DENVER, July 31, 2014 /PRNewswire/ --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 ended June30, 2014 and provided a Williston Basin operations update.
Financial Results
For the second quarter-ended June30, 2014, the Company reported oil and gas sales of $300.0 million, as compared to $173.5 million during the same period in 2013, representing an increase of 73%. Kodiak reported an overall 65% increase in quarter-over-quarter equivalent sales volumes with 3.5 million barrels of oil equivalent (MMBOE) sold, or an average of 38,271 BOE per day (BOE/d) during the second quarter 2014, as compared to 2.1 million BOE, or an average of 23,205 BOE/d in the second quarter of 2013. Crude oil revenue accounted for approximately 93% of oil and gas sales recorded during the second quarter 2014.
Adjusted EBITDAwas $196.9 million for the second quarter 2014, as compared to $131.1 million in the same period in 2013, reflecting a 50% increase. Adjusted EBITDA is a non-GAAP financial measure. For additional information please refer to the reconciliation of this measure at the end of this news release.
Kodiak reported net cash provided by operating activities during the second quarter 2014 of $183.1 million, as compared to $118.3 million during the same period in 2013, an increase of 55%. Kodiak reported net cash provided by operating activities during the six-month period ended June30, 2014 of $346.6 million, as compared to $232.9 million in 2013.
For the second quarter 2014, the Company reported net income of $21.2 million, or $0.08 per diluted share, compared to net income of $44.3 million, or $0.17 per diluted share, for the same period in 2013.
General and administrative expenses (G&A) for the second quarter 2014 totaled $12.8 million, or $3.68 per BOE, compared to $10.3 million, or $4.89 per BOE, in the second quarter 2013. The decrease in G&A expense per BOE for the second quarter 2014, as compared to the same period in 2013, is attributed primarily to increased production which offset an overall increase in G&A as the Company has expanded operations. As of June30, 2014, Kodiak had 226 employees, as compared to 134 employees as of June30, 2013.
Lease operating expenses (LOE) for the second quarter 2014 totaled $32.4 million or $9.29 per BOE, an increase over the second quarter 2013.TheCompanyhas continued to experience an incremental increase in LOE. The increase is primarily a result of continuing costs for winterization work and increased workover expenses, including but not limited to the installation of new, more effective pumps. Additionally, asthe portfolio of producing wells age,LOE per barrel sold has increased as the production onolder wells has declined, yetthe Companycontinues to incur ongoing fixed costs to operate these wells.Kodiak has experienced an even larger incremental per barrel increase in LOE from non-operated properties.
During the second quarter ended June30, 2014, Kodiak recognized total interest expense related to its outstanding senior notes and credit facility of approximately $31.8 million. The Company capitalized interest costs of $7.6 million for the second quarter 2014.
The following table summarizes the Company's costs on a per-unit basis for the periods shown:
Kodiak Oil & Gas Corp. | % Change | ||||||||
Net Sales Volumes Comparison | Q2-14 | Q1-14 | Q2-13 | Sequential | Q-o-Q | ||||
Net Sales Volumes | |||||||||
Crude Oil (MBbls) | 3,030 | 2,677 | 1,838 | 13% | 65% | ||||
Natural Gas (MMcf) | 2,716 | 2,310 | 1,641 | 18% | 66% | ||||
Barrels of Oil Equivalent (MBOE) | 3,483 | 3,062 | 2,112 | 14% | 65% | ||||
