EPL Announces Second Quarter and First Half Results for 2013

EPL Announces Second Quarter and First Half Results for 2013

          Record Oil Production Drives 2Q13 EBITDAX to $132 million

 Increasing 2013 Production and EBITDAX Guidance & Raising 2013 Capex Budget

HOUSTON, Aug. 1, 2013 (GLOBE NEWSWIRE) -- EPL Oil & Gas, Inc. (EPL or the
Company) (NYSE:EPL) today reported financial and operational results for the
second quarter and first half of 2013.

Highlights

  *2Q13 EBITDAX rose 84% versus 2Q12 to $131.6 million and adjusted non-GAAP
    net income of $35.8 million ($0.91 per diluted share) respectively (see
    reconciliation of EBITDAX and adjusted non-GAAP net income in the tables)
  *2Q13 discretionary cash flow was $121.6 million, or $3.09 per share (see
    reconciliation of discretionary cash flow in the tables)
  *2Q13 oil production at 17,851 Bbls of oil per day, in the upper end of
    Company guidance and new Company record high (83% higher than 2Q12)
  *2Q13 total production at 23,940 Bbls of oil equivalent per day, above
    Company guidance (91% higher than 2Q12)
  *Solid first half production performance and ramp up of production expected
    in 2H13 leads to increased annual oil production guidance to between
    17,750 and 18,750 Bbls per day (up from 17,000 to 18,500 Bbls per day)
  *EBITDAX guidance range increased to between $500 million and $550 million
    (up from $475 million to $525 million)
  *1H13 Capital expenditures of $170 million; 25 successful projects to date
    (83% success rate)
  *Expanding 2013 capital budget to $330 million (up from $300 million) to
    accommodate additional oil weighted development projects, expected to
    drive oil production momentum for year-end 2013 into 2014
  *Continued focus on free cash flow with midpoint of guidance at $105
    million, supported by a strong oil hedge position
  *Low leverage and growing liquidity: current net debt to projected 2013
    EBITDAX estimated at 1.2x; liquidity in the form of cash plus undrawn
    revolver availability estimated at $315 million
  *Expanded share repurchase program from $40 million to $80 million; to date
    the Company has spent $29.7 million repurchasing shares (1,799,000 total
    shares repurchased, with 333,700 of those shares repurchased during 2Q13)

Financial Results

Revenue for the second quarter and first half of 2013 was $184.1 million and
$366.4 million, respectively. Revenue for the second quarter and first half of
2013 both increased 85% versus prior periods, driven by higher realized oil
production from the Company's oil-weighted acquisitions and organic
exploitation projects.

For the second quarter of 2013, EPL reported net income to common stockholders
of $69.6 million, or $1.75 per diluted share, compared to net income of $35.4
million, or $0.90 per diluted share for the same period a year ago. The net
income for the quarter included $26.9 million total gains on sale of assets,
mainly comprised of the previously announced divestiture of non-operated Bay
Marchand assets. Net income for the second quarter of 2013 also included $34.7
million of non-cash unrealized gains on derivative instruments and $8.4
million of non-cash costs attributable to a small gas field impairment, dry
hole costs and loss on abandonment activities. Excluding the impact of these
items, EPL's adjusted second quarter net income, a non-GAAP measure, would
have been $35.8 million, or $0.91 per diluted share, compared to $21.4
million, or $0.55 per diluted share, for the same period a year ago.

For the six months ended June 30, 2013, net income was $98.6 million, or $2.48
per diluted share, compared to net income of $36.9 million, or $0.94 per
diluted share for the same period a year ago. Net income for the first half of
2013 included $26.9 million total gains on sale of assets, $27.3 million of
non-cash unrealized gains on derivative instruments and $11.3 million of
non-cash costs attributable to property impairments of small gas fields, dry
hole costs and loss on abandonment activities. Excluding the impact of these
items, EPL's adjusted net income for the first half of 2013, a non-GAAP
measure, would have been net income of $71.3 million, or $1.82 per diluted
share compared to $36.5 million, or $0.93 per diluted share, for the same
period a year ago.

For the second quarter of 2013, EBITDAX was $131.6 million and discretionary
cash flow was $121.6 million, or $3.09 per share (see reconciliation of
EBITDAX and discretionary cash flow in the tables). Cash flow from operating
activities in the second quarter of 2013 was $114.2 million, compared with
cash flow from operating activities of $51.1 million in the same quarter a
year ago.

