 Billion
Production Significantly Hedged Through 2016
Halcón Resources Corporation (NYSE:HK) ("Halcón" or the "Company")
today announced its fourth quarter and full year 2014 results.
Halcón generated total revenues of $239.5 million for the
quarter ended December 31, 2014. Revenues for the full year 2014
totaled $1,148.3 million, an increase of 15% compared to the full
year 2013.
Production for the three months and full year ended December 31,
2014 was 46,076 barrels of oil equivalent per day (Boe/d) and
42,107 Boe/d, respectively. The Company reported full year 2014
production above its guidance range. Production was comprised of
81% oil, 9% natural gas liquids (NGLs) and 10% natural gas for the
quarter and 83% oil, 7% NGLs and 10% natural gas for the year.
Including the impact of hedges, Halcón realized 105% of the
average NYMEX oil price, 35% of the average NYMEX oil price for
NGLs and 94% of the average NYMEX natural gas price during the
fourth quarter 2014. For the full year 2014, including the impact
of hedges, the Company realized 91% of the average NYMEX oil price,
36% of the average NYMEX oil price for NGLs and 94% of the average
NYMEX natural gas price.
Total operating costs per unit, after adjusting for selected
items (see Selected Operating Data table for additional
information), decreased by 23% to $21.27 per Boe during the three
months ended December 31, 2014, compared to the same period of
2013. Total operating costs per unit for the full year, after
adjusting for selected items (see Selected Operating Data table for
additional information), were $24.14 per Boe, representing a
decrease of 17% versus 2013.
After adjusting for selected items primarily related to the
non-cash impact of derivatives and non-cash impairment charges (see
Selected Item Review and Reconciliation table for additional
information), net income was $20.6 million, or $0.05 per diluted
share, and $71.7 million, or $0.17 per diluted share, for the
quarter and full year ended December 31, 2014, respectively. Halcón
reported net income available to common stockholders of $247.3
million, or $0.48 per diluted share for the fourth quarter and
$282.9 million, or $0.59 per diluted share for the year.
Liquidity and Capital Spending
As previously disclosed, the Company's liquidity as of December
31, 2014 was approximately $553 million, which consisted of cash on
hand plus undrawn capacity on its senior secured revolving credit
facility.
The borrowing base on Halcón's senior secured revolving credit
facility was recently reaffirmed at $1.05 billion in conjunction
with the regular spring redetermination.
During the fourth quarter of 2014, the Company incurred capital
costs of $271.8 million on drilling and completions, $3.0 million
on infrastructure/seismic and $13.0 million on leasehold
acquisitions, offset by divestiture proceeds of $5.4 million. In
addition, Halcón incurred $49.1 million for capitalized interest,
G&A and other.
The Company incurred capital costs of $1,193.6 million on
drilling and completions, $41.7 million on infrastructure/seismic
and $310.5 million on leasehold acquisitions in 2014, offset by
divestiture proceeds totaling $485.8 million. In addition, the
Company incurred $200.6 million for capitalized interest, G&A
and other.
Production Guidance
Halcón expects to produce an average of 42 – 44 MBoe/d during
the first quarter of 2015.
Hedging Update
The Company's strategy is to hedge approximately 80% of expected
production for the next 18 to 24 months. Halcón has 31,332
barrels per day of oil hedged for 2015 at an average price of
$90.32 per barrel. For 2016, the Company has 20,497 barrels
per day of oil hedged at an average price of $84.80 per
barrel. Halcón plans to opportunistically layer in additional
hedges to attain targeted levels. The Company estimates the
pre-tax mark-to-market value of its hedge portfolio to be
approximately $502 million as of February 24, 2015.
An updated slide presentation containing detailed information on
Halcón's hedge portfolio can be accessed on its website at
http://www.halconresources.com in the Investor Relations section
under Events & Presentations.
Conference Call and Webcast Information
Halcón Resources Corporation (NYSE:HK) has scheduled a
conference call for Thursday, February 26, 2015, at 10:00 a.m. EST
(9:00 a.m. CST). To participate in the conference call, dial (877)
810-3368 for domestic callers, and (914) 495-8561 for international
callers a few minutes before the call begins and reference Halcón
Resources conference ID 74053927. The conference call will
also be webcast live over the Internet on Halcón Resources' website
at http://www.halconresources.com in the Investor Relations section
under Events & Presentations. A telephonic replay of the
call will be available approximately two hours after the live
broadcast ends and will be accessible until March 4, 2015. To
access the replay, dial (855) 859-2056 for domestic callers or
(404) 537-3406 for international callers, in both cases referencing
conference ID 74053927.
