Kodiak Oil & Gas Corp. Announces
Second Quarter 2013 Results
Q2-13 Oil & Gas Sales of $173.5 Million, 102% Increase from Q2-12 and a 5% Increase from Q1-13
Q2-13 Adjusted EBITDA of $131.1 Million, 94% Growth from Q2-12 and a 5% Increase from Q1-13
DENVER - August 1, 2013 /PRNewswire-FirstCall/ -- Kodiak Oil & Gas Corp. (NYSE: KOG), an oil and gas exploration and production company with primary assets in the Williston Basin of North Dakota, today reported financial results for the second quarter 2013 ended June 30, 2013. The Company furnished an operations update and reported sales volumes in a news release on July 23, 2013.
For the second quarter-ended June 30, 2013, the Company reported oil and gas sales of $173.5 million, as compared to $85.8 million during the same period in 2012 and $165.1 million in the first quarter 2013, representing increases of 102% and 5%, respectively. Kodiak reported an overall 8% increase in quarter-over-quarter equivalent sales volumes with 2.1 million barrels of oil equivalent (MMBOE) sold, or an average of 23,200 BOE per day (BOE/d) during the second quarter 2013, as compared to 1.9 million BOE, or an average of 21,700 BOE/d in the first quarter of 2013. Crude oil revenue accounted for approximately 94% of oil and gas sales recorded during the second quarter 2013.
Adjusted EBITDA, a non-GAAP measure, was $131.1 million for the second quarter 2013, as compared to $67.7 million in the same period in 2012, reflecting a 94% increase. Kodiak defines Adjusted EBITDA as net income before (i) interest expense, (ii) income taxes, (iii) depletion, depreciation, amortization, and accretion, (iv) amortization of deferred financing costs and debt premium, (v) impairment, (vi) non-cash expenses relating to share based payments recognized under ASC Topic 718, and (vii) pre-tax unrealized gains and losses on commodity price risk management activities.
Kodiak reported net cash provided by operating activities during the second quarter 2013 of $118.3 million, as compared to $44.7 million during the same period in 2012, an increase of 165%. Kodiak reported net cash provided by operating activities during the six-month period ended June 30, 2013 of $232.9 million, as compared to $113.8 million in 2012.
For the second quarter 2013, the Company reported net income of $44.3 million, or $0.17 per diluted share, compared to net income of $93.1 million, or $0.35 per diluted share, for the same period in 2012. Net income for the second quarter 2013 includes an unrealized gain of $20.9 million related to the mark-to-market of derivative instruments used for commodity hedging. The net effect, after-tax, of the non-cash hedging activities increased Kodiak's reported net income for the second quarter 2013 by $0.05 per basic and diluted share. Detailed disclosure of the Company's derivative contracts is available in its filing on Form 10-Q for the second quarter ended June 30, 2013. By way of comparison, the net income for the second quarter 2012 included unrealized derivative gains of $91.7 million attributed to the mark-to-market of derivative instruments, which increased Kodiak's reported net income for the quarter by $0.25 per basic and diluted share.
General and administrative expenses (G&A) for the second quarter 2013 totaled $10.3 million, or $4.89 per BOE, compared to $8.1 million, or $7.05 per BOE, in the second quarter 2012. The increase in total G&A expense for the second quarter 2013, as compared
The following information was filed by Whiting Canadian Holding Co Ulc (KOG) on Thursday, August 1, 2013 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.