March 13, 2019 at 4:15 PM EDT
SAN ANTONIO--(BUSINESS WIRE)--Mar. 13, 2019--
Abraxas Petroleum Corporation (NASDAQ:AXAS) today reported financial and
operating results for the three and twelve months ended December 31,
2018.
Financial Highlights for the Three Months Ended
December 31, 2018
The three months ended December 31, 2018 resulted in:
-
Production of 965 MBoe (10,493 Boepd)
-
Revenue of $36.0 million
-
Net income of $55.8 million, or $ 0.34 per share
-
Adjusted net income(a) (excluding certain non-cash items)
of $4.1 million, or $ 0.02 per share
-
EBITDA(a) of $20.1 million
-
Adjusted EBITDA per bank loan covenants of $20.1 million(a)
|
(a)
|
|
See reconciliation of non-GAAP financial measures below.
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|
|
Financial Highlights for the Twelve Months Ended
December 31, 2018
The twelve months ended December 31, 2018 resulted in:
-
Production of 3.6 MMBoe (9,809 Boepd)
-
Revenue of $149.2 million
-
Net income of $57.8 million, or $ 0.35 per share
-
Adjusted net income(a) (excluding certain non-cash items)
of $30.7 million, or $ 0.19 per share
-
EBITDA(a) of $83.9 million
-
Adjusted EBITDA per bank loan covenants of $84.2 million(a)
|
(a)
|
|
See reconciliation of non-GAAP financial measures below.
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|
Operational Highlights for the Three Months Ended
December 31, 2018:
Williston Basin, North Dakota
Western North Dakota has experienced one of the coldest winters on
record. Abraxas has experienced several days when all surface work was
shut down due to temperatures and wind chill that put personnel safety
and equipment reliability in jeopardy. The Ravin NE Pad is still under
production restriction due to a natural gas pipeline installation delay
requiring the flaring of all gas production from this pad. The pipeline
is scheduled to be in service within the next two weeks at which point
we are expecting normal production operations to be resumed. The Abraxas
Raven Rig#1 is scheduled to be started up within the next several months
to begin drilling operations on the six well Jore Extension Pad.
Delaware Basin, West Texas
In the Delaware Basin of West Texas, the Company has successfully
drilled, completed and started flowback on the two well Creosote Pad in
Ward County, where Abraxas now owns an approximate 95% working interest.
The Wolfcamp A-1 and A-2 were targeted with a 26 stage fracture
treatment (frac) in 5,000’ laterals. The one well Hackberry pad has been
successfully drilled and a 26 stage fracture treatment in the Wolfcamp
A-1 is scheduled to start next Monday. Abraxas owns an approximate 75%
working interest in this 5,000’ lateral well located in Winkler
County. The Company is currently drilling a two well pad, Woodberry, in
which we own a 100% working interest. The Woodberry Pad adjoins our
Caprito block in Ward County.
Year End 2018 Reserves
The Company’s total proved reserves at December 31, 2018 were 67.2
million barrels of oil equivalent (MMBOE), an increase of 2.8% over year
end 2017 after production of 3.6 MMBOE and property divestitures of 3.8
MMBOE. The SEC PV10 (a non-GAAP measure) was approximately $689
million. SEC pricing was $65.56 per barrel for oil and $3.03 per mcf for
gas. Proved developed reserves were 24.6 MMBOE, or 37% of the total. Oil
represented 63% of total proved reserves, natural gas 22%, and natural
gas liquids 15%.
A summary of the Company’s estimated proved reserves at year-end 2018,
which were prepared in accordance with Securities and Exchange
Commission (“SEC”) guidelines by LaRoche Petroleum Consultants, Ltd.
(“LaRoche”), an independent petroleum engineering firm, are shown in the
table below.
|
Year-End 2018 SEC Proved Reserves
|
|
|
|
|
|
|
|
|
|
|
|
Reserve Category
|
|
Oil (MBbls)
|
|
Gas (MMcf)
|
|
NGL (MBbls)
|
|
Total (Mboe)
|
|
PV-10 ($ in thousands)
|
Proved Developed
|
|
13,586
|
|
43,271
|
|
3,804
|
|
24,602
|
|
381,879
|
Proved Undeveloped
|
|
28,651
|
|
46,473
|
|
6,230
|
|
42,626
|
|
307,418
|
Total
|
|
42,237
|
|
89,744
|
|
10,034
|
|
67,228
|
|
689,297
|
Note: PV-10 is a non-GAAP financial measure. See "Non-GAAP Financial
Measures."
