Welcome!

Apache Authors: Mark R. Hinkle, Carmen Gonzalez, Roger Strukhoff, Liz McMillan, Elizabeth White

News Feed Item

Stone Energy Corporation Announces Second Quarter 2014 Results

LAFAYETTE, La., Aug. 5, 2014 /PRNewswire/ -- Stone Energy Corporation (NYSE: SGY) today announced financial and operational results for the second quarter of 2014. Some of the highlights include:

  • On schedule with Cardona/Cardona South development project
  • Sanctioned Amethyst development
  • Spud Utica test well in the Mary field
  • Equity offering raised $226 million
  • Sold non-core conventional shelf assets for $200 million

Chairman, President and Chief Executive Officer David Welch stated, "In the second quarter of 2014, we continued to execute our growth model by sanctioning our deep water Amethyst discovery, spudding the Utica shale test well, progressing our Cardona development project, obtaining an agreement to sell our non-core conventional shelf assets, and completing a successful equity offering.  The deep water Cardona project is expected to come on production less than six months after drilling was completed.  The divestiture of non-core shelf assets coupled with the equity offering were important steps in our growth plan as we look to secure a multi-year deep water rig contract, advance our deep water and deep gas exploration prospects, and evaluate development options for our Utica position.  Our deep water development projects and steady Appalachia drilling underpin our projected production growth through 2016, while our deep water portfolio, deep gas prospects and Utica position provide material exploration exposure into the future."

Financial Results

For the second quarter of 2014, Stone reported net income of $4.4 million, or $0.08 per share, on oil and gas revenue of $205.0 million, compared to net income of $25.9 million, or $0.52 per share, on oil and gas revenue of $222.6 million in the first quarter of 2014, and compared to net income of $39.0 million, or $0.78 per share, on oil and gas revenue of $243.5 million in the second quarter of 2013.  Lower natural gas and natural gas liquids (NGL) realized prices and a higher unit depreciation, depletion and amortization (DD&A) rate were the primary causes of the reduced earnings in the second quarter of 2014 compared to the first quarter of 2014.   

Discretionary cash flow totaled $117.5 million during the second quarter of 2014, as compared to $138.0 million during the first quarter of 2014, and as compared to $169.6 million during the second quarter of 2013. Please see "Non-GAAP Financial Measures" and the accompanying financial statements for a reconciliation of discretionary cash flow, a non-GAAP financial measure, to net cash flow provided by operating activities. 

Net daily production during the second quarter of 2014 averaged 44.1 thousand barrels of oil equivalent (MBoe) per day (264 million cubic feet of gas equivalent (MMcfe) per day), compared with net daily production of 44.8 MBoe (269 MMcfe) per day in the first quarter of 2014, and net daily production of 45.4 MBoe (272 MMcfe) per day in the second quarter of 2013.  Second quarter of 2014 production mix was 37% oil, 12% natural gas liquids and 51% natural gas.  Second quarter of 2014 production was negatively impacted by unscheduled third party pipeline downtime at the Mary field in West Virginia, a slight delay in bringing new Appalachian wells on production, paraffin plug at Main Pass 288 and scheduled downtime at the Pompano deep water platform.  All three fields have been returned to full production. 

For the third quarter of 2014 and full year 2014, the sale of the non-core shelf properties on July 31, 2014 has been reflected in the updated production guidance. Production volumes associated with these properties averaged approximately 48 MMcfe per day (58% natural gas) in July 2014. In July 2014, the Amberjack platform had scheduled pipeline maintenance which lasted approximately three weeks, which is also reflected in the third quarter production guidance. Production from over 30 Appalachian wells (four different pads) is expected to impact volumes for the third and fourth quarters and is reflected in the updated production guidance for 2014.

