Isramco Inc. (ISRL, Financial) filed Quarterly Report for the period ended 2009-09-30.
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 $233.5 million; its shares were traded at around $85.91 with a P/E ratio of 6 and P/S ratio of 4.5.
At September 30, 2009, our total debt was $134,746 thousand compared to total debt of $146,098 thousand at year-end 2008. As of September 30, 2009, current debt included $11,000 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 $11,000 thousand that was recorded as due as of September 30, 2009 is attributable to 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 acquisition of oil and gas interests in March 2008 from GFB Acquisition –I, L.P. (“GFB”) and our commodity price hedging activities which was in turn partially offset by the declines in oil and natural gas revenues, which were primarily attributable to lower average oil and gas prices for the quarter ended September 30, 2009 of $52.08/bbl and $3.38/mcf, compared to $115.73/bbl and $9.58/mcf for the period ended September 30, 2008.
Financing Activities, Net cash flows provided by (used in) financing activities were $(16,423) thousand and $91,475 thousand for the nine months ended September 30, 2009 and 2008, respectively.
The primary component of cash used in financing activities in 2009 is repayments made in respect of the Senior Credit Agreements in the amount of $18,050 thousand. The primary component of cash provided by financing activities in 2008 is proceeds from long-term loans obtained from related parties of $48,359 thousand and from the Senior Credit Agreements in the amount of $54,000 thousand.
Loss from continuing Operations, In the three months ended September 30, 2009, Isramco s income from continuing operations was ($2,018) thousand, or ($0.74) per share, compared to gain from continuing operations of $34,488 thousand, or $12.69 per share, for the same corresponding period in 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 $233.5 million; its shares were traded at around $85.91 with a P/E ratio of 6 and P/S ratio of 4.5.
Highlight of Business Operations:
During the nine month period ended September 30, 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 $56,400 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 commodity prices year-over-year. Under the reduced facility available, we can borrow up to a maximum of $56,400 thousand, of which approximately $46,150 thousand is currently outstanding. Management currently believes that the reduced availability continues to provide the liquidity needed to meet our expected working capital needs for the balance of fiscal 2009.At September 30, 2009, our total debt was $134,746 thousand compared to total debt of $146,098 thousand at year-end 2008. As of September 30, 2009, current debt included $11,000 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 $11,000 thousand that was recorded as due as of September 30, 2009 is attributable to 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 acquisition of oil and gas interests in March 2008 from GFB Acquisition –I, L.P. (“GFB”) and our commodity price hedging activities which was in turn partially offset by the declines in oil and natural gas revenues, which were primarily attributable to lower average oil and gas prices for the quarter ended September 30, 2009 of $52.08/bbl and $3.38/mcf, compared to $115.73/bbl and $9.58/mcf for the period ended September 30, 2008.
Financing Activities, Net cash flows provided by (used in) financing activities were $(16,423) thousand and $91,475 thousand for the nine months ended September 30, 2009 and 2008, respectively.
The primary component of cash used in financing activities in 2009 is repayments made in respect of the Senior Credit Agreements in the amount of $18,050 thousand. The primary component of cash provided by financing activities in 2008 is proceeds from long-term loans obtained from related parties of $48,359 thousand and from the Senior Credit Agreements in the amount of $54,000 thousand.
Loss from continuing Operations, In the three months ended September 30, 2009, Isramco s income from continuing operations was ($2,018) thousand, or ($0.74) per share, compared to gain from continuing operations of $34,488 thousand, or $12.69 per share, for the same corresponding period in 2008.
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