About Halcón Resources
Halcón Resources Corporation is an independent energy company
engaged in the acquisition, production, exploration and development
of onshore oil and natural gas properties in the United States.
For more information contact Scott Zuehlke, Vice President of
Investor Relations, at 832-538-0314 or
szuehlke@halconresources.com.
Forward-Looking Statements
This release may contain 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 and may
often, but not always, be identified by the use of such
words such as "expects", "believes", "intends", "anticipates",
"plans", "estimates", "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, 2014 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.
HALCÓN RESOURCES
CORPORATION |
CONSOLIDATED STATEMENTS
OF OPERATIONS (Unaudited) |
(In thousands, except
per share amounts) |
|
|
|
|
|
|
Three Months
Ended December 31, |
Years Ended
December 31, |
|
2014 |
2013 |
2014 |
2013 |
Operating revenues: |
|
|
|
|
Oil, natural gas and natural
gas liquids sales: |
|
|
|
|
Oil |
$ 223,215 |
$ 272,368 |
$ 1,071,319 |
$ 944,535 |
Natural gas |
9,136 |
7,348 |
37,101 |
27,319 |
Natural gas liquids |
9,064 |
8,588 |
37,460 |
24,564 |
Total oil, natural gas and
natural gas liquids sales |
241,415 |
288,304 |
1,145,880 |
996,418 |
Other |
(1,956) |
998 |
2,381 |
3,088 |
Total operating revenues |
239,459 |
289,302 |
1,148,261 |
999,506 |
|
|
|
|
|
Operating expenses: |
|
|
|
|
Production: |
|
|
|
|
Lease operating |
34,539 |
44,506 |
130,239 |
139,182 |
Workover and other |
3,643 |
1,992 |
16,193 |
6,268 |
Taxes other than income |
23,329 |
26,006 |
106,331 |
88,622 |
Gathering and other |
8,600 |
4,844 |
26,719 |
11,745 |
Restructuring |
-- |
3,964 |
987 |
4,471 |
General and administrative |
26,422 |
33,525 |
116,532 |
132,410 |
Depletion, depreciation and
accretion |
145,465 |
143,391 |
534,421 |
463,655 |
Full cost ceiling
impairment |
178,503 |
238,673 |
239,668 |
1,147,771 |
Other operating property and
equipment impairment |
31,769 |
200 |
35,558 |
67,454 |
Goodwill impairment |
-- |
-- |
-- |
228,875 |
Total operating expenses |
452,270 |
497,101 |
1,206,648 |
2,290,453 |
|
|
|
|
|
Income (loss) from
operations |
(212,811) |
(207,799) |
(58,387) |
(1,290,947) |
|
|
|
|
|
Other income
(expenses): |
|
|
|
|
Net gain (loss) on derivative
contracts |
510,367 |
7,516 |
518,956 |
(31,233) |
Interest expense and other,
net |
(38,575) |
(33,953) |
(145,689) |
(58,198) |
Total other income
(expenses) |
471,792 |
(26,437) |
373,267 |
(89,431) |
Income (loss) before income taxes |
258,981 |
(234,236) |
314,880 |
(1,380,378) |
Income tax benefit (provision) |
(219) |
(176,152) |
1,076 |
157,716 |
Net income (loss) |
258,762 |
(410,388) |
315,956 |
(1,222,662) |
Series A preferred dividends |
(4,960) |
(4,959) |
(19,838) |
(10,745) |
Preferred dividends and accretion on
redeemable noncontrolling interest |
(6,457) |
-- |
(13,176) |
-- |
Net income (loss) available to common
stockholders |
$ 247,345 |
$ (415,347) |
$ 282,942 |
$ (1,233,407) |
|
|
|
|
|
Net income (loss) per share of common
stock: |
|
|
|
|
Basic |
$ 0.59 |
$ (1.01) |
$ 0.68 |
$ (3.25) |
Diluted |
$ 0.48 |
$ (1.01) |
$ 0.59 |
$ (3.25) |
Weighted average common shares
outstanding: |
|
|
|
|
Basic |
417,281 |
412,042 |
415,772 |
379,621 |
Diluted |
539,219 |
412,042 |
542,394 |
379,621 |
|