Average Daily Volumes | |||||||||
Daily Sales (BOE/day) | 38,271 | 34,025 | 23,205 | 12% | 65% | ||||
Unhedged Product Price Received | |||||||||
Average Price Received Oil ($/Bbl) | $91.72 | $88.62 | $88.88 | 3% | 3% | ||||
Average Price Received Gas ($/Mcf) | $8.15 | $8.56 | $6.16 | (5)% | 32% | ||||
Average Price Received BOE ($/BOE) | $86.15 | $83.93 | $82.15 | 3% | 5% | ||||
Commodity Price Risk Management Activities | |||||||||
Settlements on Commodity Derivative Instruments ($/BOE) | $(6.46) | $(3.95) | $0.83 | 64% | (878)% | ||||
Expenses | |||||||||
Lease Operating Expense ($/BOE) | $9.29 | $7.43 | $6.33 | 25% | 47% | ||||
Production Tax ($/BOE) | $9.07 | $8.95 | $8.77 | 1% | 3% | ||||
Gathering, Transportation & Marketing Expense ($/BOE) | $2.35 | $2.25 | $2.67 | 4% | (12)% | ||||
DD&A Expense ($/BOE) | $28.44 | $29.27 | $29.56 | (3)% | (4)% | ||||
Total G&A Expense ($/BOE) | $3.68 | $4.54 | $4.89 | (19)% | (25)% | ||||
Non-cash Stock-based Compensation Expense ($/BOE) | $1.47 | $1.67 | $1.66 | (12)% | (11)% | ||||
Drilling and Completion Operations
Year to date, Kodiak has invested approximately $441.1 million related to its oilfield operations and leasehold acquisitions compared to its full year capital expenditure guidance of approximately $940.0 million. Additional detail on our capital expenditures as of the end of the second quarter of 2014 versus our full year 2014 budget is provided in the table below ($ in millions).
Six Months Ended | ||||||||
Annual | June 30, 2014 | |||||||
2014 Budget | Actual | |||||||
Capital Expenditures | ||||||||
Drilling and completion costs | $ | 890.0 | $ | 433.0 | ||||
Infrastructure and leasehold acquisitions | 50.0 | 8.1 | ||||||
Total capital expenditures | $ | 940.0 | $ | 441.1 | ||||
Divestitures | ||||||||
Proved and unproved oil and gas properties | $ | (70.8) | ||||||
Non-Cash Capitalized Costs | ||||||||
Asset retirement obligations | $ | 2.1 | ||||||
Capitalized interest | 16.0 | |||||||
Total capitalized costs, net of divestitures | $ | 388.4 | ||||||
Pilot Program Update
Downspacing work continues in the Company's Polar operating area where we are testing wells spaced approximately 600-650 feet apart within each reservoir. The Company plans to test up to 16 wells within this 1,280-acre DSU with eight wells in the Middle Bakken and eight wells within the Three Forks.
The following table summarizes production data from the Company's downspacing projects.
Average Production per Well (BOE/d) | ||||
Producing Days | BOE/d | |||
Polar Pilot 1.0 | ||||
Middle Bakken (6 wells) | 330 | 414 | ||
Three Forks (6 wells) | 300 | 360 | ||
Polar Pilot 2.0 | ||||
Middle Bakken (2 wells) | 150 | 534 | ||
Three Forks (2 wells) | 150 | 414 | ||
Smokey Pilot | ||||
Middle Bakken (6 wells) | 270 | 368 | ||
Three Forks (6 wells) | 240 | 244 | ||
Q2-14 Results Teleconference Call
In conjunction with Kodiak's release of its financial and operating results, investors, analysts and other interested parties are invited to participate in a conference call with management on Friday, August 1, 2014 at 11:00a.m. Eastern Daylight Time.
Kodiak Oil & Gas Corp. Q2-14 Financial and Operating Results Conference Call | ||
Date: | August 1, 2014 | |
Time: | 11:00 a.m. EDT | |
10:00 a.m. CDT | ||
9:00 a.m. MDT | ||
8:00 a.m. PDT | ||
Call: | (877) 870-4263 (US/Canada) and (412) 317-0790 (International) | |
Internet: | Live and rebroadcast over the Internet: http://www.videonewswire.com/event.asp?id=98847 | |
Replay: | Available for 30 days athttp://www.kodiakog.com or http://www.videonewswire.com/event.asp?id=98847 | |
About Kodiak Oil & Gas Corp.