Prices realized during the second quarter of 2014 averaged $96.15 per barrel of oil, $34.12 per barrel of NGLs and $3.77 per Mcf of natural gas.  Average realized prices for the second quarter of 2013 were $104.41 per barrel of oil, $27.52 per barrel of NGLs and $4.07 per Mcf of natural gas. Effective hedging transactions decreased the average realized price of natural gas by $0.26 per Mcf and decreased the average realized price of oil by $4.15 per barrel in the second quarter of 2014.  Effective hedging transactions increased the average realized price of natural gas by $0.17 per Mcf and increased the average realized price of oil by $3.02 per barrel in the second quarter of 2013. 

Lease operating expenses during the second quarter of 2014 totaled $49.5 million ($12.34 per Boe or $2.06 per Mcfe), compared to $50.5 million ($12.23 per Boe or $2.04 per Mcfe), in the second quarter of 2013.  We expect lease operating expenses to decline in the second half of 2014 due to the sale of non-core shelf properties.

Depreciation, depletion and amortization (DD&A) on oil and gas properties for the second quarter of 2014 totaled $91.9 million ($22.93 per Boe or $3.82 per Mcfe), compared to $86.3 million ($20.88 per Boe or $3.48 per Mcfe), in the second quarter of 2013.  The increase in DD&A on a per unit basis was primarily due to the higher unit cost of reserve additions attributable to our GOM exploration program, which included the Amethyst, Cardona, Cardona South, Mica Deep and Tomcat projects.  We anticipate that DD&A on a unit of production basis will decrease slightly in the second half of 2014 with the expected booking of additional Appalachian reserves at a lower unit cost.

Salaries, general and administrative (SG&A) expenses for the second quarter of 2014 were $16.6 million ($4.15 per Boe or $0.69 per Mcfe), compared to $15.2 million ($3.68 per Boe or $0.61 per Mcfe), in the second quarter of 2013. 

Capital expenditures before capitalized SG&A and interest during the second quarter of 2014 were approximately $252.9 million, which includes $15.1 million of plugging and abandonment expenditures.  Additionally, $8.4 million of SG&A and $11.3 million of interest were capitalized during the second quarter of 2014.  This is compared to capital expenditures before capitalized SG&A and interest during the second quarter of 2013 of approximately $190.4 million, which includes $22.5 million of plugging and abandonment expenditures.  Additionally, $7.5 million of SG&A and $10.9 million of interest were capitalized during the second quarter of 2013.  Based on the results of our drilling program in the first half of 2014, we expect to have additional capital requirements in 2014 related to the development of our oil and gas properties, which may require an increase in our capital expenditure budget for 2014.

In May of 2014, Stone completed an equity offering, which generated $226 million in net proceeds after deducting the underwriting discount and offering expenses.  Stone sold 5.75 million shares of our common stock at a price to the public of $41.00 per share in the offering. 

On July 31, 2014, Stone Energy Corporation completed the previously announced sale of its non-core Gulf of Mexico conventional shelf properties to Talos Energy Offshore LLC for cash consideration of approximately $178 million, after giving effect to preliminary purchase price adjustments.  Talos also assumed the future undiscounted abandonment liabilities estimated at approximately $117 million. The effective date of the sale was April 1, 2014.  At December 31, 2013, the estimated proved reserves associated with these properties represented approximately 9% of Stone's year end 2013 total estimated proved reserves.  Production volumes associated with these properties averaged approximately 48 MMcfe per day (58% natural gas) in July 2014. Under the terms of the agreement, Stone will retain a four-year option for a 50% working interest in the deep drilling rights on the properties.

On June 24, 2014, Stone entered into an amended and restated revolving credit facility, which matures on July 1, 2019.   The initial borrowing base under the bank credit facility has been set at $500 million, an increase from the previous borrowing base of $400 million.  As of June 30 and August 5, 2014, there were no outstanding borrowings under the bank credit facility and $21.0 million in letters of credit had been issued, leaving $479.0 million of availability.  As of August 5, 2014, we had cash on hand of approximately $445 million

Operational Update   

Mississippi Canyon 29 – Cardona and Cardona South (Deep Water).  The downhole sections of the Cardona and Cardona South wells have been completed and the rig has been released.  The looped gathering system for both wells is being installed and is projected to be completed in the fourth quarter of 2014.  Both wells will be flowed back to the Stone owned (100%) and operated Pompano platform.  The combined gross rate is expected to be approximately 12,000 barrels of oil equivalent per day, with production expected by early first quarter of 2015.  The Cardona and Cardona South successes extend the productive zone of the Mississippi Canyon 29 TB-9 well to the adjacent fault blocks to the north and south, with potential for a second and third well in the fault block to the south.  Stone holds a 65% working interest in the project and is the operator.

