Bill Barrett Corporation (BBG) saw its loss widen to $49.28 million, or $0.79 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $21.14 million, or $0.45 a share. On an adjusted basis, net loss for the quarter stood at $11.18 million, or $0.18 a share compared with a net profit of $3.37 million, or $0.07 a share in the last year period.
Revenue during the quarter grew 10.87 percent to $51.62 million from $46.56 million in the previous year period. Gross margin for the quarter expanded 683 basis points over the previous year period to 87.84 percent. Operating margin for the quarter stood at negative 41.98 percent as compared to a negative 72.36 percent for the previous year period.
Operating loss for the quarter was $21.67 million, compared with an operating loss of $33.69 million in the previous year period.
Chief executive officer and president Scot Woodall commented, "Despite a challenging year of lower oil prices, we did an excellent job of managing through the downturn and executing on our financial and operational goals. Focusing on the items within our control allowed us to report solid results for 2016, with the key drivers being production above our initial guidance expectations, capital spending coming in lower than anticipated, and LOE and G&A that were both significantly lower. We also meaningfully improved our DJ Basin oil price differentials, which helped us achieve best in class operating margins relative to our peers."
Operating cash flow drops significantlyBill Barrett Corporation has generated cash of $121.74 million from operating activities during the year, down 37.15 percent or $71.94 million, when compared with the last year. The company has spent $83.14 million cash to meet investing activities during the year as against cash outgo of $202.52 million in the last year. It has incurred net capital expenditure of $83.14 million on net basis during the year, down 58.97 percent or $119.50 million from year ago.
Cash flow from financing activities was $108.41 million for the year as against cash outgo of $28.23 million in the last year period.
Cash and cash equivalents stood at $275.84 million as on Dec. 31, 2016, up 114.10 percent or $147 million from $128.84 million on Dec. 31, 2015.
Debt comes down
Bill Barrett Corporation has recorded a decline in total debt over the last one year. It stood at $711.81 million as on Dec. 31, 2016, down 10.43 percent or $82.84 million from $794.65 million on Dec. 31, 2015. Bill Barrett Corp has recorded a decline in long-term debt over the last one year. It stood at $711.81 million as on Dec. 31, 2016, down 10.43 percent or $82.84 million from $794.65 million on Dec. 31, 2015.
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