Stone Energy marks $116.4 million fourth-quarter net loss; revenue up

By Caroline Salls

Pittsburgh, Feb. 23 – Stone Energy Corp. reported a fourth-quarter net loss of $116.4 million, or $20.76 per share, on oil and gas revenue of $112.2 million, according to a company news release.

These figures compared to a net loss of $318.7 million, or $57.63 per share, on oil and gas revenue of $106.2 million in the fourth quarter of 2015.

The adjusted net loss for the fourth quarter was $27.3 million, or $4.88 per share.

For full-year 2016, Stone reported a net loss of $590.6 million, or $105.63 per share, on oil and gas revenue of $374.7 million, compared to a net loss of $1.1 billion, or $197.45 per share, on oil and gas revenue of $532.3 million for full-year 2015.

The adjusted net loss for full-year 2016 was $154.5 million, or $27.63 per share.

The company said net cash provided by operating activities totaled $45.7 million for the fourth quarter, while discretionary cash flow totaled $37.1 million, as compared to $48.5 million and $114.6 million, respectively, during the fourth quarter of 2015.

Meanwhile, net cash provided by operating activities totaled $78.6 million for full-year 2016, while discretionary cash flow totaled $83.1 million for full-year 2016, as compared to $247.5 million and $351.9 million, respectively, during full-year 2015.

Stone’s restructuring expenses were $13.4 million for the fourth quarter and $29.6 million for 2016.

Reorganization items for the fourth quarter and full-year 2016 were $10.9 million. The company said these items represented an $8.3 million non-cash charge to write off all deferred financing costs and associated unamortized discounts and premiums associated with its 2017 convertible notes and 2022 notes and $2.6 million of expenses supporting a restructuring effort.

As of Dec. 31 and Feb. 23, Stone had cash on hand of $190.6 million and $208 million, respectively.

As previously reported, Stone Energy’s Chapter 11 plan was confirmed on Feb. 15. The company said it expects the plan to take effect on Feb. 28.

Stone Energy is a Lafayette, La., oil and gas exploration and production company. The company filed bankruptcy on Dec. 14 in the U.S. Bankruptcy Court for the Southern District of Texas under Chapter 11 case number 16-36390.

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