Denver-based Kodiak Oil & Gas Corp. is an independent energy exploration and development company focused on exploring, developing and producing oil and natural gas primarily in the Williston Basin in the U.S. Rocky Mountains. For further information, please visit www.kodiakog.com. The Company's common shares are listed for trading on the New York Stock Exchange under the symbol: "KOG."
Forward-Looking Statements
This press release includes statements that may constitute "forward-looking" statements, usually containing the words "believe," "estimate," "project," "expect" or similar expressions. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur. Forward-looking statements in this press release include statements regarding the Company's pilot program, the Company's drilling program, including timing and capital expenditures, the completion of the proposed business combination with Whiting Petroleum (the "Arrangement") and the realization of the potential benefits of the Arrangement. Factors that could cause or contribute to such differences include, but are not limited to, projecting future timing of development activities, operating risks, the failure to receive the necessary shareholder or regulatory approvals or the failure to satisfy other closing conditions of the Arrangement, the business of the Company and Whiting Petroleum not being integrated successful or such integration proving more difficult, time consuming or costly than expected, and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission.
Important Additional Information and Where to Find It
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of a vote or proxy. The proposed Arrangement anticipates that the shares of Whiting Petroleum Corporation ("Whiting") to be issued pursuant to the Acquisition will be exempt from registration under the United States Securities Act of 1933, as amended (the"Securities Act"), pursuant to Section 3(a)(10) of the Securities Act. Consequently, the Whiting shares will not be registered under the Securities Act or any state securities laws. In connection with the proposed Arrangement, Whiting and Kodiak intend to file relevant materials with the Securities and Exchange Commission ("SEC") and other governmental or regulatory authorities, including a joint proxy statement and circular. INVESTORS ARE URGED TO READ THE JOINT PROXY STATEMENT AND CIRCULAR AND ANY OTHER RELEVANT MATERIALS WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT WHITING, KODIAK AND THE PROPOSED ARRANGEMENT. The joint proxy statement and circular and certain other relevant materials (when they become available) and other documents filed by Whiting or Kodiak with the SEC may be obtained free of charge at the SEC's website at http://www.sec.gov. In addition, investors may obtain copies of these documents (when they become available) free of charge by written request to Whiting Investor Relations, 1700 Broadway, Suite 2300, Denver, CO 80290-2300 or calling (303) 390-4051 or by written request to Kodiak Investor Relations, 1625 Broadway, Suite 250, Denver, CO 80202 or calling (303) 592-8030.
Participants in the Solicitation
Kodiak, Whiting and their respective executive officers and directors may be deemed to be participants in the solicitation of proxies in connection with the proposed Arrangement. Information about the executive officers and directors of Kodiak and the number of Kodiak's common shares beneficially owned by such persons is set forth in the proxy statement for Kodiak's 2014 Annual Meeting of Shareholders which was filed with the SEC on May 9, 2014, and Kodiak's Annual Report on Form 10-K for the period ended December 31, 2013. Information about the executive officers and directors of Whiting and the number of shares of Whiting's common stock beneficially owned by such persons is set forth in the proxy statement for Whiting's 2014 Annual Meeting of Stockholders which was filed with the SEC on March 23, 2014, and Whiting's Annual Report on Form 10-K for the period ended December 31, 2013. Investors may obtain additional information regarding the direct and indirect interests of Kodiak, Whiting and their respective executive officers and directors in the Arrangement by reading the joint proxy statement and circular regarding the Arrangement when it becomes available.
For further information, please contact:
Mr. Lynn A. Peterson, CEO and President, Kodiak Oil & Gas Corp. +1-303-592-8075
Mr. James Henderson, CFO, Kodiak Oil & Gas Corp. +1-303-592-8075
Footnotes to the Financial Statements
The notes accompanying the financial statements are an integral part of the consolidated financial statements and can be found in Kodiak's filing on Form 10-Q for the quarter-ended June30, 2014.
