Exploration & Production | Quarterly / Earnings Reports | First Quarter (1Q) Update
GeoMet Classifies Remaining Productive Assets as 'Held for Sale'
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GeoMet, Inc. has reported financial and operating results for the quarter ended March 31, 2014.
As a result of meeting all of the relevant criteria established under GAAP, we have classified all of our remaining productive assets as Assets held for sale and all related liabilities as Liabilities held for sale, both in the Condensed Consolidated Balance Sheets (Unaudited) as of March 31, 2014. Additionally, the related operating activities are presented as discontinued operations in the Condensed Consolidated Statements of Operations (Unaudited) for the three months ended March 31, 2014 and 2013.
For the quarter ended March 31, 2014, GeoMet reported net income of $0.8 million. Included in net income was a $1.2 million loss on natural gas derivatives. For the quarter ended March 31, 2013, GeoMet reported a net loss of $5.8 million. Included in the net loss was a $5.5 million loss on natural gas derivatives.
For the quarter ended March 31, 2014, GeoMet reported net loss available to common stockholders of $0.4 million, or $0.01 per fully diluted share. Included in net income available to common stockholders for the quarter ended March 31, 2014 were non-cash charges of $0.6 million for accretion of preferred stock and $0.6 million for paid-in-kind dividends paid on preferred stock. For the quarter ended March 31, 2013, GeoMet reported a net loss available to common stockholders of $7.3 million, or $0.18 per fully diluted share. Included in the net loss available to common stockholders for the quarter ended March 31, 2013 were charges of $0.5 million for accretion of preferred stock and $1.1 million for PIK dividends paid on preferred stock.
Revenues for the quarter ended March 31, 2014 were $9.7 million, as compared to $10.9 million for the prior year quarter. The average natural gas price for the quarter ended March 31, 2014 was $5.05 per Mcf as compared to the prior year quarter average of $3.50 per Mcf.
Average net gas sales volumes for the quarter ended March 31, 2014 were 21.3 MMcf per day, a 38% decrease from the same quarter in 2013 of which 29% resulted from the June 2013 sale of our Alabama assets and 9% resulted from decreased production related to our horizontal Pinnate wells in our remaining properties.