HALCÓN RESOURCES
CORPORATION |
CONSOLIDATED BALANCE
SHEETS (Unaudited) |
(In thousands, except
share and per share amounts) |
|
|
|
|
December 31, |
|
|
2014 |
2013 |
Current assets: |
|
|
Cash |
$ 43,713 |
$ 2,834 |
Accounts receivable |
276,559 |
312,518 |
Receivables from derivative
contracts |
352,530 |
2,028 |
Restricted cash |
16,131 |
-- |
Inventory |
4,693 |
5,148 |
Prepaids and other |
9,079 |
16,098 |
Total current assets |
702,705 |
338,626 |
Oil and natural gas properties (full
cost method): |
|
|
Evaluated |
6,390,820 |
4,960,467 |
Unevaluated |
1,829,786 |
2,028,044 |
Gross oil and natural gas
properties |
8,220,606 |
6,988,511 |
Less - accumulated
depletion |
(2,953,038) |
(2,189,515) |
Net oil and natural gas
properties |
5,267,568 |
4,798,996 |
Other operating property and
equipment: |
|
|
Gas gathering and other
operating assets |
126,804 |
125,837 |
Less - accumulated
depreciation |
(14,798) |
(8,461) |
Net other operating property
and equipment |
112,006 |
117,376 |
Other noncurrent
assets: |
|
|
Receivables from derivative
contracts |
151,324 |
22,734 |
Debt issuance costs, net |
55,904 |
64,308 |
Deferred income taxes |
136,826 |
8,474 |
Equity in oil and natural gas
partnership |
4,309 |
4,463 |
Funds in escrow and other |
3,833 |
1,514 |
Total assets |
$ 6,434,475 |
$ 5,356,491 |
|
|
|
Current liabilities: |
|
|
Accounts payable and accrued
liabilities |
$ 607,750 |
$ 636,589 |
Liabilities from derivative
contracts |
-- |
17,859 |
Asset retirement
obligations |
106 |
71 |
Current portion of deferred
income taxes |
136,826 |
8,474 |
Current portion of long-term
debt |
-- |
1,389 |
Total current
liabilities |
744,682 |
664,382 |
Long-term debt |
3,746,736 |
3,183,823 |
Other noncurrent
liabilities: |
|
|
Liabilities from derivative
contracts |
9,387 |
19,333 |
Asset retirement
obligations |
38,371 |
39,186 |
Other |
5,964 |
2,157 |
Commitments and
contingencies |
|
|
Mezzanine equity: |
|
|
Redeemable noncontrolling
interest |
117,166 |
-- |
Stockholders' equity: |
|
|
Preferred stock: 1,000,000
shares of $0.0001 par value authorized; 345,000 shares |
|
|
of 5.75% Cumulative Perpetual
Convertible Series A, issued and outstanding |
|
|
as of December 31, 2014 and
2013 |
-- |
-- |
Common stock: 1,340,000,000 and
670,000,000 shares of $0.0001 par value |
|
|
authorized; 427,808,306 and
415,729,962 shares issued and outstanding |
|
|
at December 31, 2014 and 2013,
respectively |
42 |
41 |
Additional paid-in capital |
2,995,402 |
2,953,786 |
Accumulated deficit |
(1,223,275) |
(1,506,217) |
Total stockholders' equity |
1,772,169 |
1,447,610 |
Total liabilities and stockholders'
equity |
$ 6,434,475 |
$ 5,356,491 |
|
HALCÓN RESOURCES
CORPORATION |
CONSOLIDATED STATEMENTS
OF CASH FLOWS (Unaudited) |
(In
thousands) |
|
|
|
|
|
|
Three Months
Ended December 31, |
Years Ended
December 31, |
|
2014 |
2013 |
2014 |
2013 |
Cash flows from operating
activities: |
|
|
|
|
Net income (loss) |
$ 258,762 |
$ (410,388) |
$ 315,956 |
$ (1,222,662) |
Adjustments to reconcile net income (loss) to
net cash |
|
|
|
|
provided by (used in) operating
activities: |
|
|
|
|
Depletion, depreciation and
accretion |
145,465 |
143,391 |
534,421 |
463,655 |
Full cost ceiling
impairment |
178,503 |
238,673 |
239,668 |
1,147,771 |
Other operating property and
equipment impairment |
31,769 |
200 |
35,558 |