For the first half of 2013, EBITDAX was $255.2 million and discretionary cash
flow was $235.0 million, or $5.98 per share (see reconciliation of EBITDAX and
discretionary cash flow in the tables). Cash flow from operating activities in
the first half of 2013 was $192.5 million compared to $108.2 million in 2012.

Gary C. Hanna, the Company's Chairman, President and CEO, stated, "We remain
focused on achieving organic growth in terms of production, reserves, and
inventory expansion from our high quality acreage. The integration of the
Hilcorp acquisition is behind us and our total company assets are performing
even better than we anticipated. We are raising our 2013 annual production,
EBITDAX and capital budget guidance as we expect to ramp up oil production and
maintain high activity levels throughout the remainder of this year. With our
growing liquidity and continued free cash flow generation, we are squarely
focused on executing our balanced acquire and exploit strategy.

"We are working the reprocessed seismic over our new Hilcorp properties, which
started coming in-house late second quarter. Our initial review of the high
quality data and ongoing field studies focused at Ship Shoal 208 and South
Pass 78 is encouraging. We have already seen our total company drilling
inventory in the shallow depths expand to 79 projects, up 36%, and we are
confident that we are just scratching the surface."

Production and Price Realizations

Oil production for the second quarter of 2013 averaged 17,851 Barrels (Bbls)
per day, which was at the high end of the Company's guidance range and a new
record high for the Company. Oil production volumes were 83% higher than in
the comparable quarter last year, primarily as a result of organic oil
production growth within EPL's existing core fields and the recent Hilcorp
acquisition of oil-weighted properties that closed late last year.

Natural gas production averaged 36.5 million cubic feet (Mmcf) per day in the
second quarter of 2013, which was above the Company's guidance range. EPL has
continued its focus on oil development opportunities that have higher revenue
generation potential than natural gas. With minimal expenditures, the Company
has realized solid performance from its natural gas assets during the first
half of this year.

Price realizations for the second quarter of 2013, all of which are stated
before the impact of derivative instruments, averaged $107.34 per barrel for
crude oil and $4.04 per thousand cubic feet (Mcf) of natural gas, compared to
$110.33 per barrel of crude oil and $2.29 per Mcf of natural gas in the same
quarter a year ago. The Company's crude oil is advantaged by receiving Heavy
Louisiana Sweet and Light Louisiana Sweet crude oil basis differentials.

Oil production for the first half of 2013 averaged 17,591 Bbls per day, which
was 84% higher than the comparable period a year ago. Natural gas production
averaged 34.4 Mmcf per day, compared to 15.8 Mmcf per day for the first half
of 2012. Price realizations, all of which are stated before the impact of
derivative instruments, averaged $109.60 per barrel for crude oil and $3.86
per Mcf of natural gas in the first half of 2013, compared to $112.54 per
barrel of crude oil and $2.38 per Mcf of natural gas in the same period a year
ago.

Operating Expenses

Lease operating expenses (LOE) for the second quarter of 2013 totaled $42.8
million, including approximately $4.5 million of non-routine workover
expenses. The necessary expense workovers contributed to the record oil
production for the quarter, providing a restored initial rate of 150 Bbls of
oil per day. General and administrative (G&A) expenses were $7.4 million
during the second quarter of 2013. Reported G&A expenses include non-cash
stock based compensation recorded during the quarter of $1.8 million.

LOE for the first half of 2013 totaled $84.4 million, while G&A expenses were
$14.5 million for the same period. Reported G&A expenses for the first half of
2013 include non-cash stock based compensation of $3.4 million. Reported LOE
and G&A increased over the same periods a year ago mainly due to property
acquisitions.

Capital Expenditures and P&A Operations

During the first half of 2013, costs incurred for development and exploration
activities totaled approximately $169.3 million, which combined with $1.2
million spent on seismic purchases, resulted in a total expenditure of $170.5
million. So far to date this year, the Company has conducted 30 operations,
including 9 successful sidetracks and drillwells and 16 successful workover
and well reactivations, with an overall 83% success rate. Additionally, EPL
was recently informed that it has been awarded all 5 leases (13,892 acres for
a total of approximately $2.1 million) it was high bidder on during the most
recent Gulf of Mexico shelf leasehold sale.Over the last two years, EPL has
purchased approximately 41,000 acres of leasehold that has enhanced the
acreage position surrounding its prolific core field areas.

