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Stone Energy (SGY) Misses Q4 EPS by 4c

February 22, 2016 4:57 PM EST
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Price: $35.49 --0%

Financial Fact:
Deferred: 1.89M

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FSI, RELV, NEOM, More
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Stone Energy (NYSE: SGY) reported Q4 EPS of $0.04, $0.04 worse than the analyst estimate of $0.08.

Reserves

Our estimated proved reserves as of December 31, 2015 were 57 MMBoe (million barrels of oil equivalent) or 342 Bcfe (billion cubic feet of natural gas equivalent), compared to 153 MMBoe (915 Bcfe) at year-end 2014. The decrease in estimated proved reserves is primarily attributable to the downward revision of 95 MMBoe (570 Bcfe) to contingent resources due to depressed commodity prices. Substantially all of Stone's proved reserves in Appalachia were reclassified to contingent resources during 2015. From drilling additions, extensions, well performance, and the acquisition of Appalachia working interests, Stone replaced approximately 104% of 2015 production.

The year-end 2015 estimated proved reserves were 53% oil, 11% natural gas liquids (NGLs) and 36% gas on an equivalent basis. The changes from year-end 2014 estimated proved reserves to year-end 2015 estimated proved reserves included production of approximately 14 MMBoe (85 Bcfe), divestitures of 1 MMBoe (6 Bcfe), drilling additions/extensions of 1 MMBoe (7 Bcfe), acquisition of working interest in Appalachia of 6 MMBoe (34 Bcfe), positive performance revisions of 8 MMBoe (47 Bcfe) and net downward price revisions of 95 MMBoe or 570 Bcfe.

The standardized measure of discounted future net cash flows from our estimated proved reserves at December 31, 2015, using a 10% discount rate and 12-month average prices (after differentials) of $51.16 per barrel of oil, $16.40 per barrel of NGLs and $2.19 per Mcf of gas, was approximately $604 million. Estimated future income taxes had no effect on the standardized measure as of December 31, 2015. If current pricing was used to determine the estimated proved reserves or the standardized measure at December 31, 2015, the reserve volumes and values would be reduced.

The year-end 2015 estimated proved reserves included proved developed (PD) reserves of 42 MMBoe or 249 Bcfe (52% oil, 12% NGLs, 36% gas) and proved undeveloped (PUD) reserves of 15 MMBoe or 93 Bcfe (55% oil, 11% NGLs, 34% gas). In addition, there were 23 MMBoe or 139 Bcfe of estimated probable reserves and 59 MMBoe or 356 Bcfe of estimated possible reserves at year-end 2015.

All of Stone's estimated proved, probable and possible reserves and contingent resources were independently engineered by Netherland Sewell & Associates.

For earnings history and earnings-related data on Stone Energy (SGY) click here.



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