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Extraction Oil & Gas First Quarter 2021 Results

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   |    Monday,May 24,2021

Extraction Oil & Gas, Inc. reported financial and operational results for the first quarter of 2021.

Q1 2021 and Other Recent Highlights:

• Emerged from bankruptcy on January 20, 2021

• Achieved average net sales volumes of 72 MBoe/d, including 26 MBbl/d of crude oil and 18 MBbl/d of NGLs

• Revenue of $292 million for the first quarter of 2021 (Successor and Predecessor company periods combined⁽¹⁾) compared to $165 million for the Predecessor company for the first quarter of 2020

• Announced merger agreement with Bonanza Creek on May 10, 2021

Financial Results

For the first quarter, Extraction reported crude oil, natural gas and NGL sales revenue of $292 million, as compared to $165 million during the first quarter of 2020, representing an increase of $127 million, driven primarily by higher crude oil, natural gas and NGL prices.

Extraction reported net income of $960 million, or $7.02 per basic and diluted share⁽²⁾, for the combined first quarter, driven primarily by a $874 million gain on reorganization items and a year-over-year increase in natural gas sales of $103 million. This compared to net income of $9 million for the prior Predecessor quarter. Adjusted EBITDAX⁽³⁾ was $207 million for the combined first quarter, up 67% year-over-year.

Debt and Liquidity

Extraction ended the first quarter with $38 million of unrestricted cash on its balance sheet and $94 million drawn on its revolving credit facility.