Financial and operating results for the quarter ended March 31, 2016, for selected Permian Basin-based or Permian Basin-active oil and gas (and related) firms.
Azure Midstream Partners
Azure Midstream Partners, LP (NYSE: AZUR) announced financial and operating results for the three months ended March 31, 2016. Adjusted EBITDA for the first quarter 2016 was $5.1 million, compared to pro forma adjusted EBITDA of $8.6 for the first quarter of 2015, and distributable cash flow was $2.4 million, or $0.11 per limited partner unit, compared to pro forma distributable cash flow of $7.2 million, or $0.40 per limited partner unit in the first quarter of 2015. The Partnership recognized a net loss of $113.6 million for the quarter due primarily to a $107.5 million non-cash impairment of tangible and intangible assets related to the AES and NuDevco restructure. This compares to a pro forma net loss of $7.6 million for the first quarter of 2015.
Basic Energy Services
Basic Energy Services’ first quarter 2016 revenue declined 19 percent to $130.4 million from $161.0 million in the fourth quarter of 2015, as low levels of activity driven by weak and volatile energy prices and significant weather impact during the first two months of the quarter pushed customers to postpone a growing inventory of maintenance and workover projects. In the first quarter of 2015, Basic generated $261.7 million in revenue. For the first quarter of 2016, Basic reported a net loss of $83.3 million, or a loss of $2.00 per basic and diluted share. The first quarter of 2016 included a tax-effected, non-cash charge of $1.3 million, or $0.03 per share pertaining to the early extinguishment of deferred debt costs related to the amendment of Basic’s revolving credit facility and a non-cash charge of $27.3 million, or $0.66 per share, related to a deferred tax valuation allowance on federal net operating losses. Excluding the impact of these special items, Basic reported a net loss of $54.8 million, or a loss of $1.32 per basic and diluted share. This compares to a net loss of $55.2 million, or a loss of $1.36 per basic and diluted share, in the fourth quarter of 2015. In the first quarter of 2015, Basic reported a net loss of $32.6 million, or a loss of $0.81 per basic and diluted share.
Concho Resources
Net loss for Concho Resources for the first quarter of 2016 was $1.0 billion, or $7.95 per diluted share, compared to net income of $7.5 million, or $0.06 per diluted share, for the first quarter of 2015. Adjusted net loss (non-GAAP), which excludes non-cash and unusual items, for the first quarter of 2016 was $7.0 million, or $0.05 per diluted share, compared with adjusted net income (non-GAAP) of $42.1 million, or $0.36 per diluted share, for the first quarter of 2015. EBITDAX (non-GAAP) for the first quarter of 2016 totaled $382.2 million, compared to $407.5 million for the first quarter of 2015. Cash flows generated from operating activities for the three months ended March 31, 2016, totaled $112.3 million, compared with $126.2 million for the same period last year. Adjusted cash flows (non-GAAP), which are cash flows from operating activities adjusted for settlements on derivatives, were $370.2 million for the three months ended March 31, 2016, as compared to $293.4 million for the same period last year.
ConocoPhillips
ConocoPhillips (NYSE: COP) reported a first-quarter 2016 net loss of $1.5 billion, or ($1.18) per share, compared with first-quarter 2015 earnings of $272 million, or $0.22 per share. Excluding special items, first-quarter 2016 adjusted earnings were a net loss of $1.2 billion, or ($0.95) per share, compared with a first-quarter 2015 adjusted net loss of $222 million, or ($0.18) per share. Special items for the current quarter were related to non-cash impairments in the Gulf of Mexico and United Kingdom and pension settlement expense.
Enlink Midstream
The EnLink Midstream companies, EnLink Midstream Partners, LP (NYSE: ENLK) (the Partnership) and EnLink Midstream, LLC (NYSE: ENLC) (the General Partner), reported results for the first quarter of 2016. The Partnership realized adjusted EBITDA of $195 million and distributable cash flow of $155.4 million in the first quarter of 2016, compared with adjusted EBITDA of $129.9 million and distributable cash flow of $98.7 million in the first quarter of 2015. The Partnership’s net loss was $562.9 million and net cash provided by operating activities was $189.1 million in the first quarter of 2016, compared with net income of $35.7 million and net cash provided by operating activities of $171.7 million in the first quarter of 2015. The Partnership’s operating loss was $515.9 million in the first quarter of 2016 compared with operating income of $51.5 million in the first quarter of 2015. The net loss in the first quarter of 2016 was primarily due to a non-cash expense of $566.3 million related to goodwill impairments. The Partnership’s gross operating margin was $303.5 million in the first quarter of 2016 compared with gross operating margin of $283.1 million in the first quarter of 2015.
EOG
EOG (NYSE: EOG) reported a first quarter 2016 net loss of $471.8 million, or $0.86 per share. This compares to a first quarter 2015 net loss of $169.7 million, or $0.31 per share. Adjusted non-GAAP net loss for the first quarter 2016 was $455.4 million, or $0.83 per share, compared to adjusted non-GAAP net income of $16.8 million, or $0.03 per share, for the same prior year period. Adjusted non-GAAP net income (loss) is calculated by matching realizations to settlement months and making certain other adjustments in order to exclude one-time items.
Occidental Petroleum
Occidental Petroleum (NYSE:OXY) announced that operating cash flow from continuing operations before working capital for the first quarter of 2016 was more than $820 million, with total cash on the balance sheet at March 31, 2016, of $3.2 billion. Reported income was $78 million or $0.10 per diluted share for the first quarter of 2016. Core results for the first quarter of 2016 were a loss of $426 million or $0.56 per diluted share.
Parsley Energy
During the first quarter of 2016, Parsley Energy recorded a net loss attributable to its stockholders of $19.4 million, or $0.14 per weighted average share. Excluding non-recurring items on a tax-adjusted basis and adding back the non-controlling interest allocated to Class B stockholders, the adjusted net loss for the first quarter of 2016 was $5.3 million, or $0.03 per diluted share. Adjusted earnings before interest, income taxes, depreciation, depletion, amortization, and exploration expense for the first quarter of 2016 was $55.4 million, down just 5% compared to the fourth quarter of 2015 despite significantly lower oil prices on average during 1Q16.
Pioneer Natural Resources
Pioneer Natural Resources Company (NYSE:PXD) reported financial and operating results for the quarter ended March 31, 2016. Pioneer reported a first quarter net loss attributable to common stockholders of $267 million, or $1.65 per diluted share. Without the effect of noncash mark-to-market derivative losses and other unusual items, adjusted results for the first quarter were a net loss of $104 million after tax, or $0.64 per diluted share.