KODIAK OIL & GAS CORP. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share data) (Unaudited) | ||||||||
June 30, 2014 | December 31, 2013 | |||||||
ASSETS | ||||||||
Current Assets: | ||||||||
Cash and cash equivalents | $ | 11,230 | $ | 90 | ||||
Accounts receivable | ||||||||
Trade | 70,500 | 108,883 | ||||||
Accrued sales revenues | 137,484 | 121,843 | ||||||
Inventory and prepaid expenses | 14,251 | 11,367 | ||||||
Deferred tax asset, net | 27,574 | 14,300 | ||||||
Total Current Assets | 261,039 | 256,483 | ||||||
Oil and gas properties (full cost method), at cost: | ||||||||
Proved oil and gas properties | 4,054,620 | 3,556,667 | ||||||
Unproved oil and gas properties | 532,084 | 641,644 | ||||||
Equipment and facilities | 27,804 | 27,712 | ||||||
Less-accumulated depletion, depreciation, amortization, and accretion | (793,007) | (605,700) | ||||||
Net oil and gas properties | 3,821,501 | 3,620,323 | ||||||
Commodity price risk management asset | - | 1,290 | ||||||
Property and equipment, net of accumulated depreciation of $2,638 at June 30, 2014 and $1,980 at December31, 2013 | 3,920 | 3,928 | ||||||
Deferred financing costs, net of amortization of $26,104 at June 30, 2014 and $22,963 at December31, 2013 | 38,605 | 41,746 | ||||||
Total Assets | $ | 4,125,065 | $ | 3,923,770 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Current Liabilities: | ||||||||
Accounts payable and accrued liabilities | $ | 253,151 | $ | 272,858 | ||||
Accrued interest payable | 24,216 | 24,425 | ||||||
Commodity price risk management liability | 61,548 | 20,334 | ||||||
Total Current Liabilities | 338,915 | 317,617 | ||||||
Noncurrent Liabilities: | ||||||||
Credit facility | 775,000 | 708,000 | ||||||
Senior notes, net of accumulated amortization of bond premium of $1,366 at June 30, 2014 and $1,024 at December 31, 2013 | 1,554,634 | 1,554,976 | ||||||
Commodity price risk management liability | 4,004 | - | ||||||
Deferred tax liability, net | 177,974 | 133,700 | ||||||
Asset retirement obligations | 19,120 | 16,405 | ||||||
Total Noncurrent Liabilities | 2,530,732 | 2,413,081 | ||||||
Total Liabilities | 2,869,647 | 2,730,698 | ||||||
Stockholders' Equity: | ||||||||
Common stock-no par value; unlimited authorized | ||||||||
Issued and outstanding: 267,253,911 shares as of June 30, 2014 and 266,249,765 shares as of December31, 2013 | 1,036,524 | 1,024,462 | ||||||
Retained earnings | 218,894 | 168,610 | ||||||
Total Stockholders' Equity | 1,255,418 | 1,193,072 | ||||||
Total Liabilities and Stockholders' Equity | $ | 4,125,065 | $ | 3,923,770 | ||||
KODIAK OIL & GAS CORP. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except share data) (Unaudited) | ||||||||||||||||
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Revenues: | ||||||||||||||||
Oil sales | $ | 277,897 | $ | 163,369 | $ | 515,146 | $ | 319,212 | ||||||||
Gas sales | 22,146 | 10,109 | 41,912 | 19,316 | ||||||||||||
Total revenues | 300,043 | 173,478 | 557,058 | 338,528 | ||||||||||||
Operating expenses: | ||||||||||||||||
Oil and gas production | 72,157 | 37,531 | 129,194 | 73,522 | ||||||||||||
Depletion, depreciation, amortization and accretion | 99,065 | 62,409 | 188,694 | 119,794 | ||||||||||||
General and administrative | 12,804 | 10,326 | 26,722 | 20,628 | ||||||||||||
Total operating expenses | 184,026 | 110,266 | 344,610 | 213,944 | ||||||||||||
Operating income | 116,017 | 63,212 | 212,448 | 124,584 | ||||||||||||
Other income (expense): | ||||||||||||||||
Gain (loss) on commodity price risk management activities, net | (56,290) | 22,667 | (81,095) | 6,923 | ||||||||||||
