Advertisement
Net Loss
Three months ended December 31 2012 2011----------------------------------------------------------------------------Netback 26.7 27.4Gain (loss) on financial commodity contracts 0.6 (7.7)General and administrative (4.0) (4.0)Stock-based compensation (7.0) (6.2)Depletion and depreciation (183.1) (271.7)Exploration and evaluation (13.8) (7.2)Gain (loss) on sale of property, plant and equipment (1.8) 3.0Interest expense (11.6) (8.6)Other expenses (0.8) (0.9)Loss from equity-accounted investments (0.4) (1.0)Other income 3.8 3.5Tax Recovery 39.6 62.6----------------------------------------------------------------------------Loss from continuing operations (151.8) (210.8)Discontinued Operations, net of tax - 0.9----------------------------------------------------------------------------Net Loss (151.8) (209.9)--------------------------------------------------------------------------------------------------------------------------------------------------------
Paramount recorded a loss from continuing operations of $151.8 million for the three months ended December 31, 2012 compared to a loss from continuing operations of $210.8 million in the same period of 2011.
Significant factors contributing to the change are shown below:
Three months ended December 31Loss from continuing operations - 2011 (210.8)---------------------------------------------------------------------------- Lower depletion, depreciation and impairment mainly due to lower write-downs of petroleum and natural gas properties and goodwill 88.6 Gain on financial commodity contracts compared to a loss in 2011 8.3 Lower income tax recovery in 2012 (23.0) Higher exploration and evaluation expense (6.6) Loss on sale of property, plant and equipment compared to a gain in 2011 (4.8) Higher interest in 2012 due to higher debt levels (3.0) Other (0.5)----------------------------------------------------------------------------Loss from continuing operations - 2012 (151.8)--------------------------------------------------------------------------------------------------------------------------------------------------------
Funds Flow from Operations(1)
Three months ended December 31 2012 2011(2)----------------------------------------------------------------------------Cash from operating activities (13.2) 7.2Change in non-cash working capital 27.2 14.9Geological and geophysical expenses 1.0 1.9Asset retirement obligations settled 2.7 2.1----------------------------------------------------------------------------Funds flow from operations 17.7 26.1----------------------------------------------------------------------------Funds flow from operations ($/Boe) 9.29 14.73--------------------------------------------------------------------------------------------------------------------------------------------------------(1) Refer to the advisories concerning non-GAAP measures in the Advisories section of this document.(2) Includes the results of discontinued operations.
