Post Earnings Coverage as Extraction Oil & Gas Reported its First Annual Results

Upcoming AWS Coverage on Crescent Point Energy Post-Earnings Results

LONDON, UK / ACCESSWIRE / March 24, 2017 / Active Wall St. announces its post-earnings coverage on Extraction Oil & Gas, LLC (NASDAQ: XOG). The Company announced its financial results for the fourth quarter fiscal 2016 (Q4 FY16) and full year fiscal 2016 (FY16) on March 13, 2017. The Denver, Colorado-based Company’s quarterly total revenues surged 69% y-o-y, beating Wall Street’s estimates. Register with us now for your free membership at:

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One of Extraction Oil & Gas’ competitors within the Independent Oil & Gas space, Crescent Point Energy Corp. (NYSE: CPG), reported on February 23, 2017, its financial results for the year ended December 31, 2016. AWS will be initiating a research report on Crescent Point Energy in the coming days.

Today, AWS is promoting its earnings coverage on XOG; touching on CPG. Get our free coverage by signing up to:

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Earnings Reviewed

During Q4 FY16, Extraction Oil & Gas’s total revenues came in at $94.69 million, which was above the $56.12 million recorded at the end of Q4 FY15. Total revenues for the reported quarter topped market consensus estimates of $88.34 million. The Company generated $58.16 million from oil sales in Q4 FY16 compared to $42.26 million in Q4 FY15. Natural gas sales revenues increased to $20.92 million in Q4 FY16 from $8.31 million in Q4 FY15. Furthermore, revenues from Natural gas liquids (NGL) sales grew to $15.60 million in Q4 FY16 from $5.55 million in Q4 FY15.

The oil and gas Company reported net loss of $245.60 million, or $1.54 loss per diluted share, in Q4 FY16 compared to net loss of $9.20 million in Q4 FY15. Market analysts ecpected the Company to report net loss of $0.18 per diluted share for Q4 FY16.

For full year FY16, Extraction Oil & Gas operating total revenues stood at $278.09 million, rising 41% from $197.75 million reported in FY15. The Company’s net loss during FY16 was $456.00 million, or $1.54 loss per diluted share, versus net loss of $47.26 million in FY15.

Operating Metrics

Extraction Oil & Gas’s total operating expenses increased during Q4 FY16 to $320.39 million from $92.27 million in the past year’s comparable quarter. The Company’s operating loss widened during Q4 FY16 to $225.70 million from $36.15 million in Q4 FY15. In the reported quarter, the Company incurred total other expenses of $49.19 million Q4 FY16 compared to total other income of $26.95 million in Q4 FY15. Furthermore, loss before income taxes for Q4 FY16 stood at $274.88 million versus $9.20 million in the year ago same period.

In Q4 FY16, Extraction Oil & Gas’s oil sales volume increased to 1,479 thousand barrels (MBbl), from 1,153 MBbl in Q4 FY15. The quarterly sales volume of natural gas totaled 7,360 million cubic feet (MMcf) in Q4 FY16 compared to 3,598 MMcf in the prior year comparable quarter. NGL sales volume also increased during Q4 FY16 to 805 MBbl from 477 MBbl in Q4 FY15. Furthermore, total sales during the reported quarter was 3,511 thousand barrels of oil equivalent (MBoe) compared to 2,230 MBOE in Q4 FY15. Meanwhile, average sales in Q4 FY16 was 38,161 barrels of oil equivalent per day (BOE/d), compared to 24,243 BOE/d in Q4 FY15.

Cash Matters and Balance Sheet

In the year ended on December 31, 2016, Extraction Oil & Gas’ operating activities generated $116.39 million as net cash compared to $166.68 million in the prior year. The Company’s cash and cash equivalents balance surged to $588.74 million as on December 31, 2016, from $97.11 million at the close of books on December 31, 2015.

IPO

On October 11, 2016, Extraction Oil & Gas had announced the pricing of its initial public offering of 33.33 million shares of its common stock at $19.00 per share. The Company had initially estimated the offering price range of $15.00 to $18.00. The shares had started trading on October 12, 2016 on the NASDAQ Global Select Market under the ticker symbol “XOG.”

Guidance

For full year FY17, Extraction Oil & Gas reaffirm its previously disclosed operational guidance. The Company continues to expect FY17 net sales volumes to average between 48 MBoe/d and 54 MBoe/d with crude oil production range of 23 MBbl/d to 26 MBbl/d.

For Q1 FY17, the Company estimates net sales volumes to be between 31 MBoe/d to 33 MBoe/d with oil average sales volumes in the range of 12 MBbl/d to14 MBbl/d.

Stock Performance

At the close of trading session on Thursday, March 23, 2017, Extraction Oil & Gas’ stock price rose 1.20% from its previous closing price of $16.62, to end the day at $16.82. A total volume of 831.12 thousand shares were exchanged during the session. The stock currently has a market cap of $2.89 billion.

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