Petroquest Energy (PQ) saw its loss narrow to $8.37 million, or $0.46 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $63.41 million, or $3.94 a share. Revenue during the quarter dropped 28.87 percent to $16.43 million from $23.10 million in the previous year period. Gross margin for the quarter contracted 346 basis points over the previous year period to 61.32 percent.
Operating loss for the quarter was $8.37 million, compared with an operating loss of $61.86 million in the previous year period.
“We are beginning to realize the benefit of our September 2016 debt exchange with its PIK feature as evidenced by our fourth quarter 2016 discretionary cash flow of approximately $4 million compared to our third quarter discretionary cash flow of approximately $0.2 million, ” said Charles T. Goodson, Chairman, Chief Executive Officer and President. “The impact of reduced cash interest charges from this exchange coupled with strong expected production growth and higher strip prices, as compared to 2016, should generate attractive cash flow
Operating cash flow turns negative
Petroquest Energy has spent $56.60 million cash to meet operating activities during the year as against cash inflow of $30.10 million in the last year. The company has spent $4.91 million cash to meet investing activities during the year as against cash inflow of $181.10 million in the last year.
The company has spent $58.20 million cash to carry out financing activities during the year as against cash outgo of $81.43 million in the last year period.
Cash and cash equivalents stood at $28.31 million as on Dec. 31, 2016, down 80.87 percent or $119.70 million from $148.01 million on Dec. 31, 2015.
Working capital turns negative
Working capital of Petroquest Energy has turned negative to $37.81 million on Dec. 31, 2016 from positive $50.46 million on Dec. 31, 2015. Current ratio was at 0.56 as on Dec. 31, 2016, down from 1.32 on Dec. 31, 2015.
Debt comes down
Petroquest Energy has recorded a decline in total debt over the last one year. It stood at $293.64 million as on Dec. 31, 2016, down 15.38 percent or $53.36 million from $347.01 million on Dec. 31, 2015. Short-term debt stood at $22.57 million as on Dec. 31, 2016. Total debt was 202.71 percent of total assets as on Dec. 31, 2016, compared with 91.48 percent on Dec. 31, 2015. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