Mississippi Canyon 26 – Amethyst (Deep Water).  A development plan for Amethyst was sanctioned early in the second quarter of 2014 and long lead items have been ordered for a single well tie-back to the Stone owned and operated Pompano platform, located less than five miles from the discovery.  Production is expected to begin in 2016.  The Amethyst discovery (100% working interest) encountered approximately 90 feet of net hydrocarbon pay.  Production results from the Amethyst well will assist in the evaluation of Stone's Derbio prospect located nearby. 

Amberjack Development Drill Program (Deep Water).  Stone expects to secure a platform rig for its Amberjack (Mississippi Canyon 109) drill program.  The rig is expected to become available in late 2014 or early 2015.  The program is expected to consist of four to six development wells. 

Pompano Development Drill Program (Deep Water).  Stone expects to secure a platform rig for its Pompano (Viosca Knoll 989) drill program.  It is anticipated that the rig will become available in late 2015.  The program is expected to consist of four to five development wells.

Mississippi Canyon 118 - Harrier (Deep Water).  The Harrier exploration well targets the Miocene interval and is projected to spud in early 2015.  Stone currently controls a 37% working interest in the prospect, which is operated by ConocoPhillips.  The well is estimated to take four months to drill. 

Walker Ridge 89 - Goodfellow (Deep Water).  The Goodfellow exploration well targets the Lower Tertiary and is projected to spud early in 2015.  Stone currently holds an approximate 13% working interest in the prospect, which is operated by Eni.  The well is estimated to take five months to drill. 

Utica Shale Test (Appalachian Basin).  Stone spudded a Utica shale test well late in the second quarter of 2014 on its existing acreage in the Mary field in West Virginia.  Stone plans to drill, log and take sidewall cores in a vertical well drilled through the Utica formation (11,000 feet true vertical depth).  Following evaluation of the vertical hole, Stone plans to plug back and drill a 3,750 foot horizontal lateral through the Point Pleasant member of the Utica shale. Intermediate casing has been set at 8,450 feet in preparation to drill the vertical section through the Utica formation.  The well is scheduled to be completed during the third quarter of 2014 with the production test commencing in the fourth quarter of 2014. 

Marcellus Shale Drilling Program Update (Appalachian Basin).  Stone drilled nine horizontal Marcellus shale wells and performed completion operations on 18 wells during the second quarter of 2014.  By year-end 2014, Stone expects to have drilled 32 to 38 wells and to have completed 28 to 34 wells in the Marcellus shale.

Marcellus Shale Production Update (Appalachian Basin).   During the second quarter of 2014, Stone averaged approximately 81 MMcfe per day (56 MMcf per day of gas and 4,200 barrels per day of liquids) from Stone's Marcellus shale position, despite a week of shut in production at the Mary field due to third party pipeline issues, which affected approximately 70 MMcfepd.  In the third quarter of 2014, Stone expects to bring the 10-well Howell pad online in the Mary field.  In addition, Stone plans to bring on the 8-well Stone pad, the 5-well Pribble pad (includes Utica test well), and the 8-well ZMBG pad during the fourth quarter of 2014.  In the Heather field, capacity limitations at the Mobley gas processing plant have restricted the 8-well Mills-Wetzel pad #3 from producing at full rate. This issue is expected to be resolved late in the third quarter of 2014.

West Cameron 176 - Tomcat (Deep Gas).  The Tomcat exploration well was tied back to the nearby Stone operated East Cameron 64 production platform and was brought online in June 2014.  The well is producing approximately 750 barrels of oil and 2.4 MMcf of gas per day.  Stone is 100% owner and operator of the well.

