Abraxas Petroleum Corp. announced they will focus the remainder of 2016 on their Bakken assets while scouting opportunities to sell Texas properties.
Related: Abraxas' Leadership Team Cuts Pay
Abraxas recorded a net loss of roughly $127 million for the full year 2015. Moving forward in 2016, the company plans to focus on their Bakken assets and they anticipate six gross well completions in the third quarter. Abraxas' net CAPEX for the region will be between $24 - 34 million.
In a recent earnings call, Abraxas' executives did not give any new information on what is happening in the Eagle Ford, but they are preparing to divest 5,227 net acres in the Texas counties of Ward and Reeves along with an additional 12,100 net surface acres in Pecos County.
“Abraxas is going to build on our past record to become better in 2016 and beyond despite of 64% decrease in capital expenditures and a substantial proved undeveloped reserve right down due to prices in 2015. We still increased our proved reserves by 2% to 43.2 million barrels and we replaced production 136%. We also grew production grew year-over-year 4%.”
In January, the leadership team of Abraxas Petroleum voluntarily cut their fees in a drastic measure to stay afloat.
The twelve months ended December 31, 2015 resulted in:
- Production of 2.2 MMBoe (5,975 Boepd)
- Revenue of $76.9 million inclusive of realized hedge settlements
- Adjusted EBITDA(a) of $43.7 million inclusive of Raven Drilling
- Adjusted discretionary cash flow(a) of $40.2 million inclusive of Raven Drilling
- Net loss of $127.1 million, or $1.21 per share
- Adjusted net loss(a), excluding certain non-cash items and inclusive of Raven Drilling of $6.0 million, or $0.06 per share (a) See reconciliation of non-GAAP financial measures below