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Alta Mesa ends 2015 with $717.8 million of debt, $8.9 million of cash
By Lisa Kerner
Charlotte, N.C., March 29 – Alta Mesa Holdings, LP is living within its means, has a competitive cost structure and is positioned to confront a dynamic and challenging market, according to president and chief executive officer Hal Chappelle.
“We have the financial strength and liquidity to sustain us through a long period of potentially lower oil prices,” Chappelle said during the company’s fourth-quarter and full-year 2015 earnings call on Tuesday.
Alta Mesa ended the year on Dec. 31 with cash and cash equivalents of about $8.9 million and long-term debt of $717.8 million. This compares with $1.3 million and $761.1 million, respectively, at the end of 2014, according to the earnings release.
Fourth-quarter production volumes were flat year over year at 1.6 MMBOE. Production volumes for the full year were up slightly at 6.9 MMBOE, compared with 6.7 MMBOE for 2014.
Oil, natural gas and natural gas liquids revenues for the fourth quarter totaled $48.3 million, compared with $87.2 million for the fourth quarter of 2014. For the full year, oil, natural gas and natural gas liquids revenues were $241.3 million, down from $431.1 million for the prior year.
Alta Mesa had a net loss for the quarter of $76.2 million, compared with net income of $21.8 million for the fourth quarter of 2014.
The net loss for the full year was $131.8 million, compared with net income of $99.2 million for the prior year. Alta Mesa attributed the differences in the annual periods primarily to a $101.8 million increase in non-cash impairment expense, principally in natural gas producing assets, and a decrease in total revenue partially offset by lower lease operating expenses, exploration expense and general and administrative expense.
Houston-based Alta Mesa is a privately held onshore oil and gas exploration and production company.
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