La Montana (Deep Gas).  A rig has been secured for the La Montana exploration well, which is expected to spud in late 2014 or the first half of 2015.   Stone is targeting a 75% working interest in the project and is the operator.  The well is estimated to take four months to drill.

Cayenne (Deep Gas).  The Cayenne exploration well, slated to use the same rig as the La Montana exploration well, is expected to spud in the second or third quarter of 2015.   Stone holds a 50% working interest in the project and is the operator. The well is estimated to take four months to drill.

2014 Guidance

Guidance for the third quarter and full year 2014 is shown in the table below (updated guidance numbers are italicized and bolded).  The guidance for Production and Lease operating expenses has been adjusted to account for the sale of the non-core conventional shelf properties, which closed on July 31, 2014.  Without the sale of these properties, the previous guidance for production and lease operating expenses for the full year would have been reaffirmed. Based on the results of our drilling program in the first half of 2014, we expect to have additional capital requirements which may require an increase in our capital expenditure budget for 2014. The guidance is subject to all the cautionary statements and limitations described below and under the caption "Forward Looking Statements." 


Third Quarter


Full Year





Production - MBoe per day

                   (MMcfe per day)

37-39

(222 - 234)


41-44

(246  - 264)





Lease operating  expenses (in millions)

(excluding transportation/processing expenses)

-


$175 - $195





Transportation, processing and gathering (in millions)

-


$56 - $68





Salaries, General & Administrative expenses (in millions)

-


$65 - $69

(excluding incentive compensation)

 




Depreciation, Depletion & Amortization (per Boe)

-


$21.00 - $22.50

                                                              (per Mcfe)



$3.50 - $3.75





Corporate Tax Rate (%)

-


36% - 38%





Capital Expenditure Budget (in millions)

-


$825

      (excluding acquisitions)




 

Hedge Position

The following table illustrates our derivative positions for 2014, 2015 and 2016 as of August 5, 2014: 


Fixed-Price Swaps


NYMEX (except where noted)


Natural Gas


Oil


Daily

Volume

(MMBtus/d)


Swap
Price


Daily

Volume

(Bbls/d)


Swap

Price









2014

10,000


$4.000


1,000


$90.06

2014

10,000


4.040


    1,000**


90.25

2014

10,000


4.105


1,000


92.25

2014

10,000


4.190


1,000


93.55

2014

  10,000*


4.250


1,000


94.00

2014

10,000


4.250


1,000


98.00

2014

10,000


4.350


1,000


98.30

2014





      2,000***


98.85

2014





1,000


99.65

2014





  1,000†


103.30

2015

10,000


4.005


1,000


89.00

2015

10,000


4.120


1,000


90.00

2015

10,000


4.150


1,000


90.25

2015

10,000


4.165


1,000


90.40

2015

10,000


4.220


1,000


93.28

2015

10,000


4.255


1,000


93.37

2015





1,000


94.85

2015





1,000


95.00

2016

10,000


4.110





2016

10,000


4.120














     * February - December

   ** October - December

 *** January - June

     † Brent oil contract

 

Other Information

Stone Energy has planned a conference call for 9:00 a.m. Central Time on Wednesday, August 6, 2014 to discuss the operational and financial results for the second quarter of 2014. Anyone wishing to participate should visit our website at www.StoneEnergy.com for a live web cast or dial 1-877-228-3598 and request the "Stone Energy Call."  If you are unable to participate in the original conference call, a replay will be available immediately following the completion of the call on Stone Energy's website.  The replay will be available for one month.

Non-GAAP Financial Measures

In this press release, we refer to a non-GAAP financial measure we call "discretionary cash flow."  Management believes discretionary cash flow is a financial indicator of our company's ability to internally fund capital expenditures and service debt.  Management also believes this non-GAAP financial measure of cash flow is useful information to investors because it is widely used by professional research analysts in the valuation, comparison, rating and investment recommendations of companies in the oil and gas exploration and production industry. Discretionary cash flow should not be considered an alternative to net cash provided by operating activities or net income, as defined by GAAP.  Please see the "Reconciliation of Non-GAAP Financial Measure" for a reconciliation of discretionary cash flow to cash flow provided by operating activities.

