Contango Oil & Gas Company (MCF) saw its loss narrow to $16.84 million, or $0.69 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $111.27 million, or $5.85 a share. Revenue during the quarter went up marginally by 0.81 percent to $21.66 million from $21.49 million in the previous year period.
Operating loss for the quarter was $13.46 million, compared with an operating loss of $59.64 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $8.16 million compared with $7.53 million in the prior year period. At the same time, adjusted EBITDA margin improved 264 basis points in the quarter to 37.66 percent from 35.02 percent in the last year period.
Allan D. Keel, the Company’s president and chief executive officer, said “While our reduced capital expenditure program in 2016 led to lower production, which coupled with low commodity prices impacted our results for the quarter, we are excited about the commencement of the development of our Southern Delaware Basin position acquired during the third quarter.
Working capital remains negative
Working capital of Contango Oil & Gas Company was negative $43.84 million on Dec. 31, 2016 compared with negative $18.69 million on Dec. 31, 2015. Current ratio was at 0.30 as on Dec. 31, 2016, down from 0.54 on Dec. 31, 2015.
Debt comes down significantly
Contango Oil & Gas Company has recorded a decline in total debt over the last one year. It stood at $54.35 million as on Dec. 31, 2016, down 52.92 percent or $61.09 million from $115.45 million on Dec. 31, 2015. Contango Oil & Gas Co has recorded a decline in long-term debt over the last one year. It stood at $54.35 million as on Dec. 31, 2016, down 52.92 percent or $61.09 million from $115.45 million on Dec. 31, 2015. Total debt was 14.44 percent of total assets as on Dec. 31, 2016, compared with 27.70 percent on Dec. 31, 2015. Debt to equity ratio was at 0.23 as on Dec. 31, 2016, down from 0.49 as on Dec. 31, 2015.
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