EP Energy Corp. (EPE) Reports Q1 EPS of $0.19

EP Energy Corp. (NYSE: EPE) reported Q1 EPS of $0.19.

"In the first quarter we delivered solid results from operations. We continue to drive down costs while improving well performance," said Brent Smolik, chairman, president, and chief executive officer of EP Energy Corporation. "Our top priorities for 2016 are to improve liquidity and reduce leverage. We've made good progress on both. In the first quarter, we generated $122 million of free cash flow. In May, we closed the Haynesville asset sale, increasing liquidity by approximately $250 million, net of the corresponding borrowing base reduction. To date, we have executed repurchases of $609 million principal amount of debt for $287 million, capturing $322 million of discounts and approximately $50 million of annualized interest savings. We also reached agreement with our bank group to reset our borrowing base at $1.65 billion, with much improved covenant flexibility through early 2018. We remain well positioned to benefit as commodity prices improve.

For earnings history and earnings-related data on EP Energy Corp. (EPE) click here.

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