The Company has increased its 2013 capital budget to total approximately $330
million from $300 million in order to accommodate additional development
activities in the later part of the year. The 2013 expanded budget includes
approximately 60 development and exploration projects intended to drive
production growth and organic reserve replacement. Development and infield
exploration spending is budgeted primarily in the West Delta, East Bay, South
Timbalier, and Ship Shoal core field areas. The Company has continued its
active drilling program with five rigs currently working within its core field
areas. EPL has secured the barge, hydraulic workover and jack-up rigs
necessary to execute its capital program for 2013. In addition, EPL has
expanded its budget for plugging and abandonment and other decommissioning
activities to approximately $45 million from $30 million, to accommodate more
wells and platform work than originally planned. The Company spent
approximately $26.8 million in the first half of 2013 on these activities.

Liquidity and Capital Resources

As of June 30, 2013, the Company had cash on hand of $55.6 million and
long-term restricted cash of $6.0 million. The Company recently completed its
semi-annual redetermination under its $750 million credit facility and the
borrowing base was reaffirmed at $425 million. During the second quarter, EPL
reduced its borrowings under its credit facility from $185 million to $165
million. As previously announced in April 2013, EPL sold certain shallow water
Gulf of Mexico shelf oil and natural gas interests located within the
non-operated Bay Marchand field to the property operator. The sale was
comprised of $51.5 million in cash and the buyer's assumption of liabilities
recorded on its balance sheet of $11.3 million resulting in total
consideration of $62.8 million, subject to customary adjustments to reflect
the January 1, 2013 economic effective date. From time to time, EPL may decide
to divest of certain assets that do not meet its capital expenditure risk,
rate of return, operational control or other criteria in an effort to
high-grade its overall portfolio of assets.

EPL's current liquidity, in the form of cash plus undrawn revolver
availability is approximately $315 million. Based on the solid performance of
its assets, EPL has increased its 2013 EBITDAX range to $500 million to $550
million versus previous guidance of $475 million to $525 million.EPL's
current leverage remains low, estimated at 1.2x net debt to projected 2013
EBITDAX using the midpoint of the guidance. (See the guidance section
contained in this press release and the discussion of EBITDAX in the tables).

2013 and 2014 Hedge Position

The Company has layered in downside protection to protect its cash flow in the
form of swaps and collars for 2013, and recently added to its hedge position
in 2014 using Brent swaps. For full year 2013, EPL has a total of 11,157 Bbls
of oil per day hedged, the majority of which is hedged using Brent swaps at a
fixed price averaging $106.01 per Bbl. For full year 2014, EPL has a total of
10,500 Bbls of oil per day hedged, all of which is hedged using Brent swaps at
a fixed price averaging $100.94 per Bbl. For full year 2013, EPL has a total
of 9,562 Mcf per day of gas hedged, all of which is hedged using swaps at a
fixed price averaging $3.51 per Mcf. For full year 2014, EPL has a total of
5,000 Mcf per day of gas hedged, all of which is hedged using swaps at a fixed
price averaging $4.01 per Mcf.

Share Repurchase Program

EPL's Board of Directors has recently authorized an increase in its share
repurchase program of EPL's outstanding common stock from $40 million to $80
million. Prior to the authorization the Company worked with its lending group
to amend EPL's credit facility to accommodate the increased program. Under the
program to date, the Company has repurchased 1,799,000 shares at an aggregate
cash purchase price of approximately $29.7 million, including 333,700 shares
purchased for approximately $9.6 million during 2013. These shares are held in
treasury and could be used to provide available shares for possible resale in
future public or private offerings and our employee benefit plans. The
repurchases have been, and will be, carried out in accordance with certain
volume, timing and price constraints imposed by the SEC's rules applicable to
such transactions. The amount, timing and price of purchases otherwise depend
on market conditions and other factors.

Third Quarter and Full Year 2013 Guidance

Hanna concluded, "Based on the solid performance of our organic asset base we
are increasing our 2013 forecasted oil production to between 17,750 and 18,750
Bbls of oil per day. We are also increasing our total annual production to
between 22,750 and 24,750 Bbls of oil equivalent per day. Given our outlook
for second half of the year oil production growth, we are increasing our
EBITDAX guidance range to between $500 million and $550 million using
prevailing oil prices, with our free cash flow expected to be in excess of
$100 million using the midpoint of our estimates."

