Miller Energy Resources Inc. (NYSE: MILL) detailed its results for the first quarter of fiscal year (FY) 2015, the company said Sept. 10. The quarter ended July 31, the company added.
The total revenue increased by 95% year-over-year (yoy), and 15% quarter-over-quarter, to $25.4 million. There was $13 million in the first quarter of FY 2014, the company said. Fourth-quarter FY 2014 had $22.1 million, the company added. Increased production led to the higher revenue, the company noted.
There was 3,313 barrels of oil equivalent (boe/d) in the first quarter of FY 2015, compared with 1,360 boe/d in first-quarter FY 2014 and 3,070 boe/d in fourth-quarter FY 2014, Miller added.
Lease operating expense increased by 17% yoy and quarter-over-quarter. There was $6.6 million in the first quarter of FY 2014. There was $5.6 million in first-quarter FY 2014, while there was $5 million in fourth-quarter FY 2014, the company added. Increased production also led this increase, the company noted.
General and administrative costs increased 13% yoy and decreased 20% quarter-over-quarter. There was $5.4 million in the first quarter of FY 2015, compared with $4.8 million for the first quarter of FY 2014 and $6.8 million for the fourth quarter of FY 2014, Miller said.
The adjusted EBITDA increased by about 1.07% year-over-year but declined 47% quarter-over-quarter, Miller said. There was $14.0 million in the first quarter of FY 2015. First-quarter FY 2014 had $1.2 million, while fourth-quarter FY 2014 had $26.5 million, the company added.
Capex for capital projects and equipment increased by 190% yoy, and 5% quarter-over-quarter. There was $46.3 million in the first quarter of FY 2015, while first-quarter FY 2014 had $16.0 million and fourth-quarter FY 2014 had $43.9 million, Miller said. Increased drilling activity led to the higher capex amounts, the company noted.
Knoxville, Tenn.-based Miller Energy Resources Inc. operates in Alaska and the Appalachian Basin.
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