|
|
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|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
A reconciliation of proved reserves from the end of 2017 is shown below.
|
|
|
|
|
Oil Equivalents
|
|
|
(Mboe)
|
Proved Reserves at December 31, 2017
|
|
65,351
|
|
Revision to previous estimates
|
|
(6,570
|
)
|
Extensions and discoveries
|
|
14,979
|
|
Purchases of minerals in place
|
|
877
|
|
Sales of minerals in place
|
|
(3,829
|
)
|
Production
|
|
(3,580
|
)
|
Proved Reserves at December 31, 2018
|
|
67,228
|
|
|
|
|
|
In addition, total probable reserves at year end 2018 were approximately
107 MMBOE an increase of 34 MMBOE or 47% over year end 2017. A number of
these probable reserves would qualify as proved undeveloped (PUD) from
an engineering standpoint, but cannot be included as proved due to the
SEC rules as to timing and capital availability. The SEC PV10 of these
probable reserves was approximately $461 million.
Divestiture Activities
The marketing process for the North Dakota assets by Petrie Partners has
begun, and a number of parties have expressed interest and/or are
evaluating the opportunity. Although it’s too early to speculate on the
outcome of this process, the Company is encouraged with the interest and
activity to date. Abraxas expects to be in a position to offer more
substantive commentary on the marketing efforts in the near future and
will provide feedback at that time.
Comments
Bob Watson, CEO, commented, “Our ongoing drilling and completion
operation in the Delaware Basin has been successful in proving up more
locations than we can technically book as proved undeveloped under the
current SEC rules, but it has been pleasing nonetheless. Our employees
in North Dakota have done an excellent job in keeping production up
under very harsh conditions. We appreciate their efforts.”
Conference Call
Abraxas Petroleum Corporation (NASDAQ:AXAS) will host its fourth quarter
and year end 2018 earnings conference call at 3 PM ET on Thursday March
14, 2019. To participate in the conference call, please dial
844.347.1028 and enter the passcode 9495807. Additionally, a live listen
only webcast of the conference call can be accessed under the investor
relations section of the Abraxas website at www.abraxaspetroleum.com.
A replay of the conference call will be available through April 13, 2019
by dialing 855.859.2056 and entering the passcode 9495807 or can be
accessed under the investor relations section of the Abraxas website.
Abraxas Petroleum Corporation is a San Antonio based crude oil and
natural gas exploration and production company with operations across
the Permian Basin, Rocky Mountain, and South Texas regions of the United
States.
Safe Harbor for forward-looking statements: Statements in this release
looking forward in time involve known and unknown risks and
uncertainties, which may cause Abraxas’ actual results in future periods
to be materially different from any future performance suggested in this
release. Such factors may include, but may not be necessarily limited
to, changes in the prices received by Abraxas for crude oil and natural
gas. In addition, Abraxas’ future crude oil and natural gas production
is highly dependent upon Abraxas’ level of success in acquiring or
finding additional reserves. Further, Abraxas operates in an industry
sector where the value of securities is highly volatile and may be
influenced by economic and other factors beyond Abraxas’ control. In the
context of forward-looking information provided for in this release,
reference is made to the discussion of risk factors detailed in Abraxas’
filings with the Securities and Exchange Commission during the past 12
months.
