Halcón Resources Corporation (NYSE:HK) (“Halcón” or the “Company”)
today announced its second quarter 2017 results.
Production for the three months ended June 30,
2017 averaged 36,308 barrels of oil equivalent per day
(Boe/d). Production was comprised of 75% oil, 12% natural gas
liquids (NGLs) and 13% natural gas for the quarter. Second
quarter production was above the Company’s guidance range of 33,000
to 35,000 Boe/d. This outperformance was primarily driven by
better than expected production from the Company’s Delaware Basin
assets.
Halcón generated total revenues of $120.1
million for the second quarter of 2017. The Company reported
a net loss available to common stockholders of $27.0 million for
the quarter. Halcón also reported a net loss per basic and
diluted share of $0.19 for the second quarter of 2017. After
adjusting for selected items (see Selected Item Review and
Reconciliation table for additional information), the Company
generated net income of $0.7 million, or $0.00 per diluted share
for the second quarter of 2017. Adjusted EBITDA (see EBITDA
Reconciliation table for additional information) totaled $65.0
million for the second quarter of 2017.
Excluding the impact of hedges, Halcón realized
91% of the average NYMEX oil price, 27% of the average NYMEX oil
price for NGLs and 72% of the average NYMEX natural gas price
during the second quarter of 2017. Realized hedge proceeds
totaled approximately $6.2 million for the second
quarter.
Total operating costs per unit, after adjusting
for selected items (see Selected Operating Data table for
additional information), were $18.58 per Boe during the three
months ended June 30, 2017, compared to $17.43 per Boe for the same
period in 2016. This increase in per unit total operating
costs was primarily driven by higher lease operating and gathering
and other expenses in 2017. The sale of the Company’s El
Halcón East Texas Eagle Ford properties drove these increases in
per unit operating costs as the El Halcón assets had lower per unit
lease operating and gathering costs compared to the Company’s
retained Williston Basin assets.
Asset Sales
As previously announced, the Company has entered
into an agreement to sell its operated Williston Basin assets for
$1.4 billion (the “Williston Basin Asset Sale”). Halcón
expects this sale to close in early September of 2017. This
sale has a June 1, 2017 effective date and therefore all capital
incurred on this asset from June 1 through closing will constitute
a positive purchase price adjustment to Halcón. The Company
also recently entered into agreements to sell certain other
miscellaneous non-core properties (the “Non-Core Assets”).
The total net proceeds from these Non-Core Asset sales is expected
to be approximately $20 million with the transactions expected to
close in the third quarter of 2017. These Non-Core Assets are
currently producing approximately 1,400 Boe/d comprised of 14% oil,
23% NGL and 63% gas. The Non-Core Asset sales will improve
the Company’s profitability going forward and further streamline
the business.
After these divestitures, Halcón’s remaining
assets will consist of the Delaware Basin currently producing 4,400
Boe/d and its non-operated Williston Basin assets producing 2,250
Boe/d. The Company is continuing to evaluate the potential
divestiture of its non-operated Williston Basin assets.
Liquidity and Capital
Spending
As of June 30, 2017, Halcón’s liquidity was $685
million pro forma for the Williston Basin Asset Sale, the closing
of the Non-Core Asset sales and the assumed redemption of all of
the Company’s 12.0% second lien notes outstanding and 50% of its
6.75% unsecured notes outstanding. This liquidity is based on
$567 million of cash on hand plus an undrawn senior secured
revolving credit facility with an expected borrowing base of $125
million.
During the second quarter of 2017, Halcón
incurred capital costs of approximately $103 million on drilling
and completions and $7 million on infrastructure, seismic and other
costs.
Hedging Update
As of August 2, 2017, Halcón had 21,250 barrels
per day (bbl/d) of oil hedged for the last six months of 2017 at an
average price of $54.85 per barrel. For 2018, the Company has
7,750 barrels per day of oil hedged at an average price of $52.57
per barrel. Halcón also has Midland vs. Cushing basis
differential swaps in place, with 10,000 bbl/d hedged in 2018 at an
average swap price of -$1.25 per barrel and 7,500 bbl/d hedged in
2019 at an average swap price of -$1.20 per barrel.
As of August 2, 2017, Halcón had 20,000 million
British thermal units per day (MMBtu/d) of natural gas hedged for
the last six months of 2017 at an average price of $3.33 per
MMBtu. The Company also has 10,000 MMBtu/d of natural gas
hedged in 2018 at an average price of $3.16 per MMBtu. Halcón
also has Waha vs. Henry Hub basis differential swaps in place, with
5,000 MMBtu/d of natural gas hedged for the second half of 2017
through 2018 at an average swap price of -$0.41 per MMBtu.
Operations Update
Delaware Basin – Hackberry Draw Prospect
(Pecos County)
Halcón’s Hackberry Draw area in Pecos County
consists of 26,480 net acres and 29 producing wells.
After drilling 7 horizontal wells in this area
over the last few months, Halcón recently moved its two operated
rigs from its Hackberry Draw area in Pecos County to its Monument
Draw area in Ward County. The Company plans to bring on a
third operated rig to resume drilling in Hackberry Draw in October
of 2017. Accordingly, Halcón plans to operate 2 rigs in
Monument Draw for the rest of 2017 and one rig in Hackberry Draw
for the fourth quarter of 2017. Halcon expects to spud a
total of 11 wells in Hackberry Draw in 2017 (7 Wolfcamp B, 3
Wolfcamp A and 1 Bone Spring). All of these wells except one
are planned for 10,000 foot laterals and are expected to generate
EURs of 1.1 MMboe to 1.3 MMboe (2 stream). The average
working interest of these wells is 83%.
