Latest News and Analysis
Deals and Transactions
Track Drilling (Rigs by operator) | Completions (Frac Spreads)

Quarterly / Earnings Reports | Debt | First Quarter (1Q) Update | Financial Results | Capital Markets

Extraction Oil & Gas First Quarter 2021 Results

emailEmail    |    printPrint    |    bookmarkBookmark
   |    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.

Related Categories :

First Quarter (1Q) Update   

More    First Quarter (1Q) Update News

DJ Basin News >>>

Rockies News >>>