ESTIMATED PRODUCTION & SWAP HEDGE VOLUMES                   
Net Production (per day)                  3Q 2013          Full Year 2013
Oil, including NGLs (Bbls)                17,500 - 18,500   17,750 - 18,750
Natural gas (Mcf)                         30,000 - 36,000   30,000-36,000
Boe                                       22,500 - 24,500   22,750-24,750
% Oil, including NGLs (using midpoint of  77%                77%
guidance)
                                                           
Swap Contracted Volume                                      
Oil (barrels)                             7,985              10,157
% of Oil swap contracted                  46% - 43%          57% -54%
% of Boe swap contracted                  35% - 33%          45%-41%
Average Swap Price Level                  $104.72            $104.62
ESTIMATED EXPENSES (in Millions, unless                     
otherwise noted)
Lease Operating (including energy         $37.0 - $42.0   $155 -$165
insurance)
General & Administrative (cash and        $7.0 - $7.5     $28.5-$29.5
non-cash)
Taxes, other than on earnings (% of       1% - 3%            1%-3%
revenue)
Exploration Expense                       $2 - $8         $12-$20
DD&A ($/Boe), excluding accretion         $23.00 - $ 26.00 $23.00-$26.00
Interest Expense (including amortization  $12.5 - $13.5   $51-$53
of discount and deferred financing costs)
                                                           
ESTIMATED EBITDAX RANGE: $500 Million to  
$550 Million (Midpoint: $525 million)
ESTIMATED FREE CASH FLOW: $80 Million to  
$130 Million (Midpoint: $105 million)

Conference Call Information

EPL has scheduled a conference call for today, August 1, 2013, at 9:30 A.M.
Central Time/10:30 A.M. Eastern Time to review results for the second quarter
2013 and to discuss its outlook for 2013. To participate in the EPL conference
call, callers in the United States and Canada can dial (866) 845-8624 and
international callers can dial (706) 634-0487. The Conference I.D. for callers
is 22236522.

The call will be available for replay beginning two hours after the call is
completed through midnight of August 15, 2013. For callers in the United
States and Canada, the toll-free number for the replay is (855) 859-2056. For
international callers the number is (404) 537-3406. The Conference I.D. for
all callers to access the replay is 22236522.

The conference call will be webcast live as well as for on-demand listening at
the Company's website, www.eplweb.com. Listeners may access the call through
the "Events and Webcasts" link in the Investor Relations section of the site.

Description of the Company

Founded in 1998, EPL is an independent oil and natural gas exploration and
production company headquartered in Houston, Texas with an office in New
Orleans, Louisiana.The Company's operations are concentrated in the U.S. Gulf
of Mexico shelf, focusing on the state and federal waters offshore
Louisiana.For more information, please visit www.eplweb.com.

Forward-Looking Statements

This press release may contain forward-looking information and statements
regarding EPL. Any statements included in this press release that address
activities, events or developments that EPL "expects," "believes," "plans,"
"projects," "estimates" or "anticipates" will or may occur in the future are
forward-looking statements.We believe these judgments are reasonable, but
actual results may differ materially due to a variety of important
factors.Among other items, such factors might include: hurricane and other
weather-related interference with business operations; the effects of delays
in completion of, or shut-ins of, gas gathering systems, pipelines and
processing facilities; stock market conditions; the trading price of EPL's
common stock; cash demands caused by planned and unplanned capital
expenditures; changes in general economic conditions; uncertainties in reserve
and production estimates, particularly with respect to internal estimates that
are not prepared by independent reserve engineers; unanticipated recovery or
production problems; changes in legislative and regulatory requirements
concerning safety and the environment as they relate to operations; oil and
natural gas prices and competition; the impact of derivative positions;
production expenses and expense estimates; cash flow and cash flow estimates;
future financial performance; drilling and operating risks; our ability to
replace oil and gas reserves; risks and liabilities associated with properties
acquired in acquisitions; integration of acquired assets; volatility in the
financial and credit markets or in oil and natural gas prices; and other
matters that are discussed in EPL's filings with the Securities and Exchange
Commission. (http://www.sec.gov/)