Forward Looking Statements

Certain statements in this press release are forward-looking and are based upon Stone's current belief as to the outcome and timing of future events. All statements, other than statements of historical facts, that address activities that Stone plans, expects, believes, projects, estimates or anticipates will, should or may occur in the future, including future production of oil and gas, future capital expenditures and drilling of wells and future financial or operating results are forward-looking statements.  Important factors that could cause actual results to differ materially from those in the forward-looking statements herein include the timing and extent of changes in commodity prices for oil and gas, operating risks, liquidity risks, political and regulatory developments and legislation, including developments and legislation relating to our operations in the Gulf of Mexico and Appalachia, and other risk factors and known trends and uncertainties as described in Stone's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q as filed with the SEC. Should one or more of these risks or uncertainties occur, or should underlying assumptions prove incorrect, Stone's actual results and plans could differ materially from those expressed in the forward-looking statements.

Estimates for Stone's future production volumes are based on assumptions of capital expenditure levels and the assumption that market demand and prices for oil and gas will continue at levels that allow for economic production of these products. The production, transportation and marketing of oil and gas are subject to disruption due to transportation and processing availability, mechanical failure, human error, hurricanes and numerous other factors.  Stone's estimates are based on certain other assumptions, such as well performance, which may vary significantly from those assumed. Delays experienced in well permitting could affect the timing of drilling and production. Lease operating expenses, which include major maintenance costs, vary in response to changes in prices of services and materials used in the operation of our properties and the amount of maintenance activity required.  Estimates of DD&A rates can vary according to reserve additions, capital expenditures, future development costs, and other factors. Therefore, we can give no assurance that our future production volumes, lease operating expenses or DD&A rates will be as estimated.

Stone Energy is an independent oil and natural gas exploration and production company headquartered in Lafayette, Louisiana with additional offices in New Orleans, Houston and Morgantown, West Virginia. Stone is engaged in the acquisition, exploration, and development of properties in the Deep Water Gulf of Mexico, Appalachia, and the onshore and offshore Gulf Coast. For additional information, contact Kenneth H. Beer, Chief Financial Officer, at 337-521-2210 phone, 337-521-9880 fax or via e-mail at [email protected].

STONE ENERGY CORPORATION
 SUMMARY STATISTICS
 (In thousands, except per share/unit amounts)
 (Unaudited) 






Three Months Ended

June 30,


Six Months Ended

June 30,


2014


2013


2014


2013

FINANCIAL RESULTS








       Net income

$4,444


$39,022


$30,387


$79,780

       Net income per share

$0.08


$0.78


$0.59


$1.60










PRODUCTION QUANTITIES









  Oil (MBbls)

1,481


1,767


2,899


3,434


  Gas (MMcf)

12,363


11,745


25,004


22,103


  Natural gas liquids (MBbls)

467


407


977


623


  Oil, gas and NGLs (MBoe)

4,009


4,132


8,043


7,741


  Oil, gas and NGLs (MMcfe)

24,051


24,789


48,260


46,445










AVERAGE DAILY PRODUCTION









  Oil (MBbls)

16.3


19.4


16.0


19.0


  Gas (MMcf)

135.9


129.1


138.1


122.1


  Natural gas liquids (MBbls)

5.1


4.5


5.4


3.4


  Oil, gas and NGLs (MBoe)

44.1


45.4


44.4


42.8


  Oil, gas and NGLs (MMcfe)

264.3


272.4


266.6


256.6










REVENUE DATA









  Oil revenue

$142,393


$184,498


$280,682


$371,423


  Gas revenue

46,667


47,832


103,029


84,654


  Natural gas liquids revenue

15,936


11,200


43,906


20,378


  Total oil, gas and NGL revenue

$204,996


$243,530


$427,617


$476,455










AVERAGE PRICES









Prior to the cash settlement of effective hedging transactions:









