Falcon Minerals Corporation (FLMN) Misses Q2 EPS by 1c

Falcon Minerals Corporation (NASDAQ: FLMN) reported Q2 EPS of ($0.01), $0.01 worse than the analyst estimate of $0.00. Revenue for the quarter came in at $6.3 million versus the consensus estimate of $6.14 million.

• Net production of 4,450 barrels of oil equivalent per day (“boe/d”) for the second quarter 2020 (51% oil); production during the quarter was shut-in/curtailed by ~25% during May and June
• Net debt decreased to $38.8 million; 10% reduction in borrowings on Falcon’s revolving credit facility quarter over quarter; net debt/LTM EBITDA ratio of 1.12x(2)(3)
• Crude hedging program established in June 2020 for third quarter 2020 through first quarter 2021 at approximately $40 per barrel
• Cash G&A expense decreased to $1.7 million in the second quarter 2020; represents a ~25% decrease compared to the first quarter 2020
• 20 gross, 0.12 net wells were turned in line during the second quarter 2020
• 212 gross line of sight wells (2.52 net wells) permitted and in active development as of August 3, 2020; 2.52 net line of sight wells includes 1.62 net wells in active development
• Averaged three rigs running on Falcon’s Eagle Ford position during the second quarter 2020
• Second quarter 2020 net loss of $1.3 million(1), or $0.01 per Class A share
• Adjusted EBITDA of $3.4 million for the second quarter 2020(2)
• Second quarter 2020 Pro-forma Free Cash Flow of $0.033 per share(2)
• Second quarter dividend declared of $0.03 per share; dividend represents a 20% increase from first quarter 2020. Increased payout ratio of Pro-forma Free Cash Flow from 23% in the first quarter 2020 to 91% in the second quarter 2020
• Dividend will be paid on September 8, 2020 to all shareholders of record on August 25, 2020

For earnings history and earnings-related data on Falcon Minerals Corporation (FLMN) click here.

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