Energen Corp (EGN) swung to a net profit for the quarter ended Mar. 31, 2017. The company has made a net profit of $33.40 million, or $ 0.34 a share in the quarter, against a net loss of $203.12 million, or $2.34 a share in the last year period. On the other hand, adjusted net loss for the quarter narrowed to $12.40 million, or $0.13 a share from a loss of $53.60 million or $0.62 a share, a year ago.
Revenue during the quarter surged 87.90 percent to $240.92 million from $128.22 million in the previous year period. Gross margin for the quarter expanded 2009 basis points over the previous year period to 82.86 percent.
Operating income for the quarter was $61.43 million, compared with an operating loss of $301.81 million in the previous year period.
"We are very encouraged by the performance of the wells we have completed with our Generation 3 frac design," said James McManus, Energen's chairman and chief executive officer. "For those Gen 3 wells with at least 75 days of production history, cumulative production by formation is outperforming the type curves associated with the highest potential EURs we have identified."
Working capital turns negative
Working capital of Energen Corp has turned negative to $75.69 million on Mar. 31, 2017 from positive $115.38 million on Mar. 31, 2016. Current ratio was at 0.75 as on Mar. 31, 2017, down from 1.53 on Mar. 31, 2016.
Cash conversion cycle (CCC) has increased to 107 days for the quarter from 41 days for the last year period. Days sales outstanding went down to 34 days for the quarter compared with 44 days for the same period last year.
Days inventory outstanding has decreased to 17 days for the quarter compared with 22 days for the previous year period. At the same time, days payable outstanding went up to 157 days for the quarter from 107 for the same period last year.
Debt comes down marginally
Energen Corp has recorded a decline in total debt over the last one year. It stood at $544.56 million as on Mar. 31, 2017, down 1.20 percent or $6.59 million from $551.15 million on Mar. 31, 2016. Short-term debt stood at $17 million as on Mar. 31, 2017. Total debt was 11.84 percent of total assets as on Mar. 31, 2017, compared with 12.55 percent on Mar. 31, 2016. Debt to equity ratio was almost stable at 0.17 as on Mar. 31, 2017, when compared with the last year.
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