ZaZa Energy Corp. (NasdaqCM: ZAZA) detailed its year-end 2013 financial results on March 31.
Total revenues and other income were down from 2012’s, the company said, noting $8.9 million at year-end 2013 compared to $205.2 million at year-end 2012.
Year-end 2013’s oil and natural gas revenue was $8.9 million, ZaZa Energy said. Of this amount, $8 million was oil revenue and $0.9 million was natural gas, the company said, noting that oil revenue was lower compared to 2012’s. At year-end 2012, oil revenue was $9.1 million and natural gas revenue was $0.5 million, the company added.
Last year’s oil and natural gas revenues decreased due to the loss of $5.1 million when 4,490 net acres in South Texas were transferred to Hess Corp. (NYSE: HES), ZaZa Energy said.
But this was partially offset by increased revenue from a South Texas well and increased revenue from Moulton acreage, as well as by increased revenue from two drilled wells in East Texas, the company said.
For the year, operating costs and expenses were down by $15.6 million--$115.3 million was spent, compared to $130.9 in 2012, ZaZa Energy said.
Less money was spent because general and administrative (G&A) costs were lower, as were exploration, lease operating and depreciation and amortization costs, the company said.
Spending also decreased because of “the impairment of oil and gas properties,” and because ZaZa Energy gained on asset divestitures, the company added.
Regarding liquidity, at year-end 2013, ZaZa Energy had $15.2 million in cash and equivalents, less than year-end 2012’s $34.6 million, the company said.
Through the year, $65 million in total cash proceeds from noncore asset sales funded general corporate activities, and also reduced liabilities and the senior secured notes’ outstanding principal amount, the company said.
The company’s debt at year-end 2013 was $98.4 million, ZaZa Energy said, noting that of that amount, $10.2 million is current—a lower amount than year-end 2012’s $25.3 million current, out of $96.3 million total debt.
Houston-based ZaZa Energy Corp. explores and produces in Texas’ Eagle Ford and Eagle Ford East areas.
Recommended Reading
TGS, SLB to Conduct Engagement Phase 5 in GoM
2024-02-05 - TGS and SLB’s seventh program within the joint venture involves the acquisition of 157 Outer Continental Shelf blocks.
Geothermal ‘Could Save the World,’ but Faces Familiar Subsurface Risks
2024-03-20 - CERAWeek panelists discussed hurdles to widespread use of Earth’s heat to generate power — problems familiar to oil and gas operators.
PGS Wins 3D Contract Offshore South Atlantic Margin
2024-04-08 - PGS said a Ramform Titan-class vessel is scheduled to commence mobilization in June.
TGS Commences Multiclient 3D Seismic Project Offshore Malaysia
2024-04-03 - TGS said the Ramform Sovereign survey vessel was dispatched to the Penyu Basin in March.
Tech Trends: AI Increasing Data Center Demand for Energy
2024-04-16 - In this month’s Tech Trends, new technologies equipped with artificial intelligence take the forefront, as they assist with safety and seismic fault detection. Also, independent contractor Stena Drilling begins upgrades for their Evolution drillship.