EPL OIL & GAS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands)
(Unaudited)
                         Three Months Ended         Six Months Ended
                         June 30,                   June 30,
                         2013          2012         2013         2012
Revenue:                                                       
Oil and natural gas       $183,001     99,249      $363,985    198,021
Other                     1,086        21          2,451       45
                         184,087      99,270      366,436     198,066
                                                              
Costs and expenses:                                            
Lease operating           42,793       18,661      84,372      37,072
Transportation           693          99          1,343       250
Exploration expenditures  6,530        2,587       8,463       16,896
and dry hole costs
Impairments               2,129        3,394       2,171       5,708
Depreciation, depletion   53,336       27,918      99,858      51,826
and amortization
Accretion of liability
for asset retirement      6,166        3,411       12,198      6,559
obligations
General and               7,409        5,654       14,501      10,998
administrative
Taxes, other than on      2,739        2,904       5,599       6,645
earnings
Gain on sale of assets    (26,856)     -           (26,856)    -
Other                     3,596        3,443       6,543       3,618
Total costs and expenses  98,535       68,071      208,192     139,572
                                                              
Income from operations    85,552       31,199      158,244     58,494
                                                              
Other income (expense):                                        
Interest income           17           50          27          88
Interest expense          (13,098)     (5,093)     (26,193)    (9,967)
Gain on derivative        36,930       30,305      22,979      10,243
instruments
                         23,849       25,262      (3,187)     364
                                                              
Income before income      109,401      56,461      155,057     58,858
taxes
Provision for Income                                           
taxes:
Current                   (50)         -           (150)       (300)
Deferred                  (39,772)     (21,060)    (56,291)    (21,654)
Total provision for       (39,822)     (21,060)    (56,441)    (21,954)
income taxes
                                                              
Net income               $69,579      35,401      $98,616     36,904
                                                              
Net income, as reported   $69,579      35,401      $98,616     36,904
Add back:                                                      
Unrealized gain due to
the change in fair value  (34,683)     (30,500)    (27,300)    (13,958)
of derivative instruments
Gain on sale of assets    (26,856)     -           (26,856)    -
Dry hole costs            3,778        1,536       3,691       4,173
Impairments               2,129        3,394       2,171       5,708
Loss on abandonment       2,460        3,233       5,420       3,401
activities
Deduct:                                                        
Income tax adjustment for 19,355       8,332       15,606      252
above items
                                                              
Adjusted Non-GAAP net     $35,762      21,396      $71,348     36,480
income
                                                              
EBITDAX Reconciliation:                                        
                                                              
Net income, as reported   $69,579      35,401      $98,616     36,904
Add back:                                                      
Income taxes              39,822       21,060      56,441      21,954
Net interest expense      13,081       5,043       26,166      9,879
Depreciation, depletion,
amortization and          59,502       31,329      112,056     58,385
accretion
Impairments               2,129        3,394       2,171       5,708
Exploration expenditures  6,530        2,587       8,463       16,896
and dry hole costs
Loss on abandonment       2,460        3,233       5,420       3,401
activities
Gain on sale of assets    (26,856)     -           (26,856)    -
Less impact of:                                                
Unrealized gain due to
the change in fair value  (34,683)     (30,500)    (27,300)    (13,958)
of derivative instruments
                                                              
EBITDAX                   $131,564     71,547      $255,177    139,169
                                                              
Weighted average dilutive 39,383       39,027      39,302      39,132
common shares outstanding
                                                              
                                                              
EBITDAX is defined as net income (loss) before income taxes, net interest
expense, depreciation, depletion, amortization and accretion, impairments,
exploration expenditures and dry hole costs, loss on abandonment activities,
gain on sale of assets, loss on early extinguishment of debt and cumulative
effect of change in accounting principle, and further deducts the unrealized
gain or loss on our derivative instruments. We have reported EBITDAX because
we believe EBITDAX is a measure commonly reported and widely used in our
industry as an indicator of a company's ability to internally fund exploration
and development activities and incur and service debt.EBITDAX is not a
calculation based on generally accepted accounting principles (GAAP) in the
United States and should not be considered in isolation from or as a
substitute for net income, as an indication of operating performance or cash
flows from operating activities or as a measure of liquidity.Investors should
carefully consider the specific items included in our computation of
EBITDAX.Investors should be cautioned that EBITDAX as reported by us may not
be comparable in all instances to EBITDAX as reported by other companies.In
addition, EBITDAX does not represent funds available for discretionary use.