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ABRAXAS PETROLEUM CORPORATION
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CONSOLIDATED
|
|
FINANCIAL HIGHLIGHTS
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
Twelve Months Ended December 31,
|
(In thousands except per share data)
|
|
|
2018
|
|
|
|
2017
|
|
|
|
2018
|
|
|
|
2017
|
|
Financial Results:
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
35,996
|
|
|
$
|
29,588
|
|
|
$
|
149,167
|
|
|
$
|
86,264
|
|
Net income (loss)
|
|
|
55,819
|
|
|
|
(4,109
|
)
|
|
|
57,821
|
|
|
|
16,006
|
|
Net income (loss) per share - basic
|
|
$
|
0.34
|
|
|
$
|
(0.02
|
)
|
|
$
|
0.35
|
|
|
$
|
0.10
|
|
Net income (loss) per share - diluted
|
|
$
|
0.33
|
|
|
$
|
(0.02
|
)
|
|
$
|
0.34
|
|
|
$
|
0.10
|
|
Capital expenditures - acquisitions
|
|
|
5,061
|
|
|
|
31,409
|
|
|
|
41,465
|
|
|
|
31,409
|
|
Capital expenditures - drilling and completion
|
|
|
38,905
|
|
|
|
12,306
|
|
|
|
130,231
|
|
|
|
103,669
|
|
Total capital expenditures
|
|
|
43,966
|
|
|
|
43,715
|
|
|
|
171,696
|
|
|
|
135,078
|
|
EBITDA(a)
|
|
|
20,116
|
|
|
|
17,589
|
|
|
|
83,856
|
|
|
|
53,139
|
|
Adjusted net income, excluding certain non-cash items(a)
|
|
|
4,081
|
|
|
|
7,149
|
|
|
|
30,723
|
|
|
|
20,305
|
|
Adjusted net income, excluding certain non-cash items, per share -
basic(a)
|
|
$
|
0.02
|
|
|
$
|
0.04
|
|
|
$
|
0.19
|
|
|
$
|
0.13
|
|
Adjusted net income, excluding certain non-cash items, per share -
diluted(a)
|
|
$
|
0.02
|
|
|
$
|
0.04
|
|
|
$
|
0.18
|
|
|
$
|
0.12
|
|
Liquidity(a)
|
|
|
20,617
|
|
|
|
52,368
|
|
|
|
20,617
|
|
|
|
52,368
|
|
Weighted average shares outstanding - basic
|
|
|
165,843
|
|
|
|
164,411
|
|
|
|
165,635
|
|
|
|
161,141
|
|
Weighted average shares outstanding - diluted
|
|
|
167,829
|
|
|
|
166,519
|
|
|
|
167,689
|
|
|
|
162,844
|
|
|
|
|
|
|
|
|
|
|
Production from Continuing Operations:
|
|
|
|
|
|
|
|
|
Crude oil per day (Bblpd)
|
|
|
7,206
|
|
|
|
5,325
|
|
|
|
6,323
|
|
|
|
4,311
|
|
Natural gas per day (Mcfpd)
|
|
|
12,010
|
|
|
|
12,334
|
|
|
|
12,567
|
|
|
|
10,655
|
|
Natural gas liquids per day (Bblpd)
|
|
|
1,285
|
|
|
|
1,407
|
|
|
|
1,392
|
|
|
|
1,304
|
|
Crude oil equivalent per day (Boepd)
|
|
|
10,493
|
|
|
|
8,788
|
|
|
|
9,809
|
|
|
|
7,391
|
|
Crude oil equivalent (Mboe)
|
|
|
965
|
|
|
|
808
|
|
|
|
3,580
|
|
|
|
2,698
|
|
|
|
|
|
|
|
|
|
|
Realized Prices, net of realized hedging activity:
|
|
|
|
|
|
|
|
|
Crude oil ($ per Bbl)
|
|
$
|
45.16
|
|
|
$
|
49.86
|
|
|
$
|
57.51
|
|
|
$
|
48.24
|
|
Natural gas ($ per Mcf)
|
|
|
1.78
|
|
|
|
1.78
|
|
|
|
1.71
|
|
|
|
1.81
|
|
Natural gas liquids ($ per Bbl)
|
|
|
13.00
|
|
|
|
16.59
|
|
|
|
16.28
|
|
|
|
11.99
|
|
Crude oil equivalent ($ per Boe)
|
|
|
34.65
|
|
|
|
35.37
|
|
|
|
36.31
|
|
|
|
32.86
|
|
|
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
|
|
Lease operating ($ per Boe)
|
|
$
|
7.54
|
|
|
$
|
4.41
|
|
|
$
|
6.79
|
|
|
$
|
5.63
|
|
Production taxes (% of oil and gas revenue)
|
|
|
8.0
|
%
|
|
|
8.1
|
%
|
|
|
8.1
|
%
|
|
|
8.4
|
%
|
General and administrative, excluding stock-based compensation ($
per Boe)
|
|
$
|
3.30
|
|
|
$
|
5.99
|
|
|
$
|
2.70
|
|
|
$
|
4.83
|
|
Cash interest ($ per Boe)
|
|
|
2.50
|
|
|
|
1.19
|
|
|
|
1.97
|
|
|
|
0.93
|
|
Depreciation, depletion and amortization ($ per Boe)
|
|
|
13.38
|
|
|
|
10.59
|
|
|
|
11.94
|
|
|
|
9.72
|
|
|
(a) See reconciliation of non-GAAP financial measures below.
