Boston, MA 05/14/2014 (wallstreetpr) – Kodiak Oil & Gas Corp (USA) (NYSE:KOG), the North Dakota based oil and gas exploration, as well as production company, reported its financial result on May 1, 2014. The report was for the first session of the year, which ended on March 31, 2014.
The sales of the company increased:
The Williston Basin of North Dakota is the prime production location of Kodiak. The company reported net gas and oil sales of $257 million, which is significantly higher than the previous year. The net sales increased almost 56% from 1Q2013. Kodiak reported an overall 57% hike in the quarter-over –quarter sales volume.
The sales of oil for this quarter were 3.1 million barrels or on average 34 MBOE per day. The sale for the same was 2.0 million barrels or on average 21 MBOE per day in 1Q2013. The 92% of the revenue for the company was earned by the sale of gas and oil in 2014.
Adjusted EBITDA and net income in the favour of the company:
Kodiak Oil & Gas Corp (USA) (NYSE:KOG) reported an adjusted EBITDA of $179.9 million compared to $124.4 million in the same session of 2013. It was a quite admiring score for the business in the net income aspect. The company that earned net income of $19.4 million or $0.07 per diluted share in 2013, jumped to $29.1 million or $0.11 per share net income. The net cash provided by operating activities in the first three months of 2014 was $163.5 million, which was $114.6 in the same period of the previous year. The figures reflect a 43% increase within a span of one year.
CEO congratulates the teamwork:
The general and administrative expenditures (G&A) in the first quarter totalled $13.9 million or $4.54 per BOE, which in the prior year was $10.3 million or $5.28 per BOE. The decreased G&A attributed an increase in profit for the company. Kodiak Oil & Gas Corp (USA) (NYSE:KOG)’s Chairman and CEO, Lynn A. Peterson, acknowledged that despite unfavourable and challenging weather, the remarkable team effort managed to bring such outstanding economic result.