News Column

United States : Americas Petrogas Announces Second Quarter 2014 Results

September 4, 2014



Americas Petrogas Inc. announces its second quarter 2014 results.

Selected financial and operational information is outlined below and should be read in conjunction with the Company's interim consolidated financial statements and the related Management's Discussion and Analysis ("MD&A") for the quarter, which have been filed on SEDAR under the Company's profile at www.sedar.com and are also available on the Company's website at www.americaspetrogas.com. All amounts are in Canadian dollars unless otherwise stated.

Gross Oil Sales: So far in 2014, as the Company reduces its capital expenditures and manages its cash position while the strategic review with Jefferies is ongoing, oil sales volumes in 2014 have been lower in comparison to 2013. During the six months ended June 30, 2014, an average of 1,110 barrels of oil were sold per day (net) at an average selling price of $84.46 generating gross oil sales of $17.2 million. During the six months ended June 30, 2013, an average of 2,401 barrels of oil were sold per day (net) at an average selling price of $77.50 generating gross oil sales of $33.7 million.

During the three months ended June 30, 2014, an average of 997 barrels of oil were sold per day (net) at an average selling price of $87.79 generating gross oil sales of $8.1 million. During the three months ended June 30, 2013, an average of 2,398 barrels of oil were sold per day (net) at an average selling price of $78.92 generating gross oil sales of $17.2 million.

Operating Netback: For the six months ended June 30, 2014, operating netback (a non-GAAP measure) was $7.3 million (calculated as gross oil sales of $17.2 million less royalties of $2.6 million and production costs of $7.3 million) or $35.76 per barrel with no Oil Plus benefits recognized during the period. For the six months ended June 30, 2013, operating netback (excluding Oil Plus benefits) was $20.1 million (calculated as gross oil sales of $33.7 million less royalties of $4.5 million and production costs of $9.1 million) or $46.20 per barrel.

For the three months ended June 30, 2014, operating netback was $3.2 million (calculated as gross oil sales of $8.1 million less royalties of $1.3 million and production costs of $3.6 million) or $34.59 per barrel with no Oil Plus benefits recognized during the quarter. For the second quarter of 2013, operating netback (excluding Oil Plus benefits) was $9.8 million (calculated as gross oil sales of $17.2 million less royalties of $2.3 million and production costs of $5.1 million) or $44.72 per barrel. "Operating netback" is a non-GAAP measure and is calculated as revenues from oil sales less royalties and production costs. Operating netback is used as an indicator of operating performance, profitability and liquidity.


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Source: TendersInfo (India)


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