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Records 215% Increase in Q4 Production to 977 BOEPD With Related 67% Reduction in Oil Operating Expense; 960% Increase in 2015 Cash Flow to $860,000
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 9, 2016) - DXI Energy Inc. (TSX:DXI)(NYSE MKT:DXI) ("DXI" or the "Company"), an upstream oil and gas exploration and production company operating in Colorado's Piceance Basin and the Peace River Arch region in British Columbia, today announced its financial results for the three and twelve month periods ended December 31, 2015. All share and per share amounts reflect the one-for-five share consolidation that occurred on October 30, 2015.
2015 Key Financial and Operating Highlights:
|CORPORATE SUMMARY - THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2015|
|OPERATIONS||Three months ended December 31,||Twelve months ended December 31,|
|Oil and natural gas liquids (bbls/d)||515||162||218%||369||182||103%|
|Natural gas (mcf/d)||2,773||891||211%||1,764||1,602||10%|
|Realized sales prices (1)|
|Oil and natural gas liquids ($/bbl)||46.72||72.29||-35%||52.68||87.99||-40%|
|Natural gas ($/mcf)||2.26||3.87||-42%||2.33||5.45||-57%|
|Operating expenses (2)|
|Oil operations ($/bbl)||10.62||32.01||-67%||13.39||27.65||-52%|
|Natural gas operations ($/mcf)||3.27||4.37||-25%||3.19||3.86||-17%|
|Operating netback (3)|
|Oil operations ($/bbl)||26.79||28.93||-7%||29.04||45.57||-36%|
|Natural gas operations ($/BOE)||-7.91||-4.76||66%||-6.09||4.39||-239%|
|General and administrative expenses ($/BOE)||6.85||39.19||-83%||9.28||21.31||-56%|
|(1)||Decrease reflected lower benchmark oil and natural gas prices in Canada and the rest of the world.|
|(2)||Decrease resulted from the allocation of fixed operating costs over a higher oil production volume. This was offset by the costs associated with the reactivation of one of the gas wells at Drake/Woodrush and higher contractual pipeline transportation costs associated with a new contract signed on November 1, 2014.|
|(3)||Decline due to the reduction in oil and natural gas prices.|
|FINANCIAL (CA$ thousands, except per share)||Three months ended December 31,||Twelve months ended December 31,|
|Cash flow (1)||164||-704||123%||860||-100||960%|
|Cash flow per share (basic)||0.00||-0.02||0%||0.02||-0.00||0%|
|Cash flow per share (diluted)||0.00||-0.02||0%||0.02||-0.00||0%|
|Net income (loss)||-3,827||-3,331||15%||-7,108||-7,203||-1%|
|Basic ($/common share)||-0.10||-0.09||15%||-0.19||-0.20||-4%|
|Diluted ($/common share)||-0.10||-0.09||15%||-0.19||-0.20||-4%|
|Capital expenditures, net of dispositions||1,236||2,371||-48%||5,738||3,834||50%|
|Weighted average common shares outstanding (thousands)|
|Debt, net of working capital||10,295||4,480||130%|
|(1)||"Cash flow" is a non-GAAP measure calculated by adding back settlement of decommissioning liabilities and change in operating working capital to cash flows from (used in) operating activities. See "Non-GAAP Measure" below for details.|
|SUPPLEMENTAL FINANCIAL INFORMATION - NON-GAAP MEASURE|
|Three months ended December 31,||Twelve months ended December 31,|
|Cash flows from (used in) operating activities||371||(126)||1,064||(581)|
|Change in operating working capital||(207)||(578)||(204)||481|
About DXI ENERGY INC.
DXI Energy Inc. is an upstream oil and natural gas exploration and production company operating projects in Colorado's Piceance Basin (39,352 net acres) and the Peace River Arch region in British Columbia (14,444 net acres). DXI Energy Inc. maintains offices in Calgary and Vancouver, Canada. The company is publicly traded on the New York Stock Exchange (NYSE MKT:DXI) and Toronto Stock Exchange (DXI.TO).
Statements Regarding Forward-Looking Information: This news release contains statements about oil and gas production and operating activities that may constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities legislation as they involve the implied assessment that the resources described can be profitably produced in the future, based on certain estimates and assumptions. Forward-looking statements are based on current expectations, estimates and projections that involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those anticipated by DXI Energy and described in the forward-looking statements. These risks, uncertainties and other factors include, but are not limited to, adverse general economic conditions, operating hazards, drilling risks, inherent uncertainties in interpreting engineering and geologic data, competition, reduced availability of drilling and other well services, fluctuations in oil and gas prices and prices for drilling and other well services, government regulation and foreign political risks, fluctuations in the exchange rate between Canadian and US dollars and other currencies, as well as other risks commonly associated with the exploration and development of oil and gas properties. Additional information on these and other factors, which could affect DXI Energy Inc.'s operations or financial results, are included in DXI Energy Inc.'s reports on file with Canadian and United States securities regulatory authorities. Other risks include the Company's ongoing review by NYSE MKT ("the Exchange") to ensure the Company continues to regain compliance with Section 1003(a)(iv) of the Company Guide which addresses a Company's ability to operate as a going concern. We assume no obligation to update forward-looking statements should circumstances or management's estimates or opinions change unless otherwise required under securities law.
The TSX does not accept responsibility for the adequacy or accuracy of this news release.
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