Financial and operating results for the quarter ended June 30, 2016. The second quarter featured mostly year-over-year and quarter-over-quarter declines, nothing overly surprising.
Of the 24 companies covered below, 23 had net losses for the second quarter. The major players will undoubtedly look ahead to more efficient and promising days.
Anadarko
Anadarko Petroleum Corporation (NYSE: APC) today announced a net loss of $692 million, or $1.36 per share (diluted). Adjusted net loss was $388 million or $0.76 per share (diluted) on an after-tax basis. Cash flow from operating activities in the second quarter of 2016 was $1.229 billion. EBITDA for the second quarter totaled $669 million.
Approach Resources Inc.
Approach’s net loss for the second quarter 2016 was $16.0 million, or $0.39 per diluted share, on revenues of $22.4 million. Net loss for second quarter 2016 included an unrealized loss on commodity derivatives of $8.1 million, a realized gain on commodity derivatives of $1.4 million and a write-off of debt issuance costs of $0.6 million. Adjusted net loss (non-GAAP) for second quarter 2016 was $10.4 million, or $0.25 per diluted share. EBITDAX (non-GAAP) for second quarter 2016 was $13.7 million.
Basic Energy Services, Inc.
For the second quarter of 2016, Basic reported a net loss of $89.9 million, or a loss of $2.11 per basic and diluted share. This includes a non-cash charge of $32.9 million, or $0.77 per basic and diluted share, related to a valuation allowance on federal deferred tax assets. Excluding this valuation allowance, Basic reported a net loss of $57.0 million, or $1.34 per basic and diluted share for the second quarter of 2016. Adjusted EBITDA decreased to ($11.5 million), or (10 percent) of revenues, for the second quarter of 2016 from ($11.1 million), or (9 percent) of revenues, in the first quarter of 2016.
ConocoPhillips
ConocoPhillips (NYSE: COP) reported a second-quarter 2016 net loss of $1.1 billion, or $0.86 per share, compared with a second-quarter 2015 net loss of $179 million, or $0.15 per share. Adjusted net loss was $985 million, or $0.79 per share, compared with second-quarter 2015 adjusted earnings of $81 million, or $0.07 per share.
Callon Petroleum Company
Callon reported a net loss available to common shareholders of $71.9 million in the second quarter of 2016. Adjusted net loss was $6.1 million, or $0.05 per diluted share. EBITDA a non-GAAP measure, for the second quarter of 2016 was $29.0 million.
Cimarex Energy Co.
Cimarex Energy Co. (NYSE: XEC) reported a second quarter 2016 net loss of $270.3 million, or $2.91 per diluted share. The adjusted second quarter net income (non-GAAP) was $7.0 million, or $0.07 per diluted share. Second quarter 2016 EBITDA was $128.6 million versus $257.4 million a year ago. Adjusted EBITDA from operations (non-GAAP) was $146.9 million versus $252.4 million a year ago.
Concho Resources Inc.
Net loss for the second quarter of 2016 was $265.7 million, or $2.04 per diluted share, compared to net loss of $120.5 million, or $1.02 per diluted share, for the second quarter of 2015. Adjusted net income (non-GAAP) for the second quarter of 2016 was $33.9 million, or $0.26 per diluted share, compared with adjusted net income (non-GAAP) of $45.5 million, or $0.38 per diluted share, for the second quarter of 2015. EBITDAX (non-GAAP) for the second quarter of 2016 totaled $413.6 million, compared to $457.8 million for the second quarter of 2015.
Continental Resources, Inc.
Continental Resources, Inc. (NYSE: CLR) reported a net loss of $119.4 million, or $0.32 per diluted share. Adjusted net loss for the second quarter was $53.5 million, or $0.14 per diluted share. EBITDAX for second quarter 2016 was $528.1 million.
Dawson Geophysical Company
For the second quarter of 2016, Dawson reported revenues of $28,086,000 as compared to $43,335,000 for the quarter ended June 30, 2015. For the second quarter of 2016, Dawson reported a net loss of $11,589,000 or $0.54 loss per share attributable to common stock, as compared to a net loss of $11,877,000 or $0.55 loss per share attributable to common stock for the quarter ended June 30, 2015. Dawson reported negative EBITDA of $1,464,000 for the second quarter of 2016 compared to negative EBITDA $5,704,000 for the quarter ended June 30, 2015. For the first six months of 2016, the Company’s EBITDA remains positive at $1,045,000.
Devon Energy Corp.
In the second quarter of 2016, Devon had a reported net loss of $1.6 billion, or $3.04 per share. Devon’s adjusted net income totaled $33 million, or $0.06 per share. EBITDA reached $649 million in the second quarter of 2016. The closing of the Company’s non-core Mississippian assets added approximately $200 million of additional cash flow in the second quarter of 2016, bringing cash inflows to more than $800 million.
Diamondback Energy, Inc.
During the second quarter of 2016, Diamondback incurred an impairment charge of $168 million as a result of depressed commodity prices. The Company recorded a net loss of $155 million for the quarter. Diamondback’s second quarter 2016 adjusted net income was $19 million, or $0.26 per share. Second quarter 2016 Adjusted EBITDA was $78 million and second quarter 2016 revenues were $112 million.