  Oil (per Bbl)

$100.30


$101.39


$99.80


$105.28


  Gas (per Mcf)

4.03


3.90


4.43


3.56


  Natural gas liquids (per Bbl)

34.12


27.52


44.94


32.71


  Oil, gas and NGLs (per Boe)

53.44


57.16


55.20


59.50


  Oil, gas and NGLs (per Mcfe)

8.91


9.53


9.20


9.92


Including the cash settlement of effective hedging transactions:









  Oil (per Bbl)

$96.15


$104.41


$96.82


$108.16


  Gas (per Mcf)

3.77


4.07


4.12


3.83


  Natural gas liquids (per Bbl)

34.12


27.52


44.94


32.71


  Oil, gas and NGLs (per Boe)

51.13


58.94


53.17


61.55


  Oil, gas and NGLs (per Mcfe)

8.52


9.82


8.86


10.26










COST DATA









  Lease operating expenses

$49,454


$50,517


$96,357


$103,561


  Salaries, general and administrative expenses

16,637


15,198


32,966


29,150


  DD&A expense on oil and gas properties

91,921


86,295


173,709


160,827










AVERAGE COSTS









  Lease operating expenses (per Boe)

$12.34


$12.23


$11.98


$13.38


  Lease operating expenses (per Mcfe)

2.06


2.04


2.00


2.23


  Salaries, general and administrative expenses (per Boe)

4.15


3.68


4.10


3.77


  Salaries, general and administrative expenses (per Mcfe)

0.69


0.61


0.68


0.63


  DD&A expense on oil and gas properties (per Boe)

22.93


20.88


21.60


20.78


  DD&A expense on oil and gas properties (per Mcfe)

3.82


3.48


3.60


3.46

AVERAGE SHARES OUTSTANDING – Diluted

52,373


48,725


50,727


48,691

 


STONE ENERGY CORPORATION

CONSOLIDATED STATEMENT OF OPERATIONS

(In thousands)

(Unaudited)












Three Months Ended

June 30,


Six Months Ended

June 30,



2014


2013


2014


2013










        Operating revenue:









         Oil production


$142,393


$184,498


$280,682


$371,423

         Gas production


46,667


47,832


103,029


84,654

          Natural gas liquids production


15,936


11,200


43,906


20,378

         Other operational income


2,050


979


3,047


1,786

         Derivative income, net


0


1,368


0


147

                     Total operating revenue


207,046


245,877


430,664


478,388










       Operating expenses:









         Lease operating expenses


49,454


50,517


96,357


103,561

         Transportation, processing and gathering


14,098


8,896


28,724


14,293

         Other operational expense


0


73


212


145

         Production taxes


3,257


4,091


6,319


6,180

         Depreciation, depletion and amortization


92,835


87,209


175,481


162,644

         Accretion expense


7,733


8,318


15,288


16,581

         Salaries, general and administrative expenses


16,637


15,198


32,966


29,150

         Incentive compensation expense


3,903


2,050


7,037


3,481

          Derivative expense, net


2,516


0


3,115


0

                    Total operating expenses


190,433


176,352


365,499


336,035










       Income from operations


16,613


69,525


65,165


142,353










       Other (income) expenses:









         Interest expense


9,913


8,895


18,270


18,530

         Interest income


(193)


(115)


(336)


(232)

         Other income, net


(722)


(682)


(1,429)


(1,408)

         Other expense


179


0


179


0

                    Total other expenses


9,177


8,098


16,684


16,890










        Income before taxes


7,436


61,427


48,481


125,463










        Provision (benefit) for income taxes:









         Current


0


(6,993)


0


(10,739)

         Deferred


2,992


29,398


18,094


56,422

                     Total income taxes


2,992


22,405


18,094


45,683










      Net income


$4,444


$39,022


$30,387


$79,780



















STONE ENERGY CORPORATION

RECONCILIATION OF NON-GAAP FINANCIAL MEASURE

(In thousands)

(Unaudited)