|
|
|
|
|
|
ABRAXAS PETROLEUM CORPORATION
|
CONSOLIDATED
|
|
BALANCE SHEET DATA
|
|
|
|
|
|
(In thousands)
|
|
December 31, 2018
|
|
December 31, 2017
|
Cash
|
|
$
|
867
|
|
|
$
|
1,618
|
|
Working capital
|
|
|
(13,632
|
)
|
|
|
(34,361
|
)
|
Property and equipment - net
|
|
|
363,218
|
|
|
|
237,767
|
|
Total assets
|
|
|
425,890
|
|
|
|
273,806
|
|
|
|
|
|
|
Long-term debt - less current maturities
|
|
|
183,091
|
|
|
|
87,354
|
|
Stockholders' equity
|
|
|
166,510
|
|
|
|
106,308
|
|
Common shares outstanding
|
|
|
166,714
|
|
|
|
165,890
|
|
|
|
|
|
|
Working capital per bank loan covenants(a)
|
|
|
(22,351
|
)
|
|
|
(23,262
|
)
|
|
(a) Excludes current maturities of long-term debt and current
derivative assets and liabilities in accordance with our bank loan
covenants. This working capital calculation excludes the unused
commitment amount which is included for our current ratio
calculation. As of December 31, 2018, the Company was in violation
of its current ratio covenant under its credit facility and a waiver
was obtained.
|
|
|
|
ABRAXAS PETROLEUM CORPORATION
|
CONSOLIDATED
|
|
STATEMENTS OF OPERATIONS
|
|
|
|
|
|
Twelve Months Ended December 31,
|
(In thousands except per share data)
|
|
|
2018
|
|
|
|
2017
|
|
|
|
2016
|
|
Revenues:
|
|
|
|
|
|
|
Oil
|
|
$
|
132,904
|
|
|
$
|
73,584
|
|
|
$
|
50,965
|
|
Gas
|
|
|
7,854
|
|
|
|
6,898
|
|
|
|
3,978
|
|
Natural gas liquids
|
|
|
8,272
|
|
|
|
5,707
|
|
|
|
1,550
|
|
Other
|
|
|
137
|
|
|
|
75
|
|
|
|
62
|
|
|
|
|
149,167
|
|
|
|
86,264
|
|
|
|
56,555
|
|
Operating costs and expenses:
|
|
|
|
|
|
|
Lease operating
|
|
|
24,300
|
|
|
|
15,197
|
|
|
|
18,205
|
|
Production and ad valorem taxes
|
|
|
12,023
|
|
|
|
7,228
|
|
|
|
5,454
|
|
Rig expense
|
|
|
-
|
|
|
|
-
|
|
|
|
664
|
|
Depreciation, depletion, amortization and accretion
|
|
|
43,275
|
|
|
|
26,677
|
|
|
|
24,922
|
|
Impairment
|
|
|
-
|
|
|
|
-
|
|
|
|
67,626
|
|
General and administrative (including stock-based compensation of
$2,366, $3,238 and $3,194 respectively)
|
|
|
12,041
|
|
|
|
16,276
|
|
|
|
13,562
|
|
|
|
|
91,639
|
|
|
|
65,378
|
|
|
|
130,433
|
|
Operating income (loss)
|
|
|
57,528
|
|
|
|
20,886
|
|
|
|
(73,878
|
)
|
|
|
|
|
|
|
|
Other (income) expense:
|
|
|
|
|
|
|
Interest income
|
|
|
(1
|
)
|
|
|
(1
|
)
|
|
|
(1
|
)
|
Interest expense
|
|
|
7,053
|
|
|
|
2,497
|
|
|
|
3,828
|
|
Amortization of deferred financing fees
|
|
|
440
|
|
|
|
423
|
|
|
|
1,019
|
|
(Gain) loss on derivative contracts
|
|
|
(8,060
|
)
|
|
|
1,849
|
|
|
|
18,028
|
|
Loss (gain) on sale of non-oil and gas assets
|
|
|
181
|
|
|
|
(102
|
)
|
|
|
(374
|
)
|
Other
|
|
|
94
|
|
|
|
214
|
|
|
|
-
|
|
|
|
|
(293
|
)
|
|
|
4,880
|
|
|
|
22,500
|
|
Income (loss) before income tax
|
|
|
57,821
|
|
|
|
16,006
|
|
|
|
(96,378
|
)
|
Income tax (expense) benefit
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Net income (loss)
|
|
$
|
57,821
|
|
|
$
|
16,006
|
|
|
$
|
(96,378
|
)
|
|
|
|
|
|
|
|
Net income (loss) per common share - basic
|
|
$
|
0.35
|
|
|
$
|
0.10
|
|
|
$
|
(0.79
|
)
|
|
|
|
|
|
|
|
Net income (loss) per common share - diluted
|
|
$
|
0.34
|
|
|
$
|
0.10
|
|
|
$
|
(0.79
|
)
|
|
|
|
|
|
|
|
Weighted average shares outstanding:
|
|
|
|
|
|
|
Basic
|
|
|
165,635
|
|
|
|
161,141
|
|
|
|
122,132
|
|
Diluted
|
|
|
167,689
|
|
|
|
162,844
|
|
|
|
122,132
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ABRAXAS PETROLEUM CORPORATION
RECONCILIATION OF NON-GAAP
FINANCIAL MEASURES
To fully assess Abraxas’ operating results, management believes that,
