KOG Announces 2Q13 Results

Press release here.

• 2Q13 Oil & Gas sales of $173.5 million, 102% increase from 2Q12 and a 5% increase from 1Q13 
• 2Q13 adjusted EBITDA of $131.1 million, 94% growth from 2Q12 and a 5% increase from 1Q13

For the second quarter-ended June 30, 2013, the Company reported oil and gas sales of $173.5 million, as compared to $85.8 million during the same period in 2012 and $165.1 million in the first quarter 2013, representing increases of 102% and 5%, respectively.

Kodiak reported an overall 8% increase in quarter-over-quarter equivalent sales volumes with 2.1 million barrels of oil equivalent (MMBOE) sold, or an average of 23,200 BOE per day (BOE/d) during the second quarter 2013, as compared to 1.9 million BOE, or an average of 21,700 BOE/d in the first quarter of 2013. 

Crude oil revenue accounted for approximately 94% of oil and gas sales recorded during the second quarter 2013.  Adjusted EBITDA, a non-GAAP measure, was $131.1 million for the second quarter 2013, as compared to $67.7 million in the same period in 2012, reflecting a 94% increase.  

KOG certainly has challenges increased earnings per share:

For the second quarter 2013, the Company reported net income of $44.3 million, or $0.17 per diluted share, compared to net income of $93.1 million, or $0.35 per diluted share, for the same period in 2012.  

Hedging accounted for 25-cent gain in 2012 vs 5-cent gain in 2013 (same period). So, if you subtract out those figures, it would be 12 cents this period, and 10 cents the 2012 quarter. (Note: I often make mistakes when doing advance math or trying to read financial reports. I highly recommend you cross-check numbers for yourself.)

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