TransAtlantic Petroleum Ltd Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months and Operating Results for the Quarter Ended June 30, 2017; Provides CapEx Guidance for the Third Quarter of 2017
For the six months, the company reported total revenues were $28,777,000 compared to $33,264,000 for the same period a year ago. Operating income was $6,602,000 compared to operating loss of $1,145,000 a year ago. Loss from continuing operations before income taxes was $12,145,000 against $8,514,000 a year ago. Net loss from continuing operations was $15,483,000 against $12,110,000 a year ago. Net loss was $15,483,000 against $12,213,000 a year ago. Basic and diluted net loss per common share from continuing operations was $0.33 against $0.30 a year ago. Adjusted EBITDAX from continuing operations was $16,113,000 against $18,661,000 a year ago. Net cash provided by operating activities from continuing operations was $13,577,000 against $11,596,000 a year ago.
For the quarter, company's average daily net sales volumes from continuing operations were approximately 3,308 barrels of oil equivalent per day (Boepd) in the second quarter of 2017, as compared to 3,833 in the first quarter of 2017 and 4,335 in the second quarter of 2016.
For the third quarter, CapEx will be down as the company catch-up completions and to manage its cash.