67,454 |
Goodwill impairment |
-- |
-- |
-- |
228,875 |
Deferred income tax provision
(benefit) |
-- |
175,642 |
-- |
(159,239) |
Share-based compensation,
net |
4,896 |
5,118 |
18,733 |
17,112 |
Unrealized loss (gain) on
derivative contracts |
(469,625) |
(10,228) |
(508,285) |
8,728 |
Amortization and write-off of
deferred loan costs |
1,117 |
1,313 |
4,315 |
2,656 |
Non-cash interest and
amortization of discount and premium |
804 |
630 |
2,780 |
2,025 |
Accrued settlements on
derivative contracts |
(25,868) |
-- |
(25,868) |
-- |
Other expense (income) |
(1,841) |
6,668 |
(2,435) |
1,427 |
Cash flow from operations before changes in
working capital |
123,982 |
151,019 |
614,843 |
557,802 |
Changes in working capital, net of
acquisitions |
(37,938) |
(48,700) |
53,091 |
(63,878) |
Net cash provided by (used in) operating
activities |
86,044 |
102,319 |
667,934 |
493,924 |
|
|
|
|
|
Cash flows from investing
activities: |
|
|
|
|
Oil and natural gas capital
expenditures |
(345,692) |
(551,476) |
(1,524,341) |
(2,380,445) |
Acquisition of Williston Basin
Assets |
-- |
(532) |
-- |
(32,713) |
Proceeds received from sales of
oil and natural gas assets |
4,210 |
288,031 |
484,184 |
448,299 |
Advance on carried
interest |
-- |
-- |
(189,442) |
-- |
Other operating property and
equipment capital expenditures |
(2,727) |
(19,224) |
(43,083) |
(139,295) |
Funds held in escrow and
other |
368 |
9,002 |
1,589 |
3,455 |
Net cash provided by (used in) investing
activities |
(343,841) |
(274,199) |
(1,271,093) |
(2,100,699) |
|
|
|
|
|
Cash flows from financing
activities: |
|
|
|
|
Proceeds from borrowings |
532,000 |
965,000 |
2,276,000 |
3,725,000 |
Repayments of borrowings |
(320,000) |
(786,000) |
(1,719,000) |
(2,644,400) |
Debt issuance costs |
(62) |
(4,571) |
(819) |
(23,873) |
Series A preferred stock
issued |
-- |
-- |
-- |
345,000 |
Series A preferred
dividends |
(4,960) |
-- |
(4,960) |
-- |
Common stock issued |
-- |
-- |
-- |
222,870 |
HK TMS, LLC preferred stock
issued |
-- |
-- |
110,051 |
-- |
HK TMS, LLC tranche rights |
-- |
-- |
4,516 |
-- |
Preferred dividends on
redeemable noncontrolling interest |
-- |
-- |
(3,518) |
-- |
Restricted cash |
(147) |
-- |
(16,131) |
-- |
Offering costs and other |
(9) |
(176) |
(2,101) |
(17,494) |
Net cash provided by (used in) financing
activities |
206,822 |
174,253 |
644,038 |
1,607,103 |
|
|
|
|
|
Net increase (decrease) in
cash |
(50,975) |
2,373 |
40,879 |
328 |
|
|
|
|
|
Cash at beginning of period |
94,688 |
461 |
2,834 |
2,506 |
Cash at end of period |
$ 43,713 |
$ 2,834 |
$ 43,713 |
$ 2,834 |
|
|
|
|
|
Supplemental cash flow
information: |
|
|
|
|
Cash paid for interest, net of
capitalized interest |
$ 28,288 |
$ 24,028 |
$ 132,557 |
$ 25,462 |
Cash paid (refunded) for income
taxes |
(3,600) |
-- |
(8,600) |
9,014 |
|
|
|
|
|
Disclosure of non-cash investing and
financing activities: |
|
|
|
|
Accrued capitalized
interest |
$ 4,160 |
$ (659) |
$ (1,180) |
$ 9,890 |
Asset retirement
obligations |
2,134 |
(49,549) |
(1,262) |
(39,472) |
Series A preferred dividends
paid in common stock |
-- |
4,959 |
14,878 |
9,092 |
Accretion of redeemable
noncontrolling interest |
3,432 |
-- |
6,633 |
-- |
Preferred dividends on
redeemable noncontrolling interest paid-in-kind |
3,025 |
-- |
3,025 |
-- |
Payable for acquisition of oil
and natural gas properties |