although not prescribed under generally accepted accounting principles
("GAAP") in the United States of America, EBITDA is an appropriate
measure of Abraxas' ability to satisfy capital expenditure obligations
and working capital requirements. EBITDA is defined as net income plus
interest expense, deferred income taxes, depreciation, depletion and
amortization expenses, impairments, unrealized gains and losses on
derivative contracts, and stock-based compensation. EBITDA is a non-GAAP
financial measure as defined under SEC rules. EBITDA should not be
considered in isolation or as a substitute for other financial
measurements prepared in accordance with GAAP or as a measure of the
Company's profitability or liquidity. EBITDA excludes some, but not all
items that affect net income and may vary among companies. The EBITDA
presented below may not be comparable to similarly titled measures of
other companies.
We have also disclosed Adjusted EBITDA per bank loan covenants. Adjusted
EBITDA per bank loan covenants is a non-GAAP financial measure as
defined under SEC rules. Our management believes that information
regarding Adjusted EBITDA per bank loan covenants is material to an
understanding of our financial condition and liquidity. Adjusted EBITDA
per bank loan covenants should not be considered in isolation or as a
substitute for other financial measurements prepared in accordance with
GAAP or as a measure of the Company's profitability or liquidity.
Adjusted EBITDA per bank loan covenants presented below may not be
comparable to similarly titled measures of other companies.
The following table provides a reconciliation of EBITDA and Adjusted
EBITDA to net income for the periods presented.
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
Twelve Months Ended December 31,
|
(In thousands)
|
|
|
2018
|
|
|
|
2017
|
|
|
|
2018
|
|
|
|
2017
|
Net income (loss)
|
|
$
|
55,819
|
|
|
$
|
(4,109
|
)
|
|
$
|
57,821
|
|
|
$
|
16,006
|
Net interest expense
|
|
|
2,409
|
|
|
|
959
|
|
|
|
7,052
|
|
|
|
2,496
|
Depreciation, depletion, amortization and accretion
|
|
|
13,034
|
|
|
|
8,673
|
|
|
|
43,275
|
|
|
|
26,677
|
Amortization of deferred financing fees
|
|
|
120
|
|
|
|
69
|
|
|
|
440
|
|
|
|
423
|
Stock-based compensation
|
|
|
472
|
|
|
|
739
|
|
|
|
2,366
|
|
|
|
3,238
|
Unrealized (gain) loss on derivative contracts
|
|
|
(51,738
|
)
|
|
|
11,258
|
|
|
|
(27,098
|
)
|
|
|
4,299
|
EBITDA
|
|
$
|
20,116
|
|
|
$
|
17,589
|
|
|
$
|
83,856
|
|
|
$
|
53,139
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
$
|
20,116
|
|
|
$
|
17,589
|
|
|
$
|
83,856
|
|
|
$
|
53,139
|
Expenses related to equity offering/loan amendments/permitted
acquisitions
|
|
|
8
|
|
|
|
164
|
|
|
|
325
|
|
|
|
4,856
|
Adjusted EBITDA per bank loan covenants
|
|
$
|
20,124
|
|
|
$
|
17,753
|
|
|
$
|
84,181
|
|
|
$
|
57,995
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
This release also includes a discussion of “adjusted net income,
excluding certain non-cash items,” which is also a non-GAAP financial
measure as defined under SEC rules. The following table provides a
reconciliation of adjusted net income, excluding ceiling test impairment
and unrealized changes in derivative contracts. Management believes that
net income calculated in accordance with GAAP is the most directly
comparable measure to adjusted net income, excluding certain non-cash
items. The calculation of adjusted net income, excluding certain
non-cash items presented below may not be comparable to similarly titled
measures of other companies.