Interest income (expense), net | (25,574) | (15,785) | (50,124) | (29,595) | ||||||||||||
Other income (expense), net | (771) | 256 | 55 | 682 | ||||||||||||
Total other income (expense) | (82,635) | 7,138 | (131,164) | (21,990) | ||||||||||||
Income before income taxes | 33,382 | 70,350 | 81,284 | 102,594 | ||||||||||||
Income tax expense | 12,210 | 26,100 | 31,000 | 38,900 | ||||||||||||
Net income | $ | 21,172 | $ | 44,250 | $ | 50,284 | $ | 63,694 | ||||||||
Earnings per common share: | ||||||||||||||||
Basic | $ | 0.08 | $ | 0.17 | $ | 0.19 | $ | 0.24 | ||||||||
Diluted | $ | 0.08 | $ | 0.17 | $ | 0.19 | $ | 0.24 | ||||||||
Weighted average common shares outstanding: | ||||||||||||||||
Basic | 266,726,108 | 265,434,514 | 266,510,637 | 265,381,746 | ||||||||||||
Diluted | 270,395,642 | 267,906,171 | 270,048,000 | 267,851,680 | ||||||||||||
KODIAK OIL & GAS CORP. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) | ||||||||||||||||
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income | $ | 21,172 | $ | 44,250 | $ | 50,284 | $ | 63,694 | ||||||||
Reconciliation of net income to net cash provided by operating activities: | ||||||||||||||||
Depletion, depreciation, amortization and accretion | 99,065 | 62,409 | 188,694 | 119,794 | ||||||||||||
Amortization of deferred financing costs and debt premium | 1,408 | 828 | 2,799 | 1,746 | ||||||||||||
(Gain) loss on commodity price risk management activities, net | 56,290 | (22,665) | 81,095 | (6,923) | ||||||||||||
Settlements on commodity derivative instruments | (22,498) | 1,755 | (34,587) | 3,195 | ||||||||||||
Stock-'based compensation | 5,116 | 3,501 | 10,236 | 7,225 | ||||||||||||
Deferred income taxes | 12,210 | 26,100 | 31,000 | 38,900 | ||||||||||||
Changes in current assets and liabilities: | ||||||||||||||||
Accounts receivable-'trade | 14,077 | 12,859 | 39,069 | (2,154) | ||||||||||||
Accounts receivable-'accrued sales revenues | 2,156 | 2,404 | (15,641) | (7,035) | ||||||||||||
Prepaid expenses and other | (1,256) | (320) | (1,624) | (186) | ||||||||||||
Accounts payable and accrued liabilities | 1,094 | (1,425) | (4,516) | 6,068 | ||||||||||||
Accrued interest payable | (5,759) | (11,365) | (209) | 8,580 | ||||||||||||
Net cash provided by operating activities | 183,075 | 118,331 | 346,600 | 232,904 | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||
Oil and gas properties | (263,025) | (246,805) | (473,708) | (522,610) | ||||||||||||
Sale of oil and gas properties | - | - | 70,848 | - | ||||||||||||
Equipment, facilities and other | (243) | (2,955) | (740) | (7,020) | ||||||||||||
Cash held in escrow | - | (51,000) | - | (51,000) | ||||||||||||
Net cash used in investing activities | (263,268) | (300,760) | (403,600) | (580,630) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||
Borrowings under credit facility | 115,000 | 191,000 | 195,000 | 354,875 | ||||||||||||
Repayments under credit facility | (40,000) | - | (128,000) | (358,875) | ||||||||||||
Proceeds from the issuance of senior notes | - | - | - | 350,000 | ||||||||||||
Proceeds from the issuance of common shares | 2,997 | 230 | 3,697 | 490 | ||||||||||||
Purchase of common shares | (2,540) | - | (2,557) | (518) | ||||||||||||
Debt and share issuance costs | - | (1,314) | - | (8,234) | ||||||||||||
Net cash provided by financing activities | 75,457 | 189,916 | 68,140 | 337,738 | ||||||||||||
Increase (decrease) in cash and cash equivalents | (4,736) | 7,487 | 11,140 | (9,988) | ||||||||||||
Cash and cash equivalents at beginning of the period | 15,966 | 6,585 | 90 | 24,060 | ||||||||||||
Cash and cash equivalents at end of the period | $ | 11,230 | $ | 14,072 | $ | 11,230 | $ | 14,072 | ||||||||
