Abraxas Petroleum Corp. (NASDAQ:AXAS) has recently released its third quarter earnings report.
“Production for the third quarter of 2016 averaged 5,955 boepd (3,629 barrels of oil per day, 8,321 mcf of natural gas per day, 939 barrels of NGLs per day,” said Abraxas Petroleum.
Q3 Financial Results
The company had a revenue of $13.98 million, down year-over-year from $16.08 million. These include an oil and gas production revenue of $13.97 million and other revenue of $4,000.
Abraxas Petroleum had incurred a total of $18.93 million in operating costs, down year-over-year from $79.52 million. These include depreciation, depletion, and amortization costs of $6.37 million, down year-over-year from $10.17 million; lease operating costs of $4.60 million, down year-over-year from $5.24 million; impairment costs of $3.81 million down year-over-year from $59.89 million; general and administrative (G&A) costs of $2.76 million, up year-over-year from $2.65 million; production and ad valorem tax costs of $1.20 million, down year-over-year from $1.57 million; and rig costs of $0.19 million. Consequently, the company had an operating loss of $4.95 million, down year-over-year from $63.44 million.
Net loss had amounted to $3.26 million, down year-over-year from $52.37 million. As a result, basic and diluted earnings per share (EPS) had amounted to $(0.02), which is comparable to the $(0.50) recorded during the same period last year.
Year-to-Date (YTD) Financial Results
YTD, Abraxas Petroleum has a revenue of $34.55 million, down year-over-year from $53.68 million. Oil and gas production revenue has amounted to $34.52 million while other revenue has amounted to $31,000.
The company has incurred a total of $111.54 million in operating costs, down year-over-year from $123.19 million. Impairment costs have come in at $67.63 million, down year-over-year from $59.89 million; depreciation, depletion, and amortization costs have come in at $17.93 million, down year-over-year from $31.04 million; lease and operating costs have come in at $13.61 million, down year-over-year from $17.81 million; G&A costs have come in at $8.24 million, down year-over-year from $9.19 million; production and ad valorem tax costs have come in at $3.60 million, down year-over-year from $5.26 million; and rig costs have come in at $0.53 million. Consequently, Abraxas Petroleum has an operating loss of $76.99 million, up year-over-year from $69.50 million.
On Thursday, Abraxas Petroleum has closed at $2.25.
