Sanchez Energy (SN)
Posted: Wed May 07, 2014 6:09 pm
SN Adjusted Net Income was slightly below my forecast, but everything else looks fine. I will update my forecast model in the morning. - Dan
HOUSTON, May 7, 2014 /PRNewswire/ -- Sanchez Energy Corporation (SN) (the "Company" or "Sanchez Energy"), today announced the Company's operating and financial results for the first quarter 2014, which included the following highlights:
HIGHLIGHTS FOR FIRST QUARTER 2014
•Record revenues of $134.6 million, an increase of 334% over the same period a year ago
•Adjusted EBITDA, a non-GAAP financial measure defined below, of $96.2 million, an increase of 358% over the same period a year ago
•Adjusted Net Income, a non-GAAP financial measure defined below, of $9.0 million, an increase of 110% compared to the same period a year ago
•Liquidity of $436 million as of March 31, 2014 consisting of $400 million in undrawn capacity on our secured revolving credit facility (with a $325 million elected commitment amount), and $111 million in cash and cash equivalents
•Substantial reduction in drilling and completion costs per well, as detailed in the comments below
•Production of 1,691 MBOE (18,784 BOE/D), pre-released April 28, 2014
HOUSTON, May 7, 2014 /PRNewswire/ -- Sanchez Energy Corporation (SN) (the "Company" or "Sanchez Energy"), today announced the Company's operating and financial results for the first quarter 2014, which included the following highlights:
HIGHLIGHTS FOR FIRST QUARTER 2014
•Record revenues of $134.6 million, an increase of 334% over the same period a year ago
•Adjusted EBITDA, a non-GAAP financial measure defined below, of $96.2 million, an increase of 358% over the same period a year ago
•Adjusted Net Income, a non-GAAP financial measure defined below, of $9.0 million, an increase of 110% compared to the same period a year ago
•Liquidity of $436 million as of March 31, 2014 consisting of $400 million in undrawn capacity on our secured revolving credit facility (with a $325 million elected commitment amount), and $111 million in cash and cash equivalents
•Substantial reduction in drilling and completion costs per well, as detailed in the comments below
•Production of 1,691 MBOE (18,784 BOE/D), pre-released April 28, 2014