Three Months Ended

June 30,


Six Months Ended

June 30,



2014


2013


2014


2013










Net income as reported


$4,444


$39,022


$30,387


$79,780










Reconciling items:









Depreciation, depletion and amortization


92,835


87,209


175,481


162,644

Deferred income tax provision


2,992


29,398


18,094


56,422

Accretion expense


7,733


8,318


15,288


16,581

Stock compensation expense


3,111


2,570


5,358


4,866

Non-cash interest expense


4,159


4,140


8,229


8,181

Other


2,249


(1,074)


2,697


207

Discretionary cash flow


117,523


169,583


255,534


328,681










Changes in income taxes payable


(6)


(6,997)


(6)


(16,399)

Settlement of asset retirement obligations


(15,073)


(22,455)


(24,915)


(37,335)

Other working capital changes


39,044


(10,924)


26,347


1,026










Net cash provided by operating activities


$141,488


$129,207


$256,960


$275,973










 


 

STONE ENERGY CORPORATION

CONSOLIDATED BALANCE SHEET

(In thousands)

(Unaudited)



June 30,


December 31,



2014


2013

Assets





Current assets:





         Cash and cash equivalents


$333,886


$331,224

         Accounts receivable


197,495


171,971

         Fair value of derivative contracts


-


4,549

         Current income tax receivable


7,372


7,366

         Deferred taxes


36,308


31,710

         Inventory


3,723


3,723

         Other current assets


1,955


1,874

              Total current assets


580,739


552,417






Oil and gas properties, full cost method of accounting:





Proved


8,520,195


7,804,117

Less: accumulated depreciation, depletion and amortization


(6,144,815)


(5,908,760)

Net proved oil and gas properties 


2,375,380


1,895,357

Unevaluated


554,201


724,339

Other property and equipment, net


28,302


26,178

Fair value of derivative contracts


415


1,378

Other assets, net


43,015


48,887

         Total assets


$3,582,052


$3,248,556






Liabilities and Stockholders' Equity





Current liabilities:





         Accounts payable to vendors


$193,900


$195,677

         Undistributed oil and gas proceeds


62,927


37,029

         Accrued interest


9,025


9,022

         Fair value of derivative contracts


25,711


7,753

         Asset retirement obligations


77,132


67,161

         Other current liabilities


79,539


54,520

               Total current liabilities


448,234


371,162






7 1/2% Senior Notes due 2022


775,000


775,000

1 3/4% Senior Convertible Notes due 2017


258,931


252,084

Deferred taxes


404,188


390,693

Asset retirement obligations


431,060


435,352

Fair value of derivative contracts


5,251


470

Other long-term liabilities


47,843


53,509

        Total liabilities


2,370,507


2,278,270






Common stock


549


488

Treasury stock


(860)


(860)

Additional paid-in capital


1,624,795


1,397,885

Accumulated deficit


(394,778)


(425,165)

Accumulated other comprehensive loss


(18,161)


(2,062)

         Total stockholders' equity


1,211,545


970,286

         Total liabilities and stockholders' equity


$3,582,052


$3,248,556

 

Stone Energy Corporation Logo.

 

