Abraxas Petroleum Corporation (AXAS) saw its loss narrow to $96.38 million, or $0.79 a share for the year ended Dec. 31, 2016. In the previous year period, the company reported a loss of $127.11 million, or $1.21 a share. On the other hand, adjusted net loss for the year widened to $8.96 million, or $0.07 a share from a loss of $7.88 million or $0.08 a share, a year ago.
Revenue during the year dropped 15.63 percent to $56.56 million from $67.03 million in the previous year. Gross margin for the year expanded 3325 basis points over the previous year to 98.83 percent.
Operating loss for the year was $73.39 million, compared with an operating loss of $141.80 million in the previous year.
However, the adjusted EBITDA for the year stood at $40.15 million compared with $43.95 million in the prior year period. At the same time, adjusted EBITDA margin improved 542 basis points in the year to 70.99 percent from 65.57 percent in the last year period.
Bob Watson, president and chief executive officer of Abraxas, commented, "Abraxas achieved superb financial results despite a difficult operating environment in 2016. We are quite pleased our 2016 cash operating expenses all came in toward the lower end of our guidance range. January 2017 financial results continue to reflect this improvement with cash expenses coming in at the low end of our 2017 guidance range. We have also seen a tremendous improvement in natural gas and NGL realizations in January 2017."
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