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Warren Resources Announces Fourth Quarter and Full-Year 2013 Results
· Record FY13 Revenue Increases 6% to $128.8 Million
· Record Annual Oil and Gas Production Increases 6% to 2.1 MMBOE
· Record FY13 Net Income Increases to $30.4 Million, or $0.42 per Diluted Share
· Record FY13 Cash Flow from Operations Increases 19% to $79.4 Million
· Record FY13 EBITDA(1) Increases 19% to $78.2 Million
NEW YORK, March 6, 2014 (GLOBE NEWSWIRE) Warren Resources, Inc. (Nasdaq:WRES) today reported its fourth quarter and full-year 2013 financial and operating results. For the year ended December 31, 2013, Warren reported net income of $30.4 million, or $0.42 per diluted share, compared to net income of $15.5 million for the year in 2012, or $0.22 per diluted share. Excluding the impact of $2.1 million of unrealized, non-cash losses on commodity derivatives resulting from mark to market accounting and $1.7 million of non-recurring G&A related to severance expense, Warrens full-year adjusted net income(1) was $34.1 million, or $0.47 per diluted share, which compares to adjusted net income of $18.8 million in 2012, or $0.26 per share.
Warrens full-year 2013 cash flow from operations was $79.4 million compared to $66.8 million in 2012. The Companys full-year 2013 discretionary cash flow(1) was $80.0 million, compared to $65.7 million in 2012.
For the fourth quarter of 2013, Warren reported net income of $3.7 million, or $0.05 per diluted share, compared to net income of $4.0 million for the fourth quarter of 2012, or $0.06 per diluted share. Excluding the impact of $3.4 million of unrealized, non-cash losses on commodity derivatives resulting from mark to market accounting and $0.7 million of non-recurring G&A related to severance expense, Warrens fourth quarter 2013 non-GAAP adjusted net income was $7.9 million, or $0.11 per diluted share, which compares to adjusted net income of $5.1 million in the fourth quarter of 2012, or $0.07 per share.
Warrens fourth quarter 2013 cash flow from operations was $21.2 million compared to $14.2 million in 2012. Warrens fourth quarter 2013 discretionary cash flow was $18.2 million, compared to $16.6 million in the fourth quarter of 2012.
In announcing the results, Philip A. Epstein, Chairman and Chief Executive Officer, commented, Our record results and overall operational success in 2013 puts Warren in a strong financial position for 2014 as we seek to expand our asset base. Warren is budgeting $116 million for 2014 capital expenditures (excluding acquisitions), to drill 35 oil wells and 12 injectors in California and 48 gas wells in Wyoming. This budget represents Warrens
The following information was filed by Warren Resources Inc (WRES) on Thursday, March 6, 2014 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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