The Company started completion operations with a
dedicated frac crew in Hackberry Draw in late June and recently
completed its first operated well, the Balbo Adrianna West
1H. This well is currently flowing back after frac.
Halcón is currently fracing a two well pad and expects these wells
to be put online in mid to late August of 2017. The Company
expects to put 7 gross wells online in 2017 in Hackberry Draw with
an average working interest of 91%.
Delaware Basin – Monument Draw Prospect
(Ward County)
Halcón’s Monument Draw area consists of 15,040
net acres and one producing well completed by the Company in May
2017 (CRMWD 79-1H). This well was completed with a ~5,200
foot lateral and produced more than 73,000 Boe over its first 60
days of production. The well achieved a peak 30-day flowing IP
rate of 258 boe/d per 1,000' (82% oil) with a peak 24-hour IP rate
of 319 boe/d per 1,000’. The CRMWD 79-1H is tracking to an
estimated 1.1 MMboe EUR (2 stream with 80% oil). The Company
estimates this well would have an EUR in excess of 2 MMboe had it
been completed with a 10,000 foot lateral.
The northern portion of the Monument Draw
Prospect consisting of 8,320 net acres is held under an option
contract while 6,720 net acres in the southern portion of Monument
Draw is held outright by Halcón. The Company is currently
drilling a vertical pilot well on the northern option acreage and
plans to drill a horizontal well in the Northern tract after
reaching total depth on the pilot well. Halcón expects to
exercise the option on the northern acreage in the fourth quarter
of 2017 at a cost of approximately $108 million.
Halcón’s second operated rig in Monument Draw is
currently rigging up to begin drilling in the next few days on the
southern portion of the acreage. These two rigs will operate
in Monument Draw for the rest of 2017. The Company expects to
spud a total of 8 horizontal wells on its Monument Draw prospect in
2017 (combination of Wolfcamp A and Wolfcamp B). All of these
wells are planned to be 10,000 foot laterals and are expected to
generate EURs of 1.4 MMboe to 1.8 MMboe (2 stream). All
Monument Draw wells have a working interest of 100%.
The Company’s dedicated frac crew will move over
to the Monument Draw area later in 2017. Halcón expects to
put 3 gross wells online in 2017 in Monument Draw.
Williston Basin
Halcón currently has working interests in
approximately 119,300 net acres prospective for the Bakken and
Three Forks formations in the Williston Basin, substantially
all of which is held by production (HBP).
The Company operated two rigs in
the Williston Basin during the second quarter of
2017. Halcón spud 13 gross wells and put 5 gross wells online
during the quarter.
The Company is currently the operator of 228
producing Bakken wells and 78 Three Forks wells. Halcón currently
has 8 Bakken wells and 7 Three Forks wells being completed or
waiting on completion on its operated acreage.
Guidance Update
Halcón projects its fourth quarter 2017
production to be between 11,000 to 14,000 Boe/d (76% oil, 12% NGL
and 12% gas) and its full year 2017 production to be 28,000 to
30,000 Boe/d (76% oil, 12% NGL and 12% gas). Halcón still
expects full year D&C capex to be approximately $300
million. D&C capex is unchanged despite selling the
Williston Basin assets because the Company is now planning to add a
third operated rig in the Delaware Basin in October 2017.
These production guidance figures include the impact of the
Williston Basin Asset Sale closing in early September of 2017 and
the Non-Core Asset divestitures closing in August of
2017.
Conference Call and Webcast
Information
Halcón Resources Corporation (NYSE:HK) has
scheduled a conference call for Thursday, August 3, 2017, at 11:00
a.m. EDT (10:00 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 54153718. 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. To access the replay,
dial (855) 859-2056 for domestic callers or (404) 537-3406 for
international callers, in both cases referencing conference ID
6893810.