Unrealized gains or losses on derivative contracts are based on
mark-to-market valuations which are non-cash in nature and may fluctuate
drastically from period to period. As commodity prices fluctuate, these
derivative contracts are valued against current market prices at the end
of each reporting period in accordance with Accounting Standards
Codification 815: Derivatives and Hedging as amended and
interpreted, which requires Abraxas to record a gain or loss based on
the calculated value difference from the previous period-end valuation
for open contracts. For example, NYMEX oil prices on December 29, 2017
were $60.42 per barrel compared to $45.41 on December 31, 2018;
therefore, the mark-to-market valuation changed considerably from period
to period.
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
Twelve Months Ended December 31,
|
(In thousands)
|
|
|
2018
|
|
|
|
2017
|
|
|
|
2018
|
|
|
|
2017
|
Net income (loss)
|
|
$
|
55,819
|
|
|
$
|
(4,109
|
)
|
|
$
|
57,821
|
|
|
$
|
16,006
|
Unrealized (gain) loss on derivative contracts
|
|
|
(51,738
|
)
|
|
|
11,258
|
|
|
|
(27,098
|
)
|
|
|
4,299
|
Adjusted net income, excluding certain non-cash items
|
|
$
|
4,081
|
|
|
$
|
7,149
|
|
|
$
|
30,723
|
|
|
$
|
20,305
|
Net income per share - basic
|
|
$
|
0.34
|
|
|
$
|
(0.02
|
)
|
|
$
|
0.35
|
|
|
$
|
0.10
|
Net income per share - diluted
|
|
$
|
0.33
|
|
|
$
|
(0.02
|
)
|
|
$
|
0.34
|
|
|
$
|
0.10
|
Adjusted net income, excluding certain non-cash items, per share -
basic
|
|
$
|
0.02
|
|
|
$
|
0.04
|
|
|
$
|
0.19
|
|
|
$
|
0.13
|
Adjusted net income, excluding certain non-cash items, per share -
diluted
|
|
$
|
0.02
|
|
|
$
|
0.04
|
|
|
$
|
0.18
|
|
|
$
|
0.12
|
|
|
|
|
|
|
|
|
|
Liquidity is calculated by adding the net funds available under our
revolving credit facility and cash and cash equivalents. We use
liquidity as an indicator of the Company's ability to fund development
and exploration activities. However, this measurement has limitations.
This measurement can vary from year-to-year for the Company and can vary
among companies based on what is or is not included in the measurement
on a company's financial statements. This measurement is provided in
addition to, and not as an alternative for, and should be read in
conjunction with, the information contained in our financial statements
prepared in accordance with GAAP (including the notes), included in our
SEC filings and posted on our website.
|
|
|
|
|
(In thousands)
|
|
December 31, 2018
|
|
December 31, 2017
|
Borrowing base
|
|
$
|
200,000
|
|
|
$
|
135,000
|
|
Cash and cash equivalents
|
|
|
867
|
|
|
|
1,618
|
|
Revolving credit facility- outstanding borrowings
|
|
|
(180,000
|
)
|
|
|
(84,000
|
)
|
Outstanding letters of credit
|
|
|
(250
|
)
|
|
|
(250
|
)
|
Liquidity
|
|
$
|
20,617
|
|
|
$
|
52,368
|
|

View source version on businesswire.com: https://www.businesswire.com/news/home/20190313005815/en/
Source: Abraxas Petroleum Corporation
Steven P. Harris
Vice President - Chief Financial Officer
Telephone
210.490.4788
sharris@abraxaspetroleum.com
www.abraxaspetroleum.com