Supplemental cash flow information: | ||||||||||||||||
Oil& gas property accrual included in accounts payable and accrued liabilities | $ | 149,334 | $ | 155,032 | $ | 149,334 | $ | 155,032 | ||||||||
Cash paid for interest | $ | 37,539 | $ | 33,732 | $ | 63,563 | $ | 35,190 | ||||||||
KODIAK OIL & GAS CORP. RECONCILIATION OF ADJUSTED EBITDA (In thousands) (Unaudited) | ||||||||||||||||
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Reconciliation of Adjusted EBITDA: | ||||||||||||||||
Net income | $ | 21,172 | $ | 44,250 | $ | 50,284 | $ | 63,694 | ||||||||
Add back: | ||||||||||||||||
Depreciation, depletion, amortization and accretion | 99,065 | 62,409 | 188,694 | 119,794 | ||||||||||||
Amortization of deferred financing costs and debt premium | 1,408 | 828 | 2,799 | 1,746 | ||||||||||||
(Gain) loss on commodity price risk management activities, net | 56,290 | (22,665) | 81,095 | (6,923) | ||||||||||||
Settlements on commodity derivative instruments | (22,498) | 1,755 | (34,587) | 3,195 | ||||||||||||
Stock based compensation expense | 5,116 | 3,501 | 10,236 | 7,225 | ||||||||||||
Income tax expense | 12,210 | 26,100 | 31,000 | 38,900 | ||||||||||||
Interest expense | 24,180 | 14,970 | 47,354 | 27,872 | ||||||||||||
Adjusted EBITDA | $ | 196,943 | $ | 131,148 | $ | 376,875 | $ | 255,503 | ||||||||
In evaluating its business, Kodiak considers earnings before interest, income taxes, depletion, depreciation, amortization, and accretion, amortization of deferred financing costs and debt premium, impairment, gains or losses on foreign currency, the net (gain) loss on commodity price risk management activities less settlements on commodity derivative instruments, and stock-'based compensation expense, ("Adjusted EBITDA") as a key indicator of financial operating performance and as a measure of the ability to generate cash for operational activities, future capital expenditures and an indication of our potential borrowing base under our credit facility. Adjusted EBITDA is not a Generally Accepted Accounting Principle ("GAAP") measure of performance. The Company uses this non-GAAP measure to compare its performance with other companies in the industry that make a similar disclosure, as a measure of its current liquidity, in developing our capital expenditure budget, to evaluate our compliance with covenants under our credit facility and as a component of the corporate objectives to which we tie the vesting of equity-based awards made to senior executives. The Company believes that this measure may also be useful to investors for the same purpose and for an indication of the Company's ability to generate cash flow at a level that can sustain or support our operations and capital investment program, and that disclosure of this measure provides investors with visibility as to the corporate objectives that affect our executive compensation program. Investors should not consider this measure, or other non-GAAP measures such as adjusted net income, in isolation or as a substitute for operating income or loss, cash flow from operations determined under GAAP or any other measure for determining the Company's operating performance that is calculated in accordance with GAAP. In addition, because Adjusted EBITDA is not a GAAP measure, it may not necessarily be comparable to similarly titled measures employed by other companies. A reconciliation of Adjusted EBITDA and net income for the three and six months ended June30, 2014 and 2013 is provided in the table above.
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SOURCE Kodiak Oil & Gas Corp.