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 Quentin Hicks,
Senior Vice President of Finance & 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", "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, 2016 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.
We may use the terms “resource potential” and
“EUR” in this press release to describe estimates of potentially
recoverable hydrocarbons that the SEC rules prohibit from being
included in filings with the SEC. These are based on the
Company’s internal estimates of hydrocarbon quantities that may be
potentially discovered through exploratory drilling or recovered
with additional drilling or recovery techniques. 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. “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. 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 |
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS (Unaudited) |
(In thousands, except per share
amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Successor |
|
|
Predecessor |
|
Successor |
|
|
Predecessor |
|
|
Three Months |
|
|
Three Months |
|
Six Months |
|
|
Six Months |
|
|
Ended |
|
|
Ended |
|
Ended |
|
|
Ended |
|
|
June 30, 2017 |
|
|
June 30, 2016 |
|
June 30, 2017 |
|
|
June 30, 2016 |
Operating revenues: |
|
|
|
|
|
|
|
|
|
|
Oil, natural gas and natural gas liquids sales: |
|
|
|
|
|
|
|
|
|
|
Oil |
|
$ |
108,695 |
|
|
|
$ |
99,095 |
|
|
$ |
231,216 |
|
|
|
$ |
174,062 |
|
Natural gas |
|
|
5,946 |
|
|
|
|
3,159 |
|
|
|
12,165 |
|
|
|
|
6,901 |
|
Natural gas liquids |
|
|
5,306 |
|
|
|
|
3,504 |
|
|
|
11,331 |
|
|
|
|
5,441 |
|
Total oil, natural gas and natural gas liquids sales |
|
|
119,947 |
|
|
|
|
105,758 |
|
|
|
254,712 |
|
|
|
|
186,404 |
|
Other |
|
|
190 |
|
|
|
|
389 |
|
|
|
1,023 |
|
|
|
|
1,092 |
|
Total operating revenues |
|
|
120,137 |
|
|
|
|
106,147 |
|
|
|
255,735 |
|
|
|
|
187,496 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
Production: |
|
|
|
|
|
|
|
|
|
|
Lease operating |
|
|
20,380 |
|
|
|
|
16,981 |
|
|
|
41,024 |
|
|
|
|
37,559 |
|
Workover and other |
|
|
7,128 |
|
|
|
|
7,915 |
|
|
|
18,569 |
|
|
|
|
15,706 |
|
Taxes other than income |
|
|
10,727 |
|
|
|
|
9,753 |
|
|
|
22,303 |
|
|
|
|
17,011 |
|
Gathering and other |
|
|
11,812 |
|
|
|
|
10,519 |
|
|
|
23,754 |
|
|
|
|
21,903 |
|
Restructuring |
|
|
50 |
|
|
|
|
189 |
|
|
|
805 |
|
|
|
|
5,073 |
|
General and administrative |
|
|
26,922 |
|
|
|
|
24,708 |
|
|
|
47,771 |
|
|
|
|
66,324 |
|
Depletion, depreciation and accretion |
|
|
31,962 |
|
|
|
|
39,671 |
|
|
|
64,848 |
|
|
|
|
94,937 |
|
Full cost ceiling impairment |
|
|
- |
|
|
|
|
257,869 |
|
|
|
- |
|
|
|
|
754,769 |
|
(Gain) loss on sale of oil and natural gas properties |
|
|
(4,500 |
) |
|
|
|
- |
|
|
|
(235,690 |
) |
|
|
|
- |
|
Other operating property and equipment impairment |
|
|
- |
|
|
|
|
- |
|
|
|
- |
|
|
|
|
28,056 |
|
Total operating expenses |
|
|
104,481 |
|
|
|
|
367,605 |
|
|
|
(16,616 |
) |
|
|
|
1,041,338 |
|
Income (loss) from operations |
|
|
15,656 |
|
|
|
|
(261,458 |
) |
|
|
272,351 |
|
|
|
|
(853,842 |
) |
Other income (expenses): |
|
|
|
|
|
|
|
|
|
|
Net gain (loss) on derivative contracts |
|
|
24,156 |
|
|
|
|
(54,523 |
) |
|
|
50,554 |
|
|
|
|
(35,781 |
) |
Interest expense and other, net |
|
|
(19,635 |
) |
|
|
|
(58,322 |
) |
|
|
(44,478 |
) |
|
|
|
(106,113 |
) |
Gain (loss) on extinguishment of debt |
|
|
- |
|
|
|
|
- |
|
|
|
(56,898 |
) |
|
|
|
81,434 |
|
Total other income (expenses) |
|
|
4,521 |
|
|
|
|
(112,845 |
) |
|
|
(50,822 |
) |
|
|
|
(60,460 |
) |
Income
(loss) before income taxes |
|
|
20,177 |
|
|
|
|
(374,303 |
) |
|
|
221,529 |
|
|
|
|
(914,302 |
) |
Income tax
benefit (provision) |
|
|
- |
|
|
|
|
- |
|
|
|
(12,000 |
) |
|
|
|
- |
|
Net
income (loss) |
|
|
20,177 |
|
|
|
|
(374,303 |
) |
|
|
209,529 |
|
|
|
|
(914,302 |
) |
Non-cash
preferred dividend |
|
|
(47,206 |
) |
|
|
|
- |
|
|
|
(48,007 |
) |
|
|
|
- |
|
Series A
preferred dividends |
|
|
- |
|
|
|
|
(3,198 |
) |
|
|
- |
|
|
|
|
(6,396 |
) |
Preferred
