======== ======= ======= =======
Adjusted Net
Income per
diluted share $ 1.99 $ 2.06 $ 6.71 $ 6.99
Diluted
weighted-average
common shares
outstanding 98,224 100,245 99,951 84,468
(1) Included as a portion of other operating expense in the
accompanying statements of operations.
Schedule 5: Adjusted EBITDAX
(in thousands, unaudited)
Adjusted EBITDAX is a supplemental non-GAAP financial measure that represents earnings before interest, income taxes, depreciation, depletion, and amortization, exploration expense, and other non-cash and non-recurring charges. Adjusted EBITDAX excludes certain items that we believe affect the comparability of operating results and can exclude items that are generally non-recurring in nature or whose timing and/or amount cannot be reasonably estimated. We present Adjusted EBITDAX because we believe it provides useful additional information to investors and analysts, as a performance measure, for analysis of our ability to internally generate funds for exploration, development, acquisitions, and to service debt. We are also subject to financial covenants under our revolving credit facility based on Adjusted EBITDAX ratios. In addition, Adjusted EBITDAX is widely used by professional research analysts and others in the valuation, comparison, and investment recommendations of companies in the crude oil and natural gas exploration and production industry. Adjusted EBITDAX should not be considered in isolation or as a substitute for net income, net cash provided by operating activities, or other profitability or liquidity measures prepared under GAAP. Because Adjusted EBITDAX excludes some, but not all items that affect net income and may vary among companies, the Adjusted EBITDAX amounts presented may not be comparable to similar metrics of other companies.
The following table presents a reconciliation of the GAAP financial measure of net income to the non-GAAP financial measure of Adjusted EBITDAX:
Three Months Ended Nine Months Ended
--------------------- --------------------------
September June 30, September September 30,
30, 2024 2024 30, 2024 2023
---------- --------- ----------- -------------
Net Income $ 295,803 $215,989 $ 687,613 $ 481,420
Total
adjustments to
net income
before taxes
(from schedule
4) (131,577) (11,845) (21,974) 139,944
Exploration 861 1,340 13,735 1,546
Depreciation,
depletion, and
amortization 523,929 521,090 1,511,859 754,558
Stock-based
compensation(1) 12,661 12,262 36,122 25,577
Interest expense 117,760 114,897 342,443 92,669
Interest
income(2) (2,650) (2,650) (8,724) (28,172)
Income tax
expense 93,309 66,993 195,321 139,138
-------- ------- --------- ---------
Adjusted
EBITDAX $ 910,096 $918,076 $2,756,395 $1,606,680
======== ======= ========= =========
(1) Included as a portion of general and administrative expense in
the condensed consolidated statements of operations.
(2) Included as a portion of other income in the condensed
consolidated statements of operations.
Schedule 6: Adjusted Free Cash Flow
(in thousands, unaudited)
Adjusted Free Cash Flow is a supplemental non-GAAP financial measure that is calculated as net cash provided by operating activities before changes in operating assets and liabilities and less exploration and development of crude oil and natural gas properties, changes in working capital related to capital expenditures, and purchases of carbon credits. We believe that Adjusted Free Cash Flow provides additional information that may be useful to investors and analysts in evaluating our ability to generate cash from our existing crude oil and natural gas assets to fund future exploration and development activities and to return cash to stockholders. Adjusted Free Cash Flow is a supplemental measure of liquidity and should not be viewed as a substitute for cash flows from operations because it excludes certain required cash expenditures.
The following table presents a reconciliation of the GAAP financial measure of net cash provided by operating activities to the non-GAAP financial measure of Adjusted Free Cash Flow:
Three Months Ended Nine Months Ended
---------------------- ---------------------------
September June 30, September September 30,
30, 2024 2024 30, 2024 2023
---------- ---------- ------------ -------------
Net cash provided by
operating
activities $ 835,038 $ 359,568 $ 2,007,158 $1,395,572
Add back: Changes
in operating
assets and
liabilities,
net (28,270) 444,252 398,549 86,173
-------- -------- ---------- ---------
Cash flow from
operations before
changes in
operating assets
and liabilities 806,768 803,820 2,405,707 1,481,745
Less: Cash paid
for capital
expenditures for
drilling and
completion
activities and
other fixed
assets (541,410) (519,120) (1,632,107) (782,119)
Less: Changes in
working capital
related to
capital
expenditures 103,021 (47,389) (22,323) (112,454)
-------- -------- ---------- ---------
Capital
expenditures (438,389) (566,509) (1,654,430) (894,573)
-------- -------- ---------- ---------
Less: Purchases
of carbon
credits and
renewable energy
credits (2,032) (1,886) (3,918) (5,864)
-------- -------- ---------- ---------
Adjusted Free Cash
Flow $ 366,347 $ 235,425 $ 747,359 $ 581,308
======== ======== ========== =========
Schedule 7: Cash General and Administrative
(in thousands, unaudited)
Cash general and administrative is a supplemental non-GAAP measure that is calculated as general and administrative expense less stock-based compensation, that we believe affects the comparability of operating results as it is non-cash. Cash general and administrative is a non-GAAP measure that we include in our total cash operating expense per BOE. We believe it provides useful additional information to investors and analysts, as a performance measure, for analysis of our operations.
The following table presents a reconciliation of the GAAP financial measure of general and administrative expense to the non-GAAP financial measure of cash general and administrative:
Three Months Ended Nine Months Ended
----------------------- --------------------------
September June 30, September September
30, 2024 2024 30, 2024 30, 2023
------------ --------- ------------ ------------
General and
administrative
expense $ 56,729 $ 59,135 $173,742 $106,553
Less:
Stock-based
compensation (12,661) (12,262) (36,122) (25,577)
------- ------- ------- -------
Cash general and
administrative
expense $ 44,068 $ 46,873 $137,620 $ 80,976
======= ======= ======= =======
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CONTACT:
For further information, please contact:
Investor Relations:
Brad Whitmarsh, 832.736.8909, bwhitmarsh@civiresources.com
Mae Herrington, 832.913.5444, mherrington@civiresources.com
Media:
Rich Coolidge, info@civiresources.com
(END) Dow Jones Newswires
November 07, 2024 16:15 ET (21:15 GMT)
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