On May 1, Kodiak Oil & Gas Corp. (NYSE: KOG), detailed its financial results for first-quarter 2014, which ended March 31.
The capex budget for the full year has about $940 million, the company said. Out of this amount during the quarter, about $208.6 million went to oilfield operations and leasehold acquisitions, the company noted. About $204.9 went to drilling and completions during the quarter, the company added.
Revenues from oil and natural gas sales increased 56% from first-quarter 2013, Kodiak said, noting that it was $257 million compared to $165.1 million. Similarly quarter-over-quarter, the sales volumes increased by 57%, Kodiak added. There were 3.1 million barrels of oil equivalent per day (MMboe/d) sold in first-quarter 2014, compared to an average of 2 MMboe/d in first-quarter 2013, Kodiak said.
The year’s range for production guidance is 39,000 to 42,000 boe/d, a year-over-year growth between 35% and 45%, Kodiak said.
Net income for the recent quarter was $29.1 million, or 11 cents per share, compared to first-quarter 2013’s $19.4 million, or seven cents per share, the company said.
During first-quarter 2014, there was $163.5 million in cash from operating activities, the company said, noting that it was a 43% increase over first-quarter 2013’s $114.6 million.
General and administrative expenses were lower throughout the quarter than they were in 2013, Kodiak said, noting that the decrease was due to increased production.
Lease operating expenses totaled $22.7 million, or $7.43 per barrel, which was an 8% increase over first-quarter 2013, the company said.
On March 31, the company had about $31.6 million in interest expenses related to outstanding senior notes and its credit facility, it noted.
Denver-based Kodiak Oil & Gas Corp. explores, develops and produces domestic oil and natural gas.
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