dividends and accretion on redeemable noncontrolling interest |
|
- |
|
|
|
|
(4,852 |
) |
|
|
- |
|
|
|
|
(28,517 |
) |
Net
income (loss) available to common stockholders |
|
$ |
(27,029 |
) |
|
|
$ |
(382,353 |
) |
|
$ |
161,522 |
|
|
|
$ |
(949,215 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net
income (loss) per share of common stock: |
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.19 |
) |
|
|
$ |
(3.17 |
) |
|
$ |
1.37 |
|
|
|
$ |
(7.89 |
) |
Diluted |
|
$ |
(0.19 |
) |
|
|
$ |
(3.17 |
) |
|
$ |
1.37 |
|
|
|
$ |
(7.89 |
) |
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
143,545 |
|
|
|
|
120,708 |
|
|
|
117,554 |
|
|
|
|
120,360 |
|
Diluted |
|
|
143,545 |
|
|
|
|
120,708 |
|
|
|
118,209 |
|
|
|
|
120,360 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HALCÓN RESOURCES CORPORATION |
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited) |
(In thousands, except share and per share
amounts) |
|
|
|
|
|
Successor |
|
June 30, 2017 |
|
December 31, 2016 |
Current
assets: |
|
|
|
Cash |
$ |
21 |
|
|
$ |
24 |
|
Accounts
receivable |
|
124,250 |
|
|
|
147,762 |
|
Receivables from derivative contracts |
|
26,389 |
|
|
|
5,923 |
|
Prepaids
and other |
|
6,839 |
|
|
|
6,940 |
|
Total
current assets |
|
157,499 |
|
|
|
160,649 |
|
Oil and natural
gas properties (full cost method): |
|
|
|
Evaluated |
|
1,326,160 |
|
|
|
1,269,034 |
|
Unevaluated |
|
1,053,408 |
|
|
|
316,439 |
|
Gross oil
and natural gas properties |
|
2,379,568 |
|
|
|
1,585,473 |
|
Less -
accumulated depletion |
|
(527,654 |
) |
|
|
(465,849 |
) |
Net oil
and natural gas properties |
|
1,851,914 |
|
|
|
1,119,624 |
|
Other operating
property and equipment: |
|
|
|
Gas
gathering and other operating assets |
|
67,595 |
|
|
|
38,617 |
|
Less -
accumulated depreciation |
|
(3,041 |
) |
|
|
(1,107 |
) |
Net other
operating property and equipment |
|
64,554 |
|
|
|
37,510 |
|
Other
noncurrent assets: |
|
|
|
Receivables from derivative contracts |
|
5,477 |
|
|
|
- |
|
Funds in
escrow and other |
|
1,906 |
|
|
|
1,887 |
|
Total
assets |
$ |
2,081,350 |
|
|
$ |
1,319,670 |
|
|
|
|
|
Current
liabilities: |
|
|
|
Accounts
payable and accrued liabilities |
$ |
223,305 |
|
|
$ |
186,184 |
|
Liabilities from derivative contracts |
|
280 |
|
|
|
16,434 |
|
Other |
|
4,704 |
|
|
|
4,935 |
|
Total
current liabilities |
|
228,289 |
|
|
|
207,553 |
|
Long-term debt,
net |
|
1,093,548 |
|
|
|
964,653 |
|
Other
noncurrent liabilities: |
|
|
|
Liabilities from derivative contracts |
|
363 |
|
|
|
486 |
|
Asset
retirement obligations |
|
26,980 |
|
|
|
31,985 |
|
Other |
|
141 |
|
|
|
2,305 |
|
Commitments and
contingencies |
|
|
|
Stockholders'
equity: |
|
|
|
Common
stock: 1,000,000,000 shares of $0.0001 par value authorized;
150,101,781 |
|
|
|
and
92,991,183 shares issued and outstanding as of June 30, 2017 and
December 31, 2016, |
|
|
|
respectively |
|
15 |
|
|
|
9 |
|
Additional paid-in capital |
|
1,002,469 |
|
|
|
592,663 |
|
Retained
earnings (accumulated deficit) |
|
(270,455 |
) |
|
|
(479,984 |
) |
Total
stockholders' equity |
|
732,029 |
|
|
|
112,688 |
|
Total
liabilities and stockholders' equity |
$ |
2,081,350 |
|
|
$ |
1,319,670 |
|
|
|
|
|
|
|
|
|
|
HALCÓN RESOURCES CORPORATION |
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS (Unaudited) |
(In thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Successor |
|
|
Predecessor |
|
Successor |
|
|
Predecessor |
|
|
Three Months |
|
|
Three Months |
|
Six Months |
|
|
Six Months |
|
|
Ended |
|
|
Ended |
|
Ended |
|
|
Ended |
|
|
June 30, 2017 |
|
|
June 30, 2016 |
|
June 30, 2017 |
|
|
June 30, 2016 |
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
|
Net income
(loss) |
|
$ |
20,177 |
|
|
|
$ |
(374,303 |
) |
|
$ |
209,529 |
|
|
|
$ |
(914,302 |
) |
Adjustments
to reconcile net income (loss) to net cash |
|
|
|
|
|
|
|
|
|
|
provided by
(used in) operating activities: |
|
|
|
|
|
|
|
|
|
|
Depletion, depreciation and accretion |
|
|
31,962 |
|
|
|
|
39,671 |
|
|
|
64,848 |
|
|
|
|
94,937 |
|
Full cost ceiling impairment |
|
|
- |
|
|
|
|
257,869 |