EPL OIL & GAS, INC.
CONSOLIDATED STATEMENTS OF NET CASH PROVIDED BY
OPERATING ACTIVITIES
(In thousands)
(Unaudited)
                                                              
                                                              
                        Three Months Ended          Six Months Ended
                        June 30,                    June 30,
                        2013          2012          2013         2012
Cash flows from                                                
operating activities:
Net income               $69,579       35,401       $98,616     36,904
Adjustments to reconcile
net income to net cash                                         
provided by operating
activities:
Depreciation, depletion  53,336       27,918       99,858      51,826
and amortization
Accretion of liability
for asset retirement     6,166        3,411        12,198      6,559
obligations
Unrealized gain on       (34,683)     (30,500)     (27,300)    (13,958)
derivative contracts
Non-cash compensation    1,836        1,327        3,448       2,318
Deferred income taxes    39,772       21,060       56,291      21,654
Exploration expenditures 3,778        1,536        3,691       4,173
Impairments              2,129        3,394        2,171       5,708
Amortization of deferred
financing costs and      1,337        504          2,655       1,004
discount on debt
Gain on sale of assets   (26,856)     -           (26,856)    -
Other                    2,460        3,233        5,420       3,401
Changes in operating                                           
assets and liabilities:
Trade accounts           (3,787)      3,417        (10,260)    901
receivable
Prepaid expenses         (7,524)      (3,291)      (5,857)     1,820
Other assets             74           (74)         284         (78)
Accounts payable and     26,249       (5,950)      4,888       5,297
accrued expenses
Asset retirement         (19,632)     (10,264)     (26,771)    (19,346)
obligation settlements
                                                              
Net cash provided by     $114,234     51,122       $192,476    108,183
operating activities
                                                              
Reconciliation of                                              
discretionary cash flow:
Net cash provided by     114,234      51,122       192,476     108,183
operating activities
Changes in working       4,620        16,162       37,716      11,406
capital
Non-cash exploration
expenditures and         (5,907)      (4,930)      (5,862)     (9,881)
impairments
Total exploration
expenditures, dry hole   8,659        5,981        10,634      22,604
costs and impairments
Discretionary cash flow  $121,606     68,335       $234,964    132,312
                                                              
The table above reconciles discretionary cash flow to net cash provided by or
used in operating activities. Discretionary cash flow is defined as cash flow
from operations before changes in working capital and exploration
expenditures. Discretionary cash flow is widely accepted as a financial
indicator of an oil and natural gas company's ability to generate cash which
is used to internally fund exploration and development activities, pay
dividends and service debt. Discretionary cash flow is presented based on
management's belief that this non-GAAP financial measure is useful information
to investors because it is widely used by professional research analysts in
the valuation, comparison, rating and investment recommendations of companies
within the oil and natural gas exploration and production industry. Many
investors use the published research of these analysts in making their
investment decisions. Discretionary cash flow is not a measure of financial
performance under GAAP and should not be considered as an alternative to cash
flows from operating activities, as defined by GAAP, or as a measure of
liquidity, or an alternative to net income. Investors should be cautioned that
discretionary cash flow as reported by the Company may not be comparable in
all instances to discretionary cash flow as reported by other companies.


EPL OIL & GAS, INC
SELECTED PRODUCTION, PRICING AND OPERATIONAL STATISTICS
(Unaudited)
                                                               
                                                               
                           Three Months Ended       Six Months Ended
                           June 30,                 June 30,
                           2013          2012       2013          2012
                                                               
PRODUCTION AND PRICING                                          
Net Production (per day):                                       
                                                               
