PetroQuest Energy, Inc (PQ) saw its loss narrow to $3.63 million, or $0.23 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $37.64 million, or $2.31 a share. Revenue during the quarter grew 19.93 percent to $20.77 million from $17.32 million in the previous year period. Gross margin for the quarter expanded 1315 basis points over the previous year period to 65.93 percent.
Operating loss for the quarter was $3.63 million, compared with an operating loss of $37.56 million in the previous year period.
“Our accelerating cash flow and production profiles during the first quarter of 2017 clearly indicate we have returned to growth as we reported sequential quarterly increases of 156% and 13%, respectively,” said Charles T. Goodson, chairman, chief executive officer and president. “Since the first quarter of 2016, we have refinanced or repaid all of our $350 million of 10% Senior Notes due 2017, secured an East Texas joint venture, commenced our Cotton Valley drilling program and recompleted Thunder Bayou resulting in a 61 MMcfe/d current production rate. These milestones were made possible due to the quality of our assets and people and the flexibility exhibited by our stakeholders.”
Operating cash flow turns positive
PetroQuest Energy, Inc has generated cash of $13.41 million from operating activities during the quarter as against cash outgo of $26.19 million in the last year period. The company has spent $10.91 million cash to meet investing activities during the quarter as against cash outgo of $8.84 million in the last year period.
The company has spent $2.62 million cash to carry out financing activities during the quarter as against cash outgo of $59.62 million in the last year period.
Cash and cash equivalents stood at $28.19 million as on Mar. 31, 2017, down 47.17 percent or $25.17 million from $53.36 million on Mar. 31, 2016.
Working capital remains negative
Working capital of PetroQuest Energy, Inc was negative $17.84 million on Mar. 31, 2017 compared with negative $9.68 million on Mar. 31, 2016. Current ratio was at 0.73 as on Mar. 31, 2017, down from 0.92 on Mar. 31, 2016.
Days sales outstanding went down to 157 days for the quarter compared with 268 days for the same period last year.
At the same time, days payable outstanding went down to 939 days for the quarter from 1207 for the same period last year.
Debt moves up marginally
PetroQuest Energy, Inc has witnessed an increase in total debt over the last one year. It stood at $296.73 million as on Mar. 31, 2017, up 1.75 percent or $5.11 million from $291.62 million on Mar. 31, 2016. Petroquest Energy has witnessed an increase in long-term debt over the last one year. It stood at $296.73 million as on Mar. 31, 2017, up 1.75 percent or $5.11 million from $291.62 million on Mar. 31, 2016. Total debt was 197.49 percent of total assets as on Mar. 31, 2017, compared with 118.12 percent on Mar. 31, 2016.
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