|
|
|
- |
|
|
|
|
754,769 |
|
(Gain) loss on sale of oil and natural gas properties |
|
|
(4,500 |
) |
|
|
|
- |
|
|
|
(235,690 |
) |
|
|
|
- |
|
Other operating property and equipment impairment |
|
|
- |
|
|
|
|
- |
|
|
|
- |
|
|
|
|
28,056 |
|
Share-based compensation, net |
|
|
12,943 |
|
|
|
|
1,507 |
|
|
|
21,290 |
|
|
|
|
3,652 |
|
Unrealized loss (gain) on derivative contracts |
|
|
(18,005 |
) |
|
|
|
135,303 |
|
|
|
(42,219 |
) |
|
|
|
224,281 |
|
Amortization and write-off of deferred loan costs |
|
|
711 |
|
|
|
|
1,278 |
|
|
|
896 |
|
|
|
|
3,024 |
|
Amortization of discount and premium |
|
|
243 |
|
|
|
|
718 |
|
|
|
1,887 |
|
|
|
|
1,269 |
|
Loss (gain) on extinguishment of debt |
|
|
- |
|
|
|
|
- |
|
|
|
56,898 |
|
|
|
|
(81,434 |
) |
Accrued settlements on derivative contracts |
|
|
(2,255 |
) |
|
|
|
9,810 |
|
|
|
(3,520 |
) |
|
|
|
(23,072 |
) |
Other income (expense) |
|
|
(121 |
) |
|
|
|
2,048 |
|
|
|
(1,004 |
) |
|
|
|
3,973 |
|
Cash flow
from operations before changes in working capital |
|
|
41,155 |
|
|
|
|
73,901 |
|
|
|
72,915 |
|
|
|
|
95,153 |
|
Changes in
working capital |
|
|
35,928 |
|
|
|
|
34,468 |
|
|
|
49,728 |
|
|
|
|
47,590 |
|
Net cash
provided by (used in) operating activities |
|
|
77,083 |
|
|
|
|
108,369 |
|
|
|
122,643 |
|
|
|
|
142,743 |
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
Oil and natural gas capital expenditures |
|
|
(77,407 |
) |
|
|
|
(53,496 |
) |
|
|
(121,210 |
) |
|
|
|
(170,416 |
) |
Proceeds received from sale of oil and natural gas
properties |
|
|
- |
|
|
|
|
15 |
|
|
|
477,306 |
|
|
|
|
(407 |
) |
Acquisition of oil and natural gas properties |
|
|
(200,183 |
) |
|
|
|
(3 |
) |
|
|
(907,487 |
) |
|
|
|
158 |
|
Acquisition of other operating property and equipment |
|
|
- |
|
|
|
|
- |
|
|
|
(25,538 |
) |
|
|
|
- |
|
Other operating property and equipment capital
expenditures |
|
|
(13,233 |
) |
|
|
|
(240 |
) |
|
|
(13,735 |
) |
|
|
|
(886 |
) |
Proceeds received from sale of other operating property and
equipment |
|
|
66 |
|
|
|
|
54 |
|
|
|
10,352 |
|
|
|
|
115 |
|
Funds held in escrow and other |
|
|
285 |
|
|
|
|
49 |
|
|
|
285 |
|
|
|
|
59 |
|
Net cash
provided by (used in) investing activities |
|
|
(290,472 |
) |
|
|
|
(53,621 |
) |
|
|
(580,027 |
) |
|
|
|
(171,377 |
) |
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
Proceeds from borrowings |
|
|
206,000 |
|
|
|
|
139,000 |
|
|
|
1,235,000 |
|
|
|
|
425,000 |
|
Repayments of borrowings |
|
|
(53,000 |
) |
|
|
|
(195,000 |
) |
|
|
(1,118,000 |
) |
|
|
|
(395,648 |
) |
Premium paid to repurchase the 2020 Second Lien Notes |
|
|
- |
|
|
|
|
- |
|
|
|
(30,917 |
) |
|
|
|
- |
|
Debt issuance costs |
|
|
(1,315 |
) |
|
|
|
(1 |
) |
|
|
(16,823 |
) |
|
|
|
(1,186 |
) |
Preferred stock issued |
|
|
- |
|
|
|
|
- |
|
|
|
400,055 |
|
|
|
|
- |
|
Offering costs and other |
|
|
(432 |
) |
|
|
|
(177 |
) |
|
|
(11,934 |
) |
|
|
|
(385 |
) |
Net cash
provided by (used in) financing activities |
|
|
151,253 |
|
|
|
|
(56,178 |
) |
|
|
457,381 |
|
|
|
|
27,781 |
|
|
|
|
|
|
|
|
|
|
|
|
Net
increase (decrease) in cash |
|
|
(62,136 |
) |
|
|
|
(1,430 |
) |
|
|
(3 |
) |
|
|
|
(853 |
) |
|
|
|
|
|
|
|
|
|
|
|
Cash at
beginning of period |
|
|
62,157 |
|
|
|
|
8,603 |
|
|
|
24 |
|
|
|
|
8,026 |
|
Cash at end
of period |
|
$ |
21 |
|
|
|
$ |
7,173 |
|
|
$ |
21 |
|
|
|
$ |
7,173 |
|
|
HALCÓN RESOURCES CORPORATION |
SELECTED OPERATING DATA |
(Unaudited) |
|
|
Successor |
|
|
Predecessor |
|
Successor |
|
|
Predecessor |
|
|
Three Months |
|
|
Three Months |
|
Six Months |
|
|
Six Months |
|
|
Ended |
|
|
Ended |
|
Ended |
|
|
Ended |
|
|
June 30, 2017 |
|
|
June 30, 2016 |
|
June 30, 2017 |
|
|
June 30, 2016 |
|
|
|
|
|
|
|
|
|
|
|
Production
volumes: |
|
|
|
|
|
|
|
|
|
|
Crude oil
(MBbls) |
|
|
2,470 |
|
|
|
|
2,498 |
|
|
|
5,101 |
|
|
|
|
5,274 |
|
Natural
gas (MMcf) |
|
|
2,579 |
|
|
|
|
2,322 |
|
|
|
5,018 |
|
|
|
|
4,842 |
|
Natural
gas liquids (MBbls) |
|
|
405 |
|
|
|
|
380 |
|
|
|
830 |
|
|
|
|
781 |
|
Total
(MBoe) |
|
|
3,304 |
|
|
|
|
3,265 |
|
|
|
