Isramco Inc. (ISRL, Financial) filed Quarterly Report for the period ended 2009-03-31.
ISRAMCO and subsidiaries is engaged in the acquisition exploration operation and development of oil and gas properties and the temporary investment of surplus funds in securities. As of December 31 1999 they own properties in Texas Louisiana Oklahoma Wyoming New Mexico the Republic of Congo Africa and approximately a .5% working interest in various properties located in Israel. Isramco Inc. has a market cap of $107.4 million; its shares were traded at around $39.53 with a P/E ratio of 20.5 and P/S ratio of 2.
At March 31, 2009, our total debt was $140,222 thousand compared to total debt of $146,098 thousand at year-end 2008. As of March 31, 2009, current debt included $15,000 thousand as current maturities of the Revolving Credit Facilities. However, the Company is not obligated to repay this facility prior to the due date, except for such payments as may be required under the credit agreements in the event of a redetermination and reduction of the borrowing base. The entire $15,000 thousand that was recorded as due as of March 31, 2009 is attributable of management s decision to further reduce the debt under the credit facilities below the borrowing base. As of December 31, 2008, current debt included $21,000 thousand as current maturities, which $19,750 thousand was due to management s decision to continue payments to reduce debt below the borrowing base.
Net cash provided by operating activities increased in 2009 primarily due to the GFB acquisition we had during 2008, our commodity price hedging activities which partially offset by declines in oil and natural gas revenues, this decline was primarily attributable to lower average oil and gas prices for the quarter ended March 31, 2009 of $37.75/bbl and $3.92/mcf compared to $96.52/bbl and $8.78/mcf for the quarter ended March 31, 2008.
The primary component of cash used in financing activities in 2009 is repayments of Senior Credit Agreements ($4,950) thousands. The primary component of cash provided by financing activities in 2008 is proceeds from long-term loans obtained from related parties ($49,939) thousands and Senior Credit Agreements ($54,000) thousands.
Income (Loss) from continuing Operations, in the first quarter of 2009, Isramco s income from continuing operations was $1,790 thousand, or $0.66 per share. This compared to loss from continuing operations of $7,646 thousand, or $2.81 per share, for the first quarter of 2008.
Our average natural gas price for the first quarter of 2009 decreased by 55% or $4.86 per Mcf when compared to the same period of 2008. Our average crude oil price for the first quarter of 2009 decreased by 61% or $58.77 per Bbl when compared to the same period of 2008. Our average natural gas liquids price for the first quarter of 2009 decreased by 53% or $27.18 per Bbl when compared to the same period of 2008.
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ISRAMCO and subsidiaries is engaged in the acquisition exploration operation and development of oil and gas properties and the temporary investment of surplus funds in securities. As of December 31 1999 they own properties in Texas Louisiana Oklahoma Wyoming New Mexico the Republic of Congo Africa and approximately a .5% working interest in various properties located in Israel. Isramco Inc. has a market cap of $107.4 million; its shares were traded at around $39.53 with a P/E ratio of 20.5 and P/S ratio of 2.
Highlight of Business Operations:
During the three month period ended March 31, 2009, our credit availability under the revolving credit facilities in place between our wholly owned subsidiaries and two commercial banking lenders was reduced from $81,000 thousand to $65,400 thousand (for both facilities together) as a result of the reduction in the relevant borrowing base. The reduction is primarily due to the dramatic decline in the commodity prices year-over-year. Under the reduced facility availability, we can borrow up to a maximum of $65,400 thousand, of which approximately $59,250 thousand is currently outstanding. Management currently believes that the reduced availability provides the liquidity needed to meet our expected working capital needs for 2009.At March 31, 2009, our total debt was $140,222 thousand compared to total debt of $146,098 thousand at year-end 2008. As of March 31, 2009, current debt included $15,000 thousand as current maturities of the Revolving Credit Facilities. However, the Company is not obligated to repay this facility prior to the due date, except for such payments as may be required under the credit agreements in the event of a redetermination and reduction of the borrowing base. The entire $15,000 thousand that was recorded as due as of March 31, 2009 is attributable of management s decision to further reduce the debt under the credit facilities below the borrowing base. As of December 31, 2008, current debt included $21,000 thousand as current maturities, which $19,750 thousand was due to management s decision to continue payments to reduce debt below the borrowing base.
Net cash provided by operating activities increased in 2009 primarily due to the GFB acquisition we had during 2008, our commodity price hedging activities which partially offset by declines in oil and natural gas revenues, this decline was primarily attributable to lower average oil and gas prices for the quarter ended March 31, 2009 of $37.75/bbl and $3.92/mcf compared to $96.52/bbl and $8.78/mcf for the quarter ended March 31, 2008.
The primary component of cash used in financing activities in 2009 is repayments of Senior Credit Agreements ($4,950) thousands. The primary component of cash provided by financing activities in 2008 is proceeds from long-term loans obtained from related parties ($49,939) thousands and Senior Credit Agreements ($54,000) thousands.
Income (Loss) from continuing Operations, in the first quarter of 2009, Isramco s income from continuing operations was $1,790 thousand, or $0.66 per share. This compared to loss from continuing operations of $7,646 thousand, or $2.81 per share, for the first quarter of 2008.
Our average natural gas price for the first quarter of 2009 decreased by 55% or $4.86 per Mcf when compared to the same period of 2008. Our average crude oil price for the first quarter of 2009 decreased by 61% or $58.77 per Bbl when compared to the same period of 2008. Our average natural gas liquids price for the first quarter of 2009 decreased by 53% or $27.18 per Bbl when compared to the same period of 2008.
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