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|Alta Mesa Holdings, LP|
ALTA MESA ANNOUNCES THIRD QUARTER 2017
FINANCIAL RESULTS AND OPERATIONAL UPDATE
Houston, Texas November 14, 2017 Alta Mesa Holdings, LP announced its financial results for the third quarter of 2017 and provided highlights of its recent operations. A conference call to discuss these results is scheduled for today at 2 p.m. Central time(888-347-8149). Note that the Company will post a supplemental operations update to its website prior to the call at www.altamesa.net.
Financial and Production Highlights
Net loss for the third quarter of 2017 was $24.2 million, compared to a net loss of $26.6 million for the third quarter of 2016. The difference in net loss between the two periods was primarily due to higher revenue and lower interest, partially offset by higher general and administrative expense and marketing and transportation expense.
Adjusted earnings before interest, income taxes, depreciation, depletion and amortization and exploration costs (Adjusted EBITDAX) for the third quarter of 2017 was $31.2 million compared to $38.4 million for the third quarter of 2016. The change in Adjusted EBITDAX between the two periods is primarily the net result of non-recurring general and administrative expense, lower settlements of oil and gas derivative contracts and an increase in marketing and transportation expense. This decrease was partially offset by an increase in commodity revenues. *Adjusted EBITDAX is a non-GAAP financial measure and is described in the attached table under Non-GAAP Financial Information and Reconciliation.
Total Company production volumes in the third quarter of 2017 totaled 2.3 MMBOE, or an average of 25.2 MBOE per day, compared to 1.8 MMBOE or 20.0 MBOE per day in the third quarter of 2016. The increase in production is primarily a result of the continued successful development of Alta Mesas STACK play in Kingfisher County, Oklahoma. The Companys total production mix was 66% oil and natural gas liquids (77% oil, 23% liquids) for the third quarter 2017.
Oil, natural gas and natural gas liquids revenue for the third quarter of 2017 totaled $75.3 million compared to $54.5 million in the third quarter of 2016. The change in revenues between the two periods was due primarily to the increase in oil, natural gas and natural gas liquids production, offset in part by the decrease in net realized commodity prices. Realized prices for oil (including settlements of derivative contracts) for the third quarter of 2017 were $48.00 per barrel, compared to $60.35 per barrel in the third quarter of 2016. Realized prices for natural gas liquids (including settlements of derivative contracts) for the third quarter of 2017 were $22.14 per barrel compared to $15.85 per barrel in the third quarter of 2016. The third quarter of 2016 included settlements of oil derivative contracts prior to contract expiry of $18.2 million. Realized prices for natural gas (including settlements of derivative contracts) in the third quarter 2017 were $2.71 per MCF, compared to $2.92 per MCF in the third quarter of 2016. The third quarter of 2016 included settlements of natural gas derivative contracts prior to contract expiry of $2.4 million. Alta Mesa has an active hedging program. As of September 30, 2017, the Company had hedged approximately 73% of its forecasted production of proved developed producing reserves through 2019 at weighted average annual floor prices ranging from $50.00 per Bbl to $51.37 per Bbl for oil and $3.18 per MMBtu to $4.43 per MMBtu for natural gas.
15021 Katy Freeway, Suite 400 ● Houston, Texas 77094 ● (281) 530-0991 ● www.altamesa.net
The following information was filed by Alta Mesa Holdings, Lp on Tuesday, November 14, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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