6,767 |
|
|
|
|
6,862 |
|
Average
daily production (Boe/d) |
|
|
36,308 |
|
|
|
|
35,879 |
|
|
|
37,387 |
|
|
|
|
37,703 |
|
Average prices: |
|
|
|
|
|
|
|
|
|
|
Crude oil
(per Bbl) |
|
$ |
44.01 |
|
|
|
$ |
39.67 |
|
|
$ |
45.33 |
|
|
|
$ |
33.00 |
|
Natural
gas (per Mcf) |
|
|
2.31 |
|
|
|
|
1.36 |
|
|
|
2.42 |
|
|
|
|
1.43 |
|
Natural
gas liquids (per Bbl) |
|
|
13.10 |
|
|
|
|
9.22 |
|
|
|
13.65 |
|
|
|
|
6.97 |
|
Total per
Boe |
|
|
36.30 |
|
|
|
|
32.39 |
|
|
|
37.64 |
|
|
|
|
27.16 |
|
Cash effect of
derivative contracts: |
|
|
|
|
|
|
|
|
|
|
Crude oil
(per Bbl) |
|
$ |
2.46 |
|
|
|
$ |
32.19 |
|
|
$ |
1.60 |
|
|
|
$ |
35.60 |
|
Natural
gas (per Mcf) |
|
|
0.02 |
|
|
|
|
0.16 |
|
|
|
0.03 |
|
|
|
|
0.15 |
|
Natural
gas liquids (per Bbl) |
|
|
- |
|
|
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
Total per
Boe |
|
|
1.86 |
|
|
|
|
24.74 |
|
|
|
1.23 |
|
|
|
|
27.47 |
|
Average
prices computed after cash effect of settlement of derivative
contracts: |
|
|
|
|
|
|
|
|
|
Crude oil
(per Bbl) |
|
$ |
46.47 |
|
|
|
$ |
71.86 |
|
|
$ |
46.93 |
|
|
|
$ |
68.60 |
|
Natural
gas (per Mcf) |
|
|
2.33 |
|
|
|
|
1.52 |
|
|
|
2.45 |
|
|
|
|
1.58 |
|
Natural
gas liquids (per Bbl) |
|
|
13.10 |
|
|
|
|
9.22 |
|
|
|
13.65 |
|
|
|
|
6.97 |
|
Total per
Boe |
|
|
38.16 |
|
|
|
|
57.13 |
|
|
|
38.87 |
|
|
|
|
54.63 |
|
Average cost per
Boe: |
|
|
|
|
|
|
|
|
|
|
Production: |
|
|
|
|
|
|
|
|
|
|
Lease
operating |
|
$ |
6.17 |
|
|
|
$ |
5.20 |
|
|
$ |
6.06 |
|
|
|
$ |
5.47 |
|
Workover
and other |
|
|
2.16 |
|
|
|
|
2.42 |
|
|
|
2.74 |
|
|
|
|
2.29 |
|
Taxes
other than income |
|
|
3.25 |
|
|
|
|
2.99 |
|
|
|
3.30 |
|
|
|
|
2.48 |
|
Gathering
and other, as adjusted (1) |
|
|
3.02 |
|
|
|
|
2.27 |
|
|
|
2.83 |
|
|
|
|
2.25 |
|
Restructuring |
|
|
0.02 |
|
|
|
|
0.06 |
|
|
|
0.12 |
|
|
|
|
0.74 |
|
General
and administrative, as adjusted (1) |
|
|
3.98 |
|
|
|
|
4.55 |
|
|
|
3.70 |
|
|
|
|
4.53 |
|
(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 |
|
$ |
8.15 |
|
|
|
$ |
7.57 |
|
|
$ |
7.06 |
|
|
|
$ |
9.66 |
|
Share-based compensation: |
|
|
|
|
|
|
|
|
|
|
Non-cash |
|
|
(3.92 |
) |
|
|
|
(0.46 |
) |
|
|
(3.15 |
) |
|
|
|
(0.53 |
) |
Transaction costs, key employee retention agreements and
other: |
|
|
|
|
|
|
|
|
|
|
Cash |
|
|
(0.25 |
) |
|
|
|
(2.56 |
) |
|
|
(0.21 |
) |
|
|
|
(4.60 |
) |
General
and administrative, as adjusted(2) |
|
$ |
3.98 |
|
|
|
$ |
4.55 |
|
|
$ |
3.70 |
|
|
|
$ |
4.53 |
|
|
|
|
|
|
|
|
|
|
|
|
Gathering and other, as
reported |
|
$ |
3.58 |
|
|
|
$ |
3.22 |
|
|
$ |
3.51 |
|
|
|
$ |
3.19 |
|
Rig
termination / stacking charges |
|
|
(0.56 |
) |
|
|
|
(0.95 |
) |
|
|
(0.68 |
) |
|
|
|
(0.94 |
) |
Gathering and other, as
adjusted(3) |
|
$ |
3.02 |
|
|
|
$ |
2.27 |
|
|
$ |
2.83 |
|
|
|
$ |
2.25 |
|
|
|
|
|
|
|
|
|
|
|
|
Total operating costs,
as reported |
|
$ |
23.31 |
|
|
|
$ |
21.40 |
|
|
$ |
22.67 |
|
|
|
$ |
23.09 |
|
Total
adjusting items |
|
|
(4.73 |
) |
|
|
|
(3.97 |
) |
|
|
(4.04 |
) |
|
|
|
(6.07 |
) |
Total operating costs,
as adjusted(4) |
|
$ |
18.58 |
|
|
|
$ |
17.43 |
|
|
$ |
18.63 |
|
|
|
$ |
17.02 |
|
|
|
|
|
|
|
|
|
|
|
|
(2)
General and administrative, as adjusted, is a non-GAAP measure that
excludes non-cash share-based compensation charges relating to
equity awards under our incentive stock plans, as well as cash
charges associated with transactions, key employee retention
agreements and other costs incurred in connection with our
restructuring. The Company believes that it is useful to understand
the effects that these charges have on general and administrative
expenses and total operating costs and that exclusion of such
charges is useful for comparison to prior periods. |
|
(3)
Gathering and other, as adjusted, is a non-GAAP measure that
excludes rig termination and stacking charges incurred as a result
of reductions in our drilling activities due to a dramatic decline
in oil and natural gas prices beginning in 2014. The Company
believes that it is useful to understand the effects that these
charges have on gathering and other expense and total operating
