HK Halcon Resources Corporation New

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 30, 2015

HALCÓN RESOURCES CORPORATION

(Exact name of registrant as specified in its charter)

Registrant’s telephone number, including area code: (832) 538-0300

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o            Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o            Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o            Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o            Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02  Results of Operations and Financial Condition.

On July 30, 2015, Halcón Resources Corporation (the “Company”) issued a press release with respect to the Company’s second quarter 2015 financial results. The press release is furnished as Exhibit 99.1 to this Current Report. The press release contains certain measures discussed below that may be deemed “non-GAAP financial measures” as defined in Item 10 of Regulation S-K of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). In each case, the most directly comparable GAAP financial measure and information reconciling the GAAP and non-GAAP measures is also included in the press release.

Exhibit 99.1 shall not be deemed to be “filed” for the purposes of Section 18 of the Exchange Act, and will not be incorporated by reference into any registration statement filed under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference.

From time to time management discloses net income (loss) and earnings per share excluding selected items as well as cash flow from operations, general and administrative and gathering and other expenses adjusted for selected items. These measures are presented based on management’s belief that these non-GAAP measures 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 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 measures may not be comparable to similarly named non-GAAP measures that other companies may use and may not be useful in comparing the performance of those companies to our performance.

Item 9.01  Financial Statements and Exhibits.

(d)           Exhibits. The following exhibit is furnished as part of this Current Report on Form 8-K:

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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Exhibit 99.1

Halcón Resources Announces Second Quarter 2015 Results

Company Reduces 2015 D&C Budget to ~$325 Million

Well Economics Continue to Improve in Company’s Core Plays

HOUSTON, TEXAS — July 30, 2015 — Halcón Resources Corporation (NYSE:HK) (“Halcón” or the “Company”) today announced its second quarter 2015 results.

The Company produced an average of 41,297 barrels of oil equivalent per day (Boe/d) during the period.  Second quarter 2015 production was 80% oil, 9% natural gas liquids (NGLs) and 11% natural gas.

Halcón generated revenues of $168.0 million for the three months ended June 30, 2015.  In addition, the Company realized a net gain on settled derivative contracts of $88.1 million during the quarter.

Including the impact of hedges, Halcón realized 140% of the average NYMEX oil price, 20% of the average NYMEX oil price for NGLs and 113% of the average NYMEX natural gas price during the period.

Total operating costs per unit, after adjusting for selected items (see Selected Operating Data table for additional information), decreased by 28% to $17.51 per Boe in the second quarter of 2015, compared to the second quarter of 2014.

After adjusting for selected items primarily related to a non-cash pre-tax full cost ceiling impairment charge (see Selected Item Review and Reconciliation table for additional information), net income available to common stockholders was $8.9 million, or $0.02 per diluted share, for the three months ended June 30, 2015.  The Company reported a net loss available to common stockholders of $1.1 billion, or $2.03 per diluted share for the quarter.

Floyd C. Wilson, Chairman and Chief Executive Officer, commented, “We completed several initiatives towards strengthening our balance sheet in the past few months.  As a result we have no near-term debt maturities, and we have the liquidity necessary to execute our business plan and service our debt for the next several years.  Moreover, we continue to search for ways

to improve our leverage profile.  The combination of lower completed well costs, improved results and increased efficiencies has led to well economics that compare favorably to what they were in the summer of 2014 when oil prices were significantly higher.”

Recent Developments

On July 30, 2015, Halcón’s Board of Directors declared a quarterly dividend on shares of its 5.75% Series A Cumulative Perpetual Convertible Preferred Stock equal to accrued dividends for the three months ending August 31, 2015, payable on September 1, 2015 to holders of record on August 14, 2015.  The dividend payments totaling approximately $4.9 million will be paid in cash.

Liquidity and Capital Spending

The Company’s liquidity as of June 30, 2015 was approximately $902 million, which consisted of cash on hand plus undrawn capacity on its senior secured revolving credit facility.

During the second quarter of 2015, Halcón incurred capital costs of $75.1 million on drilling and completions, $1.8 million on infrastructure/seismic, $2.5 million for leasehold, offset by A&D proceeds of $0.5 million.  In addition, the Company incurred $32.9 million for capitalized interest, G&A and other.

