Kodiak Oil & Gas Corp. (NYSE: KOG) detailed its second-quarter 2014 financial results, the company said July 31. The quarter ended June 30, the company added.
Oil and gas sales totaled $300 million, a 73% increase over second-quarter 2013’s $173.5 million, Kodiak said. Of the total sales amount, crude oil revenue counted for 93%, the company added.
Sales volumes of commodities increased 65% quarter-over-quarter. A total of 3.5 million barrels of oil equivalent (boe) were sold; this equaled an average of 38, 271 boe/d during the quarter, the company said, noting that the amount per day was higher than second-quarter 2013’s 23, 205 boe/d. Adjusted EBITDA was $196.9 million, higher than second-quarter 2013’s $131.1 million, the company said, noting the 50% increase.
Net cash from operations totaled $183.1 million higher than second-quarter 2013’s $118.3 million, Kodiak said, noting the 55% increase.
The second quarter’s net income was $21.2 million, lower than second-quarter 2013’s net income of $44.3 million, Kodiak said.
Kodiak’s general and administrative expenses were higher in the second quarter, at $12.8 million compared with second-quarter 2013’s $10.3 million, the company said. The decrease was due to increased production the company said. Lease operating expenses were also higher during the quarter, at $32.4 million, the company added.
The company has a capex budget of about $940 million for the remainder of the year, Kodiak said. There is about $31.8 million in the credit facility and outstanding senior notes, the company added.
Denver-based Kodiak Oil & Gas Corp. explores, develops and produces domestic oil and natural gas.
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