Website
Address
111 Boland St Ste 301
Fort Worth, TX, 76107-1265
United States
Phone
(817) 921-1889
Company Description
Lonestar Resources, Inc. is located in Fort Worth, TX, United States and is part of the Support Activities for Mining Industry. Lonestar Resources, Inc. has 7 total employees across all of its locations and generates $133.19 million in sales (USD). (Sales figure is modelled). There are 23 companies in the Lonestar Resources, Inc. corporate family.
Operations
Lonestar Resources primary operational focus is on our Eagle Ford position in eleven Texas counties, and our properties in the Eagle Ford are divided into three distinct regions: the Western Eagle Ford (comprised of Dimmit, La Salle and Frio Counties), Central Eagle Ford (comprised of Gonzales, Karnes, Fayette, Wilson, DeWitt and Lavaca Counties) and Eastern Eagle Ford (comprised of Brazos and Robertson Counties). As of December 31, 2020, we operated 97% of our Eagle Ford position and approximately 94% of our net acreage was held by production, or HBP.
Lonestar Resources Eagle Ford properties had proved reserves of 82.7 MMBOE, of which 74% was crude oil and NGLs and 37% was proved developed producing, or PDP. The PV-10 of our proved reserves as of December 31, 2020 was $723.8 million using $55/bbl WTI and $2.75/mcf HH pricing (49% PDP).
Third-party engineers have identified 240 gross (134 net) horizontal drilling locations on our acreage, of which 66% are expected to be drilled using lateral lengths of or greater than 7,000 feet and 31% are expected to be drilled using lateral lengths of or greater than 10,000 feet.
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| Lonestar Reports Second Quarter 2021 Results: Operational Momentum Is Accelerating |
HIGHLIGHTS
- Second Quarter Production Up 14% From First Quarter Levels. Lonestar reported a 14% increase in net oil and gas production to 11,855 BOE/d during the three months ended June 30, 2021 (“2Q21”), compared to 10,377 BOE/d for the three months ended March 31, 2021 (“1Q21”). Production was comprised of 73% crude oil and NGL’s on an equivalent basis. Lonestar’s development program continues to deliver significant increases in production, with July production rates averaging 13,500 BOE/d.
- Adjusted Net Income Was $10.7 Million, or $1.07 Per Share. While Lonestar reported a net loss attributable to its common stockholders of $17.8 million, or ($1.77) per share in 2Q21 compared to a net loss of $6.3 million in 1Q21, Lonestar’s adjusted net income for 2Q21 was $10.7 million, or $1.07 per share. Adjusted net income excludes, on a tax-adjusted basis, certain items that the Company does not view as either recurring or indicative of its ongoing financial performance. Most notable among these items include: a $29.1 million unrealized hedging loss on financial derivatives (“mark-to-market”). Please see Non-GAAP Financial Measures at the end of this release for the definition of Adjusted Net Income (Loss), a reconciliation of net loss before taxes to Adjusted Net Income (Loss), and the reasons for its use.
- Lonestar Reported 2Q21 Adjusted EBITDAX of $23.7 Million. 2Q21 Adjusted EBITDAX increased 3% over 1Q21 adjusted EBITDAX of $22.9 million. Improved wellhead price realizations and reduced cash expenses positively impacted 2Q21 results. However, 2Q21’s Adjusted EBITDAX was negatively impacted by $10.8 million of hedge losses realized in the quarter while 1Q21’s result were negatively impacted by $5.4 million of realized hedge loss. Please see Non-GAAP Financial Measures at the end of this release for the definition of Adjusted EBITDAX, a reconciliation of net loss attributable to common stockholders to Adjusted EBITDAX, and the reasons for its use.
- Lonestar Reported Discretionary Cash Flow For 2Q21 of $19.9 Million. Lonestar’s Discretionary Cash Flow of $19.9 million for the three months ended June 30, 2021, which is a 4% increase over $19.1 million generated in the three months ended March 31, 2021. Lonestar spent $38.4 million on capital expenditures in the six months ended June 30, 2021. Please see Non-GAAP Financial Measures at the end of this release for the definition of Discretionary Cash Flow, a reconciliation of net loss attributable to common stockholders to Free Cash Flow, and the reasons for its use.
Lonestar’s Chief Executive Officer, Frank D. Bracken, III commented, “Our 2021 capital program continues to generate robust growth in production and cash flow, and the front-end loaded nature of that program is expected to yield significant Free Cash Flow in the second half of the year.”