-- |
2,157 |
-- |
2,157 |
Receivable for sale of oil and
natural gas properties |
1,000 |
-- |
1,000 |
-- |
|
HALCÓN RESOURCES
CORPORATION |
SELECTED OPERATING
DATA |
(Unaudited) |
|
|
|
|
|
|
Three Months
Ended December 31, |
Years Ended
December 31, |
|
2014 |
2013 |
2014 |
2013 |
|
|
|
|
|
Production volumes: |
|
|
|
|
Crude oil (MBbls) |
3,444 |
3,120 |
12,787 |
10,148 |
Natural gas (MMcf) |
2,620 |
2,116 |
8,812 |
8,003 |
Natural gas liquids
(MBbls) |
358 |
227 |
1,113 |
683 |
Total (MBoe) |
4,239 |
3,700 |
15,369 |
12,165 |
Average daily production
(Boe) |
46,076 |
40,217 |
42,107 |
33,329 |
|
|
|
|
|
Average prices: |
|
|
|
|
Crude oil (per Bbl) |
$ 64.81 |
$ 87.30 |
$ 83.78 |
$ 93.08 |
Natural gas (per Mcf) |
3.49 |
3.47 |
4.21 |
3.41 |
Natural gas liquids (per
Bbl) |
25.32 |
37.83 |
33.66 |
35.96 |
Total per Boe |
56.95 |
77.92 |
74.56 |
81.91 |
|
|
|
|
|
Cash effect of derivative contracts: |
|
|
|
|
Crude oil (per Bbl) |
$ 11.79 |
$ (1.03) |
$ 0.94 |
$ (2.42) |
Natural gas (per Mcf) |
0.05 |
0.23 |
(0.15) |
0.25 |
Natural gas liquids (per
Bbl) |
-- |
-- |
-- |
-- |
Total per Boe |
9.61 |
(0.73) |
0.69 |
(1.85) |
|
|
|
|
|
Average prices computed after cash effect of
settlement of derivative contracts: |
|
|
|
|
Crude oil (per Bbl) |
$ 76.60 |
$ 86.27 |
$ 84.72 |
$ 90.66 |
Natural gas (per Mcf) |
3.54 |
3.70 |
4.06 |
3.66 |
Natural gas liquids (per
Bbl) |
25.32 |
37.83 |
33.66 |
35.96 |
Total per Boe |
66.56 |
77.19 |
75.25 |
80.06 |
|
|
|
|
|
Average cost per Boe: |
|
|
|
|
Production: |
|
|
|
|
Lease operating |
$ 8.15 |
$ 12.03 |
$ 8.47 |
$ 11.44 |
Workover and other |
0.86 |
0.54 |
1.05 |
0.52 |
Taxes other than income |
5.50 |
7.03 |
6.92 |
7.28 |
Gathering and other (1) |
1.96 |
1.31 |
1.72 |
0.97 |
Restructuring |
-- |
1.07 |
0.06 |
0.37 |
General and administrative, as
adjusted (1) |
4.80 |
6.78 |
5.98 |
8.99 |
Depletion |
33.66 |
38.08 |
34.09 |
37.28 |
|
|
|
|
|
(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 |
$ 6.23 |
$ 9.06 |
$ 7.58 |
$ 10.89 |
Share-based compensation: |
|
|
|
|
Non-cash |
(1.15) |
(1.38) |
(1.22) |
(1.41) |
Acquisition and merger
transaction costs: |
|
|
|
|
Cash |
(0.28) |
(0.90) |
(0.38) |
(0.49) |
General and administrative, as
adjusted |
$ 4.80 |
$ 6.78 |
$ 5.98 |
$ 8.99 |
|
|
|
|
|
Gathering and other, as reported |
$ 2.03 |
$ 1.31 |
$ 1.74 |
$ 0.97 |
Total adjusting
items |
(0.07) |
-- |
(0.02) |
-- |
Gathering and other, as adjusted |
$ 1.96 |
$ 1.31 |
$ 1.72 |
$ 0.97 |
|
|
|
|
|
Total operating costs, as reported |
$ 22.77 |
$ 29.97 |
$ 25.76 |
$ 31.10 |
Total adjusting
items |
(1.50) |
(2.28) |
(1.62) |
(1.90) |
Total operating costs, as adjusted (2) |
$ 21.27 |
$ 27.69 |
$ 24.14 |
$ 29.20 |
|
|
|
|
|
(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. |
|
HALCÓN RESOURCES
CORPORATION |
SELECTED ITEM REVIEW
AND RECONCILIATION (Unaudited) |
(In thousands, except
per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended December 31, |
Years Ended
December 31, |
|
2014 |
2013 |
2014 |
2013 |
As Reported: |
|
|
|
|
Net income (loss) available to common
stockholders, as reported |
$ 247,345 |
$ (415,347) |
$ 282,942 |
$ (1,233,407) |
Series A preferred dividends |
4,960 |
4,959 |
19,838 |
10,745 |
Preferred dividends and accretion on
redeemable noncontrolling interest |
6,457 |
-- |
13,176 |
-- |
Net income (loss) |
$ 258,762 |
