Quarterly / Earnings Reports | Third Quarter (3Q) Update | Financial Results | Capital Markets
FieldPoint Sees Challenging 3Q; Reports Loss
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FieldPoint Petroleum Corporation reported its third quarter financial results for the three months ended September 30, 2015.
Financial Highlights:
- Total revenues decreased to $957,482 from $2,367,593;
- Net Income (Loss) decreased to a Loss of ($276,289) from Income of $139,632;
- Earnings (Loss) per share decreased to a Loss of ($.03) on both basic and fully diluted basis, from an Income of $0.02 on both basic and fully diluted; and
- Adjusted EBITDAX (earnings before interest, taxes, depletion, amortization, exploration expense, non-cash equity compensation expense and the effects of oil hedges) per share decreased to ($0.02) on both basic and fully diluted basis, from $0.12 and $0.11 respectively.
The decrease in total revenues from the same quarter a year ago was primarily due to lower commodity prices and a decrease in production.
Phillip Roberson, President and CFO of FieldPoint, stated, "This was obviously another challenging quarter for FieldPoint, as well as the oil and gas industry as a whole. We are focused on maximizing our production and lowering our operating costs in this low price environment. However, we continue to search for and evaluate all possible opportunities to grow as we wait for prices to improve."
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