PetroQuest Energy, Inc (PQ) saw its loss narrow to $22.02 million, or $1.31 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $50.62 million, or $3.19 a share. Revenue during the quarter plunged 36.39 percent to $17.09 million from $26.87 million in the previous year period. Gross margin for the quarter period stood at positive 7.33 percent as compared to a negative 88.60 percent for the previous year period.
Operating loss for the quarter was $22.04 million, compared with an operating loss of $50.62 million in the previous year period.
“The debt exchange completed in September 2016 has resulted in a significant opportunity for our team, on behalf of all of our stakeholders, to capitalize on the value of our attractive properties in East Texas and Gulf Coast as commodity prices continue to improve,” said Charles T. Goodson, Chairman, Chief Executive Officer and President. "The planned recompletion of our Thunder Bayou well should be a near-term catalyst of increased cash flow in the first quarter of 2017 and beyond. We expect to finalize our East Texas joint venture in the coming weeks, on terms attractive to both the investors and the Company, and expect to spud our first well before year-end. We look forward to 2017 as a year of renewed and significant growth in production, with all capital expenditures expected to be funded by cash flow.”
Operating cash flow turns negative
PetroQuest Energy, Inc has spent $51.74 million cash to meet operating activities during the nine month period as against cash inflow of $23.98 million in the last year period. Cash flow from investing activities was $2.72 million for the nine month period, down 98.61 percent or $192.92 million, when compared with the last year period.
The company has spent $65.23 million cash to carry out financing activities during the nine month period as against cash outgo of $79.29 million in the last year period.
Cash and cash equivalents stood at $33.77 million as on Sep. 30, 2016, down 78.70 percent or $124.80 million from $158.57 million on Sep. 30, 2015.
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