Gastar Exploration Inc (NYSEMKT:GST)
Gastar Exploration Inc (NYSEMKT:GST) has announced its financial results for the first quarter of 2017. The company’s loss amounted to $22.3 million or $0.93 per share in Q1 of 2017. Non-GAAP net loss amounted to $9.6 million or $0.06 per share in Q1 of 2017.
Gastar Exploration Inc (NYSEMKT:GST) reported adjusted EBITDA of $10.6 million in Q1 of 2017 compared to $10.7 million and $10.6 million in adjusted EBITDA that was reported in Q1 and Q4 of the 2016 financial year respectively. The company’s Q1 2017 total revenue was $18.7 million. This represents a 26% increase from the $14.8 million that the company reported in Q1 of 2016 and 2% increase from the $18.3 million that was reported in Q4 of the 2016 financial year.
The company’s Q1 2017 revenue from oil, natural gas, and condensate was $17.4 million, representing a 20% increase from the $14.5 million that was reported in the first quarter of 2016 and 1% increase from the Q1 2016 $17.2 million. The increase in revenue from oil, natural gas, and condensate was due to the 182% increase in pricing of related products. The increase in Q4 revenue was as a result of 8% increase in pricing of equivalent products offset by a 6% decrease in production volumes of equivalent products.
Gastar Exploration Inc (NYSEMKT:GST)’s commodity hedges were in place for around 67% of condensate and oil production, 25% of NGLs production, and 56% of natural gas production in Q1 of 2017. The company reported $1.9 million increase in revenue from commodity contracts that were settled in Q1 of 2017. This is compared to an increase of $6.8 million in revenue due to commodity contracts in Q1 of 2016.
The company reported an average daily Mid-Continent production of 5,700 barrels of oil in Q1 of 2017 compared to 6,100 Boe/d that was reported during the same period the previous financial year. The company 5,900 Boe/d in Q4 of the 2016 financial year. Gastar Exploration Inc (NYSEMKT:GST) reported a 7% decrease in Q1 2017 average daily production in the Mid-Continent area compared to Q1 if 2016. Q1 Mid-Continent production comprised of around 28% natural gas and 23% NGLs and 49% oil. The company’s Mid-Continent, condensate, oil, and NGLs represented 72% of Q1 2017’s total production volume compared to 71% in Q1 of 2016.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
About the author: Monica Gray has an undergraduate degree in Accounting and an MBA – earned with Honors. She has six years of experience in the financial markets and has been a securities analyst for the past two years.