Isramco Inc. (ISRL, Financial) filed Quarterly Report for the period ended 2010-06-30.
Isramco Inc. has a market cap of $151.5 million; its shares were traded at around $55.74 with and P/S ratio of 4.78.
As of June 30, 2010, our total debt was $122,111 thousand, compared to total debt of $124,670 thousand at December 31, 2009. As of June 30, 2010, current debt included $16,950 thousand as current maturities of the Revolving Credit Facilities, of which $4,000 thousand was the result of management s decision to continue payments to reduce debt below the borrowing base. As of December 31, 2009, current debt included $12,000 thousand as current maturities, of which $12,000 thousand was the result of management s decision to continue payments to reduce debt below the borrowing base.
Operating Activities, During the first six months of 2010, compared to the first six months of 2009, net cash flow provided by operating activities decreased by $5,225 thousand to $5,460 thousand. This decrease was primarily attributable to a reduction in working capital of $2,264 thousand, higher lease operating expenses and expenses related to our well plugging and abandonment obligations. The reduction in net cash proceeds from commodity price hedging activities of $5,994 thousand was offset by increased oil and natural gas revenues of $5,620.The increase in revenues was primarily attributable to higher average oil and gas prices for the six months ended June 30, 2010 of $75.68/bbl and $5.06/mcf, compared to $46.65/bbl and $3.58/mcf for the six months ended June 30, 2009.
Investing Activities, The primary driver of cash used in investing activities in 2010 is capital spending. Net cash flows provided by (used in) investing activities for the six months ended June 30, 2010 and 2009 were $(1,914) thousand and $559 thousand, respectively.
Financing Activities, Net cash flows used in financing activities were $(2,529) thousand and $(11,461) thousand for the six months ended June 30, 2010 and 2009, respectively. Excess cash flow from operations is used to repay borrowings under our Senior Credit Agreements to the extent available. During the first six months of 2010, we repaid borrowings of $3,375. During the first six months of 2009, we repaid borrowings of $9,250.
Net Income, in the second quarter of 2010, our net income was $966 thousand, or $0.36 per share. This compares to net loss of $(8,014) thousand, or $(2.95) per share, for the second quarter of 2009.
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Isramco Inc. has a market cap of $151.5 million; its shares were traded at around $55.74 with and P/S ratio of 4.78.
Highlight of Business Operations:
Under the credit facility available, we can borrow up to a maximum of $52,400 thousand, of which approximately $12,950 thousand is currently outstanding. Management currently believes that this availability is sufficient to provide the liquidity required to satisfy our anticipated working capital needs for 2010.As of June 30, 2010, our total debt was $122,111 thousand, compared to total debt of $124,670 thousand at December 31, 2009. As of June 30, 2010, current debt included $16,950 thousand as current maturities of the Revolving Credit Facilities, of which $4,000 thousand was the result of management s decision to continue payments to reduce debt below the borrowing base. As of December 31, 2009, current debt included $12,000 thousand as current maturities, of which $12,000 thousand was the result of management s decision to continue payments to reduce debt below the borrowing base.
Operating Activities, During the first six months of 2010, compared to the first six months of 2009, net cash flow provided by operating activities decreased by $5,225 thousand to $5,460 thousand. This decrease was primarily attributable to a reduction in working capital of $2,264 thousand, higher lease operating expenses and expenses related to our well plugging and abandonment obligations. The reduction in net cash proceeds from commodity price hedging activities of $5,994 thousand was offset by increased oil and natural gas revenues of $5,620.The increase in revenues was primarily attributable to higher average oil and gas prices for the six months ended June 30, 2010 of $75.68/bbl and $5.06/mcf, compared to $46.65/bbl and $3.58/mcf for the six months ended June 30, 2009.
Investing Activities, The primary driver of cash used in investing activities in 2010 is capital spending. Net cash flows provided by (used in) investing activities for the six months ended June 30, 2010 and 2009 were $(1,914) thousand and $559 thousand, respectively.
Financing Activities, Net cash flows used in financing activities were $(2,529) thousand and $(11,461) thousand for the six months ended June 30, 2010 and 2009, respectively. Excess cash flow from operations is used to repay borrowings under our Senior Credit Agreements to the extent available. During the first six months of 2010, we repaid borrowings of $3,375. During the first six months of 2009, we repaid borrowings of $9,250.
Net Income, in the second quarter of 2010, our net income was $966 thousand, or $0.36 per share. This compares to net loss of $(8,014) thousand, or $(2.95) per share, for the second quarter of 2009.
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