Sabine Oil & Gas Corporation, an independent oil and natural gas company, engages in the acquisition, exploration, exploitation, and development of oil and natural gas properties onshore in the United States. As of December 31, 2014, the company had interests in approximately 219,200 net acres in East Texas, targeting the Cotton Valley Sand, Haynesville Shale, and Pettet formations; 58,700 net acres in South Texas, prospective for the Eagle Ford Shale formation; and 36,900 net acres in North Texas, targeting the Granite Wash formation. It had proved undeveloped reserves totaled approximately 6 million barrels (MMBbls) of oil and 17 MMBbls of natural gas liquids, as well as 469 billion cubic ...
1415 Louisiana Street
Houston, TX 77002
Founded in 2006
Sabine Oil & Gas Corporation Enters into Forbearance Agreement to Its Second Lien Term
May 21 15
Sabine Oil &Gas Corporation announced that it has entered into a forbearance agreement with the lenders under its second lien term loan facility. The forbearance agreement will provide the company with additional flexibility as it continues discussions with its creditors and their respective professionals regarding the company's debt and capital structure. The company's financial advisors, Lazard, and legal advisors, Kirkland &Ellis LLP, are advising management and the board of directors on strategic alternatives related to its capital structure.
Sabine Oil & Gas Corporation Appoints Jonathan F. Foster to the Board
May 15 15
On May 15, 2015, upon recommendation from the nominating and governance committee of the board of directors of Sabine Oil & Gas Corporation, the Board appointed Jonathan F. Foster to the Board as an independent director.
Sabine Oil & Gas Corporation Reports Unaudited Consolidated Earnings and Production Results for the First Quarter Ended March 31, 2015; Announces Non-Cash Impairment Charge for the First Quarter Ended March 31, 2015; Provides Production Guidance for the Remainder of the Year 2015 and for the Year 2016 and 2017
May 11 15
Sabine Oil & Gas Corporation reported unaudited consolidated earnings and production results for the first quarter ended March 31, 2015. For the quarter, the company reported total revenues of $98,025,000 compared to $112,717,000 a year ago. Net loss before income taxes was $284,031,000 compared to $1,686,000 a year ago. Net loss was $284,031,000 or $1.42 per basic and diluted share compared to $1,686,000 or $0.01 per basic and diluted share a year ago. Adjusted EBITDA was $91,066,000 compared to $77,540,000 a year ago. Net cash provided by operating activities was $42,171,000 compared to $51,652,000 a year ago.
For the quarter, the company reported increased average daily production by 65% to 305 MMcfe/d, from 185 MMcfe/d during the same period of 2014. Oil production increased by 116% over the same period in 2014 to 10,072 Bbl/d. Oil and natural gas liquids production volumes comprised 51% of revenues and 39% of total production. Production volumes during the first quarter of 2015 were 27.5 Bcfe, an increase of 10.9 Bcfe or 65% compared to production of 16.6 Bcfe during the first quarter of 2014. The increase in production is primarily due to the Forest Oil business combination completed in December 2014 and the company's development program. Revenues from production of oil, natural gas liquids and natural gas decreased from $112.3 million in the first quarter of 2014 to $97.6 million for the first quarter of 2015, a decrease of 13%. This decrease of $14.7 million was a result of a decline in average prices per Mcfe of 47% (before the effects of economic hedges), partially offset by an increase in production of 65%.
In the first quarter of 2015, the company recognized a non-cash impairment charge related to oil and natural gas properties of $236.5 million for the carrying value of proved oil and natural gas properties in excess of the ceiling limitation.
For the remainder of 2015, the company has NYMEX hedges in place for the remaining calendar year of 2015 on approximately 218,000 MMbtu/d of its projected natural gas production at a weighted average price of $4.15/MMBtu, and 6,962 Bbl/day of oil production at a weighted average price of $89.80/bbl.
For the calendar year of 2016, the company has hedge contracts in place for approximately 67,000 MMbtu/d of its projected natural gas production at a weighted average price of $3.26/MMbtu, and 2,750 Bbl/day of oil production at a weighted average price of $62.31/Bbl.
For the calendar year of 2017, the company has hedge contracts in place for 1,500 Bbl/day of oil production at a weighted average price of $64.80/Bbl.