$ (410,388) |
$ 315,956 |
$ (1,222,662) |
|
|
|
|
|
Impact of Selected
Items: |
|
|
|
|
Unrealized loss (gain) on derivatives
contracts: |
|
|
|
|
Crude oil |
$ (464,055) |
$ (13,502) |
$ (499,882) |
$ 9,606 |
Natural gas |
(5,571) |
3,273 |
(6,644) |
544 |
Total mark-to-market non-cash
charge |
(469,626) |
(10,229) |
(506,526) |
10,150 |
Full cost ceiling impairment |
178,503 |
238,673 |
239,668 |
1,147,771 |
Other operating property and equipment
impairment |
31,769 |
200 |
35,558 |
67,454 |
Goodwill impairment |
-- |
-- |
-- |
228,875 |
Deferred financing costs expensed,
net(1) |
-- |
955 |
499 |
1,846 |
Restructuring |
-- |
3,964 |
987 |
4,471 |
Acquisition and merger transaction costs and
other |
(725) |
3,336 |
4,052 |
5,921 |
Selected items, before income taxes |
(260,079) |
236,899 |
(225,762) |
1,466,488 |
Income tax effect of selected items(2) |
21,926 |
177,574 |
(18,447) |
(182,888) |
Selected items, net of tax |
$ (238,153) |
$ 414,473 |
$ (244,209) |
$ 1,283,600 |
|
|
|
|
|
As Adjusted: |
|
|
|
|
Net income (loss) available to common
stockholders, excluding selected items |
$ 20,609 |
$ 4,085 |
$ 71,747 |
$ 60,938 |
Net income (loss) from assumed
conversions |
-- |
-- |
-- |
6,724 |
Net income (loss) available to common
stockholders after assumed conversions, excluding selected
items(3) |
$ 20,609 |
$ 4,085 |
$ 71,747 |
$ 67,662 |
|
|
|
|
|
|
|
|
|
|
Basic net income (loss) per common share, as
reported |
$ 0.59 |
$ (1.01) |
$ 0.68 |
$ (3.25) |
Impact of selected items |
(0.54) |
1.02 |
(0.51) |
3.41 |
Basic net income (loss) per common share,
excluding selected items(3) |
$ 0.05 |
$ 0.01 |
$ 0.17 |
$ 0.16 |
|
|
|
|
|
Diluted net income (loss) per common share,
as reported |
$ 0.48 |
$ (1.01) |
$ 0.59 |
$ (3.25) |
Impact of selected items |
(0.43) |
1.02 |
(0.42) |
3.40 |
Diluted net income (loss) per common share,
excluding selected items(3)(4) |
$ 0.05 |
$ 0.01 |
$ 0.17 |
$ 0.15 |
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) operating
activities |
$ 86,044 |
$ 102,319 |
$ 667,934 |
$ 493,924 |
Changes in working capital, net of
acquisitions |
37,938 |
48,700 |
(53,091) |
63,878 |
Cash flow from operations before changes in
working capital |
123,982 |
151,019 |
614,843 |
557,802 |
Cash components of selected items |
1,506 |
6,464 |
6,931 |
9,556 |
Income tax effect of selected items |
(558) |
(2,318) |
(2,567) |
(3,455) |
Cash flow from operations before changes in
working capital, adjusted for selected items(3) |
$ 124,930 |
$ 155,165 |
$ 619,207 |
$ 563,903 |
|
|
|
|
|
⁽ ¹⁾ Represents charges related
to the write-off of debt issuance costs associated with decreases
in the Company's borrowing base under its senior revolving credit
facility. |
⁽ ²⁾ For the 2014 columns, this
represents tax impact using an estimated tax rate of 37.04%. These
columns include a $(74.4) million (quarter-to-date) and $(102.1)
million (year-to-date) |
adjustment for the change in
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. |
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 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, 2014 was
calculated based upon weighted average diluted shares of 418.8
million and 422.0 million, respectively, due |
to the net income available to
common stockholders, excluding selected items. |
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