Tengasco Inc (TGC, Financial) filed Quarterly Report for the period ended 2011-03-31.
Tengasco Inc. has a market cap of $47.94 million; its shares were traded at around $0.79 with a P/E ratio of 26.33 and P/S ratio of 3.63. Tengasco Inc. had an annual average earning growth of 7% over the past 10 years.
The Company recognized $3.7 million in revenues during the first quarter of 2011 compared to $2.9 million in the first quarter of 2010. The increase in 2011 revenues was due to a 5 MBbl increase in sales volumes as well as a $15.69 increase in Kansas oil price. Kansas oil prices in the first quarter of 2011 averaged $86.93 per barrel compared to $71.24 per barrel in the first quarter of 2010. The Company realized net income attributable to common shareholders of $0.354 million or $0.01 per share of common stock during the first quarter of 2011, compared to
a net income in the first quarter of 2010 to common shareholders of $0.268 million or $0.00 per share of common stock. In the first quarter of 2011, the Company had income from operations of $1.0 million compared to income from operations of $0.4 million in the first quarter of 2010. This increase was primarily due to the increase in Kansas sales volumes and oil prices. Production costs and taxes in the first quarter of 2011 increased to $1.5 million from $1.3 million in the first quarter of 2010.
The Company recorded a $(0.09) million non-cash unrealized loss on derivatives for the first quarter of 2011 and a $0.16 million non-cash unrealized gain on derivatives for the first quarter 2010. Interest expense was $0.15 million and $0.18 million for the first quarters of 2011 and 2010, respectively.
On February 22, 2011, the Company and F&M Bank entered into an amendment to the credit facility which increased the borrowing base from $14 million to $20 million, increased the maximum line of the Company s credit amount from $20 million to $40 million, and extended the term of the facility to January 27, 2013.
During the first three months of each year, net cash provided by operating activities was $1.7 million in 2011 and $0.6 million in 2010. The increase of cash provided by operating activities from 2010 to 2011 was primarily due to higher product prices received during 2011 compared to 2010 and increased cash flow provided by working capital. Cash flow provided by working capital was $0.4 million in 2011 and $(0.3) million was used in working capital in 2010 due primarily to an increase in accounts payable related to increased activity levels in the first three months of 2011. Net cash used in investing activities was $(2.6) million in 2011 and $(0.5) million in 2010. The increase in investing activities was primarily due to an increase in drilling and polymer work performed in 2011.
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Tengasco Inc. has a market cap of $47.94 million; its shares were traded at around $0.79 with a P/E ratio of 26.33 and P/S ratio of 3.63. Tengasco Inc. had an annual average earning growth of 7% over the past 10 years.
Highlight of Business Operations:
During the first three months of 2011, the Company sold 52 MBbl of oil from its Kansas wells. Of the 52 MBbl, 40 MBbl were net to the Company after required payments to all of the royalty interests and drilling program participants. The Company s net sales for the first three months of 2011 of 40 MBbl of oil compares to 35 MBbl net to the Company s interest in the first three months of 2010. This 5 MBbl increase was due primarily to increased sales volumes on the Albers lease. The Company s net revenue from the Kansas properties was $3.5 million in the first three months of 2011 compared to $2.7 million in 2010. This increase was due to an increase in oil prices from an average of $71.24 per barrel in 2010 to an average of $86.93 per barrel in 2011, as well as the 5 MBbl increase in sales volumes. For the first three months of 2011 and 2010, the Company s sales included $0.1 million from Swan Creek.The Company recognized $3.7 million in revenues during the first quarter of 2011 compared to $2.9 million in the first quarter of 2010. The increase in 2011 revenues was due to a 5 MBbl increase in sales volumes as well as a $15.69 increase in Kansas oil price. Kansas oil prices in the first quarter of 2011 averaged $86.93 per barrel compared to $71.24 per barrel in the first quarter of 2010. The Company realized net income attributable to common shareholders of $0.354 million or $0.01 per share of common stock during the first quarter of 2011, compared to
a net income in the first quarter of 2010 to common shareholders of $0.268 million or $0.00 per share of common stock. In the first quarter of 2011, the Company had income from operations of $1.0 million compared to income from operations of $0.4 million in the first quarter of 2010. This increase was primarily due to the increase in Kansas sales volumes and oil prices. Production costs and taxes in the first quarter of 2011 increased to $1.5 million from $1.3 million in the first quarter of 2010.
The Company recorded a $(0.09) million non-cash unrealized loss on derivatives for the first quarter of 2011 and a $0.16 million non-cash unrealized gain on derivatives for the first quarter 2010. Interest expense was $0.15 million and $0.18 million for the first quarters of 2011 and 2010, respectively.
On February 22, 2011, the Company and F&M Bank entered into an amendment to the credit facility which increased the borrowing base from $14 million to $20 million, increased the maximum line of the Company s credit amount from $20 million to $40 million, and extended the term of the facility to January 27, 2013.
During the first three months of each year, net cash provided by operating activities was $1.7 million in 2011 and $0.6 million in 2010. The increase of cash provided by operating activities from 2010 to 2011 was primarily due to higher product prices received during 2011 compared to 2010 and increased cash flow provided by working capital. Cash flow provided by working capital was $0.4 million in 2011 and $(0.3) million was used in working capital in 2010 due primarily to an increase in accounts payable related to increased activity levels in the first three months of 2011. Net cash used in investing activities was $(2.6) million in 2011 and $(0.5) million in 2010. The increase in investing activities was primarily due to an increase in drilling and polymer work performed in 2011.
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