costs and that exclusion of such charges is useful for comparison
to prior periods. |
|
(4)
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) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Successor |
|
|
Predecessor |
|
Successor |
|
|
Predecessor |
|
|
Three Months |
|
|
Three Months |
|
Six Months |
|
|
Six Months |
|
|
Ended |
|
|
Ended |
|
Ended |
|
|
Ended |
|
|
June 30, 2017 |
|
|
June 30, 2016 |
|
June 30, 2017 |
|
|
June 30, 2016 |
As
Reported: |
|
|
|
|
|
|
|
|
|
|
Net income (loss)
available to common stockholders, as reported |
|
$ |
(27,029 |
) |
|
|
$ |
(382,353 |
) |
|
$ |
161,522 |
|
|
|
$ |
(949,215 |
) |
Non-cash preferred
dividend |
|
|
47,206 |
|
|
|
|
- |
|
|
|
48,007 |
|
|
|
|
- |
|
Series A preferred
dividends |
|
|
- |
|
|
|
|
3,198 |
|
|
|
- |
|
|
|
|
6,396 |
|
Preferred dividends and
accretion on redeemable noncontrolling interest |
|
|
- |
|
|
|
|
4,852 |
|
|
|
- |
|
|
|
|
28,517 |
|
Net income (loss), as
reported |
|
|
20,177 |
|
|
|
|
(374,303 |
) |
|
|
209,529 |
|
|
|
|
(914,302 |
) |
|
|
|
|
|
|
|
|
|
|
|
Impact of
Selected Items: |
|
|
|
|
|
|
|
|
|
|
Unrealized loss (gain)
on derivatives contracts: |
|
|
|
|
|
|
|
|
|
|
Crude
oil |
|
$ |
(17,176 |
) |
|
|
$ |
134,701 |
|
|
$ |
(40,736 |
) |
|
|
$ |
223,542 |
|
Natural
gas |
|
|
(829 |
) |
|
|
|
602 |
|
|
|
(1,483 |
) |
|
|
|
739 |
|
Total
mark-to-market non-cash charge |
|
|
(18,005 |
) |
|
|
|
135,303 |
|
|
|
(42,219 |
) |
|
|
|
224,281 |
|
Full cost ceiling
impairment |
|
|
- |
|
|
|
|
257,869 |
|
|
|
- |
|
|
|
|
754,769 |
|
(Gain) loss on sale of
oil and natural gas properties |
|
|
(4,500 |
) |
|
|
|
- |
|
|
|
(235,690 |
) |
|
|
|
- |
|
Other operating
property and equipment impairment |
|
|
- |
|
|
|
|
- |
|
|
|
- |
|
|
|
|
28,056 |
|
Loss (gain) on
extinguishment of debt |
|
|
- |
|
|
|
|
- |
|
|
|
56,898 |
|
|
|
|
(81,434 |
) |
Deferred financing
costs expensed, net (1) |
|
|
305 |
|
|
|
|
- |
|
|
|
305 |
|
|
|
|
665 |
|
Restructuring |
|
|
50 |
|
|
|
|
189 |
|
|
|
805 |
|
|
|
|
5,073 |
|
Rig termination /
stacking charges, key employee retention agreements, transaction
costs and other |
|
|
2,679 |
|
|
|
|
13,498 |
|
|
|
6,009 |
|
|
|
|
41,022 |
|
Selected items, before
income taxes |
|
|
(19,471 |
) |
|
|
|
406,859 |
|
|
|
(213,892 |
) |
|
|
|
972,432 |
|
Income tax effect of
selected items (2) |
|
|
- |
|
|
|
|
- |
|
|
|
12,000 |
|
|
|
|
- |
|
Selected items, net of
tax |
|
|
(19,471 |
) |
|
|
|
406,859 |
|
|
|
(201,892 |
) |
|
|
|
972,432 |
|
|
|
|
|
|
|
|
|
|
|
|
As
Adjusted: |
|
|
|
|
|
|
|
|
|
|
Net income (loss)
available to common stockholders, excluding selected items |
|
$ |
706 |
|
|
|
$ |
32,556 |
|
|
$ |
7,637 |
|
|
|
$ |
58,130 |
|
Interest on convertible
debt, net |
|
|
- |
|
|
|
|
5,115 |
|
|
|
- |
|
|
|
|
9,255 |
|
Net income
(loss) available to common stockholders after assumed conversions,
excluding selected items (3) |
$ |
706 |
|
|
|
$ |
37,671 |
|
|
$ |
7,637 |
|
|
|
$ |
67,385 |
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income (loss)
per common share, as reported |
|
$ |
(0.19 |
) |
|
|
$ |
(3.17 |
) |
|
$ |
1.37 |
|
|
|
$ |
(7.89 |
) |
Impact of selected
items |
|
|
0.19 |
|
|
|
|
3.44 |
|
|
|
(1.31 |
) |
|
|
|
8.37 |
|
Basic net income (loss)
per common share, excluding selected items (3) |
|
$ |
- |
|
|
|
$ |
0.27 |
|
|
$ |
0.06 |
|
|
|
$ |
0.48 |
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income
(loss) per common share, as reported |
|
$ |
(0.19 |
) |
|
|
$ |
(3.17 |
) |
|
$ |
1.37 |
|
|
|
$ |
(7.89 |
) |
Impact of selected
items |
|
|
0.19 |
|
|
|
|
3.43 |
|
|
|
(1.31 |
) |
|
|
|
8.36 |
|
Diluted net income
(loss) per common share, excluding selected items (3)(4) |
|
$ |
- |
|
|
|
$ |
0.26 |
|
|
$ |
0.06 |
|
|
|
$ |
0.47 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
(used in) operating activities |
|
$ |
77,083 |
|
|
|
$ |
108,369 |
|
|
$ |
122,643 |
|
|
|
$ |
142,743 |
|
Changes in working
capital |
|
|
(35,928 |
) |
|
|
|
(34,468 |
) |
|
|
(49,728 |
) |
|
|
|
(47,590 |
) |
Cash flow from
