Abraxas Petroleum Corporation (AXAS) swung to a net profit for the quarter ended Mar. 31, 2017. The company has made a net profit of $13.69 million, or $ 0.09 a share in the quarter, against a net loss of $40.88 million, or $0.39 a share in the last year period. On an adjusted basis, net profit for the quarter stood at $4.93 million, or $0.09 a share compared with a net loss of $0.70 million, or $0.39 a share in the last year period. Revenue during the quarter surged 96.59 percent to $18.80 million from $9.56 million in the previous year period. Gross margin for the quarter contracted 2108 basis points over the previous year period to 78.10 percent.
Operating income for the quarter was $4.95 million, compared with an operating loss of $40.14 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $15.51 million compared with $11.76 million in the prior year period.
Bob Watson, president and chief executive officer of Abraxas commented, "After a tumultuous two-year downturn, we are quite pleased with our financial results for the first quarter ended March 31, 2017. Comparing the first quarter of 2016 with the first quarter of 2017, we enjoyed a near doubling in our revenue, while our cash costs per barrel of equivalent ("Boe")(1) fell 20% to approximately $13.18/Boe. We expect this trend to continue with the substantial improvement we have seen in oil, gas and NGL realizations and our continued focus on cost control and the divestiture of properties with high operating expenses. "
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