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Extraction Oil ends 2016 with $1.1 billion liquidity, no net debt
By Devika Patel
Knoxville, Tenn., March 14 – Extraction Oil & Gas Inc. reported that it has a strong financial position, with about $1.1 billion of available liquidity and no net debt.
“We remain very pleased with our current financial position and feel confident we have the liquidity and balance sheet strength to execute our goals while allowing flexibility to quickly react to potential acquisitions and other opportunities within our core areas,” chief financial officer Rusty Kelley said on the company’s fourth quarter earnings conference call on Tuesday.
“In spite of a difficult commodity price environment, 2016 was a transformational year for the company,” chairman and chief executive officer Mark Erickson said on the call.
“We finished the year strong, both financially and operationally,” Erickson said.
“We exceeded our expectations for EBITDAX on a hedged and unhedged basis, while maintaining a strong balance sheet with over $1 billion of liquidity,” Erickson said in a press release.
The company’s unhedged adjusted EBITDAX was $58.1 million for the fourth quarter, up 34% sequentially and 94% year-over-year, and $163.6 million for the full-year 2016, up 38% over 2015.
Adjusted EBITDAX was $54.3 million for the fourth quarter, up 13% sequentially and up 17% compared to the prior year quarter, and $192.3 million for the full-year 2016, up 9% over 2015.
Extraction ended 2016 with $589 million of cash on its balance sheet resulting in no net debt, an undrawn borrowing base of $475 million and approximately $1.1 billion of available liquidity.
Extraction Oil & Gas is a Denver energy company.
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