EnLink Midstream Partners, LP
Enlink Midstream Llc (ENLC) reported second quarter June 2016 earnings of $0.01 per share on revenue of $1.0 billion. The consensus earnings estimate was $0.06 per share on revenue of $1.0 billion. Revenue fell 18.9 percent compared to the same quarter a year ago.
EOG
Adjusted non-GAAP net loss for the second quarter 2016 was $209.7 million, or $0.38 per share, compared to adjusted non-GAAP net income of $153.1 million, or $0.28 per share, for the same prior year period. EBITDA for the second quarter was $656,423,000.
Halliburton Company
Halliburton reported second quarter 2016 revenue of 3,835,000 and an operating loss of $3,880,000. The net loss resulted in a loss of $3.73 per diluted share and an adjusted net loss of $0.14 per diluted share. Second quarter EBITDA was $62,000,000.
ION Geophysical Corporation
ION Geophysical Corporation (NYSE: IO) reported a second quarter 2016 net loss of $25.3 million, or $2.22 per share, on revenues of $36.2 million, compared to a net income of $56.1 million, or $5.11 per diluted share, on revenues of $36.8 million in the same quarter the previous year. Adjusted net loss was $21.2 million, or $1.85 per share, compared to an adjusted net loss of $44.7 million, or $4.07 per share in second quarter 2015. ION reported an Adjusted EBITDA for second quarter 2016 of $3.3 million, compared to $29.4 million one year ago.
Laredo Petroleum, Inc.
Laredo Petroleum, Inc. (LPI) announced its 2016 second-quarter results, reporting a net loss of $71.4 million, or $0.33 per diluted share, which includes a net loss on derivatives of approximately $68.5 million. Adjusted net income, a non-GAAP financial measure, for the second quarter of 2016 was $28.2 million, or $0.13 per diluted share. Adjusted EBITDA, a non-GAAP financial measure, for the second quarter of 2016 was $107.8 million.
Marathon Oil Corporation
Marathon Oil Corporation (NYSE:MRO) reported a second quarter 2016 net loss of $170 million, or $0.20 per diluted share. The adjusted net loss for the quarter was $196 million or $0.23 per diluted share.
Nabors Industries Ltd.
Nabors Industries Ltd. (NYSE: NBR) reported second-quarter 2016 results. Adjusted diluted net loss per share was $0.26 on revenues of $517.1 million. In the same period a year ago, the company reported a net loss of $0.13 on revenues of $863.37 million. Net loss for the quarter totaled $0.65 per share.
Occidental Petroleum
Oxy reported a loss of $139 million or $0.18 per diluted share for the second quarter of 2016. Second quarter EBITDA was more than $800 million, with cash totals of $3.8 billion at the end of the quarter.
Parsley Energy
During the second quarter of 2016, Parsley recorded a net loss of $21.4 million, or $0.13 per weighted average share. Adjusted net income for the second quarter of 2016 was $6.8 million, or $0.04 per diluted share. Adjusted EBITDAX for the second quarter of 2016 was $81.9 million, up 48 percent compared to the first quarter of 2016.
Patterson UTI Energy, Inc.
PATTERSON-UTI ENERGY, INC. (PTEN) reported financial results for the second quarter of 2016. Patterson reported a net loss of $85.9 million, or $0.58 per share, for the second quarter of 2016, compared to a net loss of $19.0 million, or $0.13 per share, for the quarter. Revenues for the second quarter of 2016 were $194 million, compared to $473 million for the second quarter of 2015. EBITDA was $46,660,000 in the second quarter of 2016.
Resolute Energy Corporation
Resolute Forest Products Inc. (NYSE: RFP) (TSX: RFP) reported a GAAP net loss, for the second quarter of 2016, of $42 million, or $0.47 per share, compared to a GAAP net loss of $4 million, or $0.04 per share, in the same period in 2015. Adjusted EBITDA for the quarter was $85 million on sales of $891 million, down $35 million, or 4 percent, from the second quarter of 2015. Resolute reported net income of $6 million, or $0.07 per share, compared to net income of $7 million, or $0.07 per share, in the second quarter of 2015.
Ring Energy, Inc.
Ring Energy, Inc. (NYSE MKT: REI) announced financial results for the second quarter of 2016. For the quarter, Ring had oil and gas revenues of $7,104,609, compared to $8,976,790 for the same quarter in 2015. For the second quarter of 2016, Ring reported a net loss of $15,941,500, or $0.41 per diluted share.
RPC, Inc.
For the second quarter of 2016, RPC’s revenues decreased 51.9 percent to $143.0 million compared to $297.6 million in the second quarter of last year. Operating loss for the quarter was $75.2 million compared to an operating loss of $52.3 million in the prior year. Net loss for the quarter was $48.7 million or $0.23 loss per share, compared to net loss of $34.1 million or $0.16 loss per share last year. EBITDA was a loss of $19.1 million compared to EBITDA of $17.6 million in the prior year.