operations before changes in working capital |
|
|
41,155 |
|
|
|
|
73,901 |
|
|
|
72,915 |
|
|
|
|
95,153 |
|
Cash components of
selected items |
|
|
4,984 |
|
|
|
|
1,831 |
|
|
|
10,255 |
|
|
|
|
65,286 |
|
Income tax effect of
selected items (2) |
|
|
- |
|
|
|
|
- |
|
|
|
12,000 |
|
|
|
|
- |
|
Cash flow from
operations before changes in working capital, adjusted for selected
items (3) |
|
$ |
46,139 |
|
|
|
$ |
75,732 |
|
|
$ |
95,170 |
|
|
|
$ |
160,439 |
|
|
|
|
|
|
|
|
|
|
|
|
(1) For
the 2017 (Successor) columns, this represents non-recurring charges
in connection with the redetermination of the Company's
borrowing base under its senior revolving credit facility. |
For the 2016 (Predecessor) columns, this represents charges
related to the write-off of debt issuance costs associated with the
Predecessor Credit Agreement. |
|
(2) For
the 2017 (Successor) columns, this represents the tax impact from
the estimated alternative minimum tax generated primarily by the
gain from the sale of the El Halcón Assets. |
For the 2016 (Predecessor) 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 June 30, 2017
(Successor) and 2016 (Predecessor) was calculated based upon
weighted average diluted shares of 144.3 million |
and 144.5 million, respectively, due to the net income
available to common stockholders, excluding selected
items. |
The impact of selected items for the six months ended June 30,
2017 (Successor) and 2016 (Predecessor) was calculated based upon
weighted average diluted shares of 118.2 million |
and 144.1 million, respectively, due to the net income
available to common stockholders, excluding selected
items. |
|
HALCÓN RESOURCES CORPORATION |
EBITDA RECONCILIATION
(Unaudited) |
(In thousands) |
|
|
Successor |
|
|
Predecessor |
|
Successor |
|
|
Predecessor |
|
|
Three Months Ended |
|
|
Three Months Ended |
|
Six Months Ended |
|
|
Six Months Ended |
|
|
June 30, 2017 |
|
|
June 30, 2016 |
|
June 30, 2017 |
|
|
June 30, 2016 |
|
|
|
|
|
|
|
|
|
|
|
Net income (loss), as
reported |
|
$ |
20,177 |
|
|
|
$ |
(374,303 |
) |
|
$ |
209,529 |
|
|
|
$ |
(914,302 |
) |
Interest
expense |
|
|
19,557 |
|
|
|
|
56,406 |
|
|
|
44,747 |
|
|
|
|
102,488 |
|
Depletion, depreciation and accretion |
|
|
31,962 |
|
|
|
|
39,671 |
|
|
|
64,848 |
|
|
|
|
94,937 |
|
Full cost
ceiling impairment |
|
|
- |
|
|
|
|
257,869 |
|
|
|
- |
|
|
|
|
754,769 |
|
Other
operating property and equipment impairment |
|
|
- |
|
|
|
|
- |
|
|
|
- |
|
|
|
|
28,056 |
|
Income
tax provision (benefit) |
|
|
- |
|
|
|
|
- |
|
|
|
12,000 |
|
|
|
|
- |
|
Share-based compensation |
|
|
12,943 |
|
|
|
|
1,507 |
|
|
|
21,290 |
|
|
|
|
3,652 |
|
Interest
income |
|
|
(59 |
) |
|
|
|
(10 |
) |
|
|
(158 |
) |
|
|
|
(21 |
) |
(Gain)
loss on sale of other assets |
|
|
(65 |
) |
|
|
|
(103 |
) |
|
|
3 |
|
|
|
|
(162 |
) |
EBITDA(1) |
|
$ |
84,515 |
|
|
|
$ |
(18,963 |
) |
|
$ |
352,259 |
|
|
|
$ |
69,417 |
|
Impact of adjusting
items: |
|
|
|
|
|
|
|
|
|
|
Restructuring |
|
|
50 |
|
|
|
|
189 |
|
|
|
805 |
|
|
|
|
5,073 |
|
Loss
(gain) on extinguishment of debt |
|
|
- |
|
|
|
|
- |
|
|
|
56,898 |
|
|
|
|
(81,434 |
) |
(Gain)
loss on sale of oil and natural gas properties |
|
|
(4,500 |
) |
|
|
|
- |
|
|
|
(235,690 |
) |
|
|
|
- |
|
Loss
(gain) on mark-to-market of embedded derivative and tranche
rights |
|
|
- |
|
|
|
|
2,046 |
|
|
|
- |
|
|
|
|
3,020 |
|
Unrealized loss (gain) on derivatives contracts |
|
|
(18,005 |
) |
|
|
|
135,303 |
|
|
|
(42,219 |
) |
|
|
|
224,281 |
|
Write-off
of deferred loan costs |
|
|
305 |
|
|
|
|
- |
|
|
|
305 |
|
|
|
|
665 |
|
Rig
termination / stacking charges |
|
|
1,860 |
|
|
|
|
3,109 |
|
|
|
4,603 |
|
|
|
|
6,461 |
|
Transaction costs, key employee retention agreements and other |
|
|
819 |
|
|
|
|
8,343 |
|
|
|
1,406 |
|
|
|
|
31,541 |
|
Adjusted EBITDA(1) |
|
$ |
65,044 |
|
|
|
$ |
130,027 |
|
|
$ |
138,367 |
|
|
|
$ |
259,024 |
|
|
|
|
|
|
|
|
|
|
|
|
(1)
EBITDA and 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. |
|
|
|
|
|
|
|
|
|
|
|
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