Crude Oil (Bbls)            17,103       9,382     16,898       9,155
Natural Gas Liquids (Bbls)  748          386       693          422
Oil (Bbls)                  17,851       9,768     17,591       9,577
Natural gas (Mcf)           36,534       16,658    34,352       15,804
Total (Boe)                 23,940       12,544    23,316       12,211
Average Sales Prices:                                           
Crude Oil (per Bbl)         $107.34     110.33    $109.60     112.54
Natural Gas Liquids (per    36.70        45.02     38.28        47.56
Bbl)
Oil (per Bbl)               104.38       107.75    106.79       109.68
Natural gas (per Mcf)       4.04         2.29      3.86         2.38
Average (per Boe)           84.00        89.94     86.25        89.10
Oil and Natural Gas                                             
Revenues (in thousands):
Crude Oil                   $167,056    94,198    $335,203    187,517
Natural Gas Liquids         2,500        1,581     4,800        3,659
Oil                        169,556      95,779    340,003      191,176
Natural gas                 13,445       3,470     23,982       6,845
Total                      183,001      99,249    363,985      198,021
                                                               
Impact of derivative
instruments settled during                                      
the period^(1):
Oil (per Bbl)               $1.74       (0.23)    $(1.21)     (2.14)
Natural gas (per Mcf)       (0.17)       0.01      (0.08)       -
                                                               
OPERATIONAL STATISTICS                                          
Average Costs (per Boe):                                        
Lease operating expense     $19.64      16.35     $19.99      16.68
Depreciation, depletion and 24.48        24.46     23.66        23.32
amortization
Accretion expense           2.83         2.99      2.89         2.95
Taxes, other than on        1.26         2.54      1.33         2.99
earnings
General and administrative  3.40         4.95      3.44         4.95
                                                               
^(1)The derivative amounts represent the realized portion of gains or losses
on derivative instruments settled during the period which are included in
Other income (expense) in the consolidated statements of operations.
                                                               

EPL OIL & GAS, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
(Unaudited)
                                                    June 30,     December 31,
                                                    2013         2012
                                                                
ASSETS                                                           
Current assets:                                                  
Cash and cash equivalents                            $3,885     $1,521
Restricted cash                                      51,757      -
Trade accounts receivable - net                      75,421      67,991
Fair value of commodity derivative instruments       10,758      3,302
Deferred tax asset                                   -           3,322
Prepaid expenses                                     15,730      9,873
Total current assets                                 157,551     86,009
                                                                
Property and equipment                               2,152,483   2,025,647
Less accumulated depreciation, depletion,            (515,136)   (427,580)
amortization and impairments
Net property and equipment                           1,637,347   1,598,067
                                                                
Restricted cash                                      6,023       6,023
Fair value of commodity derivative instruments       7,600       211
Deferred financing costs --- net of accumulated      11,564      12,386
amortization
Other assets                                         2,660       2,931
                                                    $1,822,745 $1,705,627
                                                                
LIABILITIES AND STOCKHOLDERS' EQUITY                             
Current liabilities:                                             
Accounts payable                                     $32,985    $34,772
Accrued expenses                                     135,800     117,372
Asset retirement obligations                         28,162      30,179
Fair value of commodity derivative instruments       1,208       10,026
Deferred tax liabilities                             2,601       -
Total current liabilities                            200,756     192,349
                                                                
Long-term debt                                       661,106     689,911
Asset retirement obligations                         199,005     204,931
Deferred tax liabilities                             118,062     67,694
Fair value of commodity derivative instruments       -            3,637
Other                                                1,191       1,132
                                                    1,180,120   1,159,654
                                                                
Commitments and contingencies                                   
                                                                
Stockholders' equity:                                            
Preferred stock, $0.001 par value per share.
Authorized 1,000,000 shares; no shares issued and    -           -
outstanding at June 30, 2013 and December 31, 2012
Common stock, $0.001 par value per share. Authorized
75,000,000 shares; shares issued 40,912,718 and
40,601,887 at June 30, 2013 and December 31, 2012,   40          40
respectively; shares outstanding 39,202,605 and
39,103,203 at June 30, 2013
and December 31, 2012, respectively
Additional paid-in capital                           514,410     510,469
Treasury stock, at cost, 1,710,113 and 1,498,684
shares at June 30, 2013and December 31, 2012,       (26,382)    (20,477)
respectively
Retained earnings                                    154,557     55,941
Total stockholders' equity                           642,625     545,973
                                                    $ 1,822,745 $ 1,705,627
                                                                

CONTACT: Investors/Media
         T.J. Thom, Chief Financial Officer
         713-228-0711
         tthom@eplweb.com

EPL Oil & Gas, Inc. Logo
 
Press spacebar to pause and continue. Press esc to stop.