Operational Update

Halcón is currently operating three rigs across its holdings and has 14 wells being completed or waiting on completion.  Year-to-date, completed well costs have come down significantly in the Company’s core plays and Halcón expects this trend to continue.

Bakken/Three Forks

The Company operated an average of two rigs in the Williston Basin during the quarter.  Halcón spudded 9 wells in Fort Berthold and put 13 wells (8 in Fort Berthold/5 in Williams County) online during the period.  The Company also participated in nine non-operated wells with an average working interest of approximately 3% during the quarter.

On average, Halcón-operated wells put online in the Williston Basin year-to-date are outperforming the Company’s 801 MBoe and 477 MBoe type curves for the Fort Berthold and Williams County areas, respectively.

Halcón has made significant progress negotiating lower costs with its service providers and continues to modify its drilling and completion techniques in an effort to improve recoveries and further reduce costs.  The Company’s current estimated completed well cost for wells drilled on its acreage in the Fort Berthold area is approximately $7.2 million.

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Halcón has also reduced lease operating costs on a per well basis by approximately 30% as compared to 2014.

The Company continues to increase gas capture in the Williston Basin and expects to have greater than 90% of its gas production flowing to sales by year-end 2015.

Halcón is the operator of 194 producing Bakken wells and 58 Three Forks wells.  The Company currently has 6 Bakken wells and 2 Three Forks wells being completed or waiting on completion on its operated acreage.

“El Halcón” - East Texas Eagle Ford

Halcón operated one rig in El Halcón during the second quarter.  The Company spudded four wells and put eight wells online during the three months ended June 30, 2015.  On average, wells put online year-to-date are performing in line with Halcón’s 452 MBoe type curve for the area on a per lateral foot basis.

As a result of several cost reduction initiatives, the current estimated completed well cost in lease capture mode (one well per unit/pad) is averaging approximately $6.75 million for a three-string well in this play.

The Company expects completed well costs to decrease by up to an additional $1 million per well in the near-term as it begins the transition into development mode (multiple wells per unit/pad).  The capital that will be saved on a per well basis by transitioning into development mode will more than offset any capital spend necessary to extend or renew expiring leases.

There are currently 98 Halcón -operated East Texas Eagle Ford wells producing and 3 Company-operated wells being completed or waiting on completion.

2015 Guidance Update

Halcón reduced its drilling and completion budget by an additional $25 million to approximately $325 million to account for lower service costs.

The Company expects to produce an average of 39.5 — 41.5 Mboe/d during the third quarter of 2015, which accounts for approximately 700 Boe/d of non-operated production in the Williston Basin that continues to be shut-in and approximately 1,100 Boe/d of non-operated production in the Williston Basin that continues to be deferred.

Hedging Update

The Company continues to target a hedge portfolio in which approximately 80% of expected production is hedged for the next 24 months.  Halcón has 30,500 barrels per day of oil hedged

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from July 1, 2015 to December 31, 2015 at an average price of $90.21 per barrel.  For 2016, the Company has 25,497 barrels per day of oil hedged at an average price of $80.59 per barrel, and for 2017, Halcón has 3,750 barrels per day of oil hedged at an average price of $65.75 per barrel.  The Company plans to layer in additional hedges to attain targeted levels, as appropriate.  Halcón estimates the pre-tax mark-to-market value of its hedge portfolio to be approximately $447 million as of July 29, 2015.

Conference Call and Webcast Information

Halcón Resources Corporation (NYSE:HK) has scheduled a conference call for Friday, July 31, 2015, at 10:00 a.m. EDT (9:00 a.m. CDT). 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 79637432.  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 through August 7, 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 79637432.

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.  Additionally, initial production rates, average 30 day production rates and improvements mentioned herein are not necessarily indicative of future production rates or performance.  Forward-looking statements are based on current beliefs and expectations and involve certain assumptions or estimates that involve various risks and

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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.

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HALCÓN RESOURCES CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(In thousands, except per share amounts)

HALCÓN RESOURCES CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

(In thousands, except share and per share amounts)

HALCÓN RESOURCES CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(In thousands)

HALCÓN RESOURCES CORPORATION

SELECTED OPERATING DATA

(Unaudited)

(1) Represents gathering and other and general and administrative costs per Boe, adjusted for items noted in the reconciliation below:

(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)