Halcón Resources Corp. (NYSE: HK) detailed its second-quarter 2014 financial results, the company said July 30. The quarter ended June 30, the company added.
There were $327.1 million in total revenues, a 53% increase over second-quarter 2013’s total revenues, Halcón said.
Production for the quarter exceeded the guidance and increased 44% year-over-year to an average of 42,055 barrels of oil equivalent per day (boe/d). Of total production, 85% was oil, 7% was NGL and 8% was natural gas, the company said.
Operating costs per unit, after adjustments, decreased by 21% to $24.45/boe, compared with 2013’s second quarter.
The quarter’s net income was $32.5 million, and stockholders’ net loss was $73.3 million, Halcón said.
Halcón detailed results regarding liquidity and capex, noting that a $450 million sale in East Texas was completed, and an agreement with affiliates of Apollo Global Management LLC (NYSE: APO) was completed, in which Apollo gave $150 million in cash for 150,000 of Halcón’s Tuscaloosa Marine Shale (TMS) preferred shares.
At the end of the quarter, the senior secured revolving credit facility had undrawn capacity; this, with cash on hand, totaled about $618 million, the company said.
The quarter’s capital costs were split between $268.7 million on drilling and completions, $13.1 million on infrastructure/seismic and $164.2 million for leasehold acquisitions, mostly in the TMS, Halcón said.
A total of $47 million, for capitalized interest, general and administrative costs and other purposes, was incurred during the quarter, the company added.
Houston-based Halcón Resources Corp. acquires, produces and develops domestic, onshore natural gas and oil.
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