Another Lost Quarter, But We Think We Know Where To Find It
Financial and operating results for the quarter ended Sept. 30, 2016. The third quarter featured, once again, mostly declines. Aside from the quarter, all is not lost, and judging by the minor improvements made by many companies, most may find themselves a bit happier three months from now.
Anadarko
Anadarko Petroleum Corporation (NYSE: APC) revealed an EBITDA of $830 million, compared to a loss of $692 million last quarter, resulting in a loss of $0.57 per share. Anadarko reported revenue of $1.89 billion this quarter, up 12 percent over the same period last year.
ConocoPhillips
ConocoPhillips (NYSE: COP) reported a third-quarter 2016 net loss of $1.0 billion, or $0.84 per share, compared with a net loss of $1.1 billion, or $0.87 per share over the same frame in 2015. Third-quarter 2016 adjusted earnings were a net loss of $0.8 billion, or $0.66 per share, compared with a third-quarter 2015 adjusted net loss of $0.5 billion, or $0.38 per share.
Callon Petroleum Company
Callon reported a net loss available to common shareholders of $19.3 million in the third quarter of 2016. Adjusted net loss was $12.9 million, or $0.09 per diluted share. EBITDAX for the third quarter of 2016 was $60 million.
Cimarex Energy Co.
Cimarex reported a third quarter 2016 net loss of $12.8 million, or $0.14 per diluted share. The adjusted third quarter net income was $38.2 million, or $0.41 per diluted share. EBITDAX was $181.9 million versus $178.6 million a year ago.
Concho Resources Inc.
Net loss for the third quarter of 2016 was $51.1 million, or $0.38 per diluted share. Adjusted net income for the third quarter of 2016 totaled $43.4 million, or $0.32 per diluted share. EBITDAX for the third quarter of 2016 totaled $440.1 million, compared to $446.1 million for the same timeframe in 2015.
Continental Resources, Inc.
Continental Resources, Inc. (NYSE: CLR) reported an adjusted net loss for the third quarter was $53.5 million, or $0.14 per diluted share. EBITDAX for third quarter 2016 was $386.8 million.
Dawson Geophysical Company
For the third quarter of 2016, Dawson reported revenues of $28,122,000 as compared to $62,498,000 for the same quarter in 2015. Dawson reported a third quarter net loss of $12,416,000, or $0.57 loss per share attributable to common stock, as compared to a net loss of $2,870,000 or $0.13 loss per share attributable to common stock for the third quarter of 2015. Third quarter EBITDAX was a negative $3,403,000 compared with $7,806,000 over the same frame last year.
Devon Energy Corp.
In the third quarter of 2016, Devon reported net earnings of $993 million, or $1.89 per share. Devon’s adjusted net income totaled $47 million, or $0.09 per share. EBITDAX reached $726 million in the third quarter, up from 649 in the second quarter of 2016.
Diamondback Energy, Inc.
Diamondback reported a third quarter 2016 net loss was $2 million, or $0.03 per diluted share. Adjusted net income was $42 million, or $0.54 per diluted share. Third quarter 2016 EBITDAX was $102 million, up 31 percent from $78 million in 2016’s second quarter. Third quarter 2016 revenues were $142 million, up 26 percent from $112 million over last quarter.
EnLink Midstream Partners, LP
EnLink Midstream reported a net income of $18.8 million and net cash provided by operating activities totaling $209.6 million in the third quarter of 2016. Operating income was $66.9 million in the third quarter of 2016 compared with an operating loss of $730.5 million in the third quarter of 2015. EBITDAX was $197.5 million compared with $187.3 million in the same frame of 2015. EnLink distributed $0.39 per partnership unit.
EOG
EOG reported a third quarter 2016 net loss of $190.0 million, or $0.35 per share. This compares to a third quarter 2015 net loss of $4.1 billion, or $7.47 per share. Adjusted net loss for the third quarter 2016 was $220.8 million, or $0.40 per share, compared to adjusted net income of $13.5 million, or $0.02 per share, for the same frame in 2015.
Halliburton Company
Halliburton reported third quarter 2016 revenue of 3,833,000 and an operating loss of $128 million. The net loss resulted in a loss of $0.01 per diluted share and an adjusted net loss of $0.14 per diluted share. Third quarter EBITDAX was $506 million, up from $62 million last quarter.
Laredo Petroleum, Inc.
Laredo reported net income of $9.5 million, or $0.04 per diluted share attributable to common stockholders. Adjusted Net Income for the third quarter of 2016 was $28.4 million, or $0.12 per diluted share. Adjusted EBITDAX for the third quarter of 2016 was $118.0 million.
Marathon Oil Corporation
Marathon (NYSE:MRO) reported a third quarter 2016 net loss of $192 million, or $0.23 per diluted share. The adjusted net loss for the quarter was $97 million or $0.11 per diluted share.
Nabors Industries Ltd.
Nabors (NYSE: NBR) reported third-quarter 2016 operating revenues of $519.7 million, compared to operating revenues of $571.6 million in the second quarter of 2016. Net income was a loss of $99.0 million, or $0.35 per diluted share, compared to a loss of $183.7 million, or $0.65 per diluted share, last quarter. Nabors generated adjusted EBITDAX of $149 million on revenue of $520 million versus $166 million and $572 million, respectively, in the second quarter.
Occidental Petroleum
Oxy reported a loss of $241 million or $0.32 per diluted share for the third quarter of 2016. Core results were a loss of $112 million or $0.15 per diluted share. EBITDAX generated totaled $3.2 billion.
Resolute Energy Corporation
Resolute recorded a net loss of $18.9 million, or $1.24 per share, on revenue of $47.4 million during Quarter Three 2016. This compares to a net loss of $182.8 million, or $12.20 per share, on revenue of $36.6 million during the three months ended September 30, 2015. During the third quarter of 2016, Resolute generated $40.3 million of EBITDA.
RPC, Inc.
For the third quarter of 2016, RPC’s revenues decreased 39.8 percent to $175.9 million compared to $291.9 million in the third quarter of last year. Revenues decreased compared to the prior year due to lower industry activity levels, equipment utilization, and pricing for our services, partially offset by higher service intensity. Operating loss for the quarter was $56.4 million compared to an operating loss of $52.9 million in the prior year. Net loss for the quarter was $38.9 million or $0.18 loss per share, compared to net loss of $35.2 million or $0.16 loss per share last year. EBITDAX was a loss of $4.4 million.