Logo - http://photos.prnewswire.com/prnh/20130429/MM04099LOGO

SOURCE Stone Energy Corporation

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
The Internet of Things will greatly expand the opportunities for data collection and new business models driven off of that data. In her session at Internet of @ThingsExpo, Esmeralda Swartz, CMO of MetraTech, will discuss how for this to be effective you not only need to have infrastructure and operational models capable of utilizing this new phenomenon, but increasingly service providers will need to convince a skeptical public to participate. Get ready to show them the money! Speaker Bio: Esmeralda Swartz, CMO of MetraTech, has spent 16 years as a marketing, product management, and busin...
Samsung VP Jacopo Lenzi, who headed the company's recent SmartThings acquisition under the auspices of Samsung's Open Innovaction Center (OIC), answered a few questions we had about the deal. This interview was in conjunction with our interview with SmartThings CEO Alex Hawkinson. IoT Journal: SmartThings was developed in an open, standards-agnostic platform, and will now be part of Samsung's Open Innovation Center. Can you elaborate on your commitment to keep the platform open? Jacopo Lenzi: Samsung recognizes that true, accelerated innovation cannot be driven from one source, but requires a...
SYS-CON Events announced today that Red Hat, the world's leading provider of open source solutions, will exhibit at Internet of @ThingsExpo, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Red Hat is the world's leading provider of open source software solutions, using a community-powered approach to reliable and high-performing cloud, Linux, middleware, storage and virtualization technologies. Red Hat also offers award-winning support, training, and consulting services. As the connective hub in a global network of enterprises, partners, a...
P2P RTC will impact the landscape of communications, shifting from traditional telephony style communications models to OTT (Over-The-Top) cloud assisted & PaaS (Platform as a Service) communication services. The P2P shift will impact many areas of our lives, from mobile communication, human interactive web services, RTC and telephony infrastructure, user federation, security and privacy implications, business costs, and scalability. In his session at Internet of @ThingsExpo, Robin Raymond, Chief Architect at Hookflash Inc., will walk through the shifting landscape of traditional telephone a...
SYS-CON Events announced today that Matrix.org has been named “Silver Sponsor” of Internet of @ThingsExpo, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Matrix is an ambitious new open standard for open, distributed, real-time communication over IP. It defines a new approach for interoperable Instant Messaging and VoIP based on pragmatic HTTP APIs and WebRTC, and provides open source reference implementations to showcase and bootstrap the new standard. Our focus is on simplicity, security, and supporting the fullest feature set.
BSQUARE is a global leader of embedded software solutions. We enable smart connected systems at the device level and beyond that millions use every day and provide actionable data solutions for the growing Internet of Things (IoT) market. We empower our world-class customers with our products, services and solutions to achieve innovation and success. For more information, visit www.bsquare.com.
How do APIs and IoT relate? The answer is not as simple as merely adding an API on top of a dumb device, but rather about understanding the architectural patterns for implementing an IoT fabric. There are typically two or three trends: Exposing the device to a management framework Exposing that management framework to a business centric logic • Exposing that business layer and data to end users. This last trend is the IoT stack, which involves a new shift in the separation of what stuff happens, where data lives and where the interface lies. For instance, it’s a mix of architectural style...
SYS-CON Events announced today that SOA Software, an API management leader, will exhibit at SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. SOA Software is a leading provider of API Management and SOA Governance products that equip business to deliver APIs and SOA together to drive their company to meet its business strategy quickly and effectively. SOA Software’s technology helps businesses to accelerate their digital channels with APIs, drive partner adoption, monetize their assets, and achieve a...
From a software development perspective IoT is about programming "things," about connecting them with each other or integrating them with existing applications. In his session at @ThingsExpo, Yakov Fain, co-founder of Farata Systems and SuranceBay, will show you how small IoT-enabled devices from multiple manufacturers can be integrated into the workflow of an enterprise application. This is a practical demo of building a framework and components in HTML/Java/Mobile technologies to serve as a platform that can integrate new devices as they become available on the market.
SYS-CON Events announced today that Utimaco will exhibit at SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Utimaco is a leading manufacturer of hardware based security solutions that provide the root of trust to keep cryptographic keys safe, secure critical digital infrastructures and protect high value data assets. Only Utimaco delivers a general-purpose hardware security module (HSM) as a customizable platform to easily integrate into existing software solutions, embed business logic and build s...
Connected devices are changing the way we go about our everyday life, from wearables to driverless cars, to smart grids and entire industries revolutionizing business opportunities through smart objects, capable of two-way communication. But what happens when objects are given an IP-address, and we rely on that connection, sometimes with our lives? How do we secure those vast data infrastructures and safe-keep the privacy of sensitive information? This session will outline how each and every connected device can uphold a core root of trust via a unique cryptographic signature – a “bir...
Internet of @ThingsExpo Silicon Valley announced on Thursday its first 12 all-star speakers and sessions for its upcoming event, which will take place November 4-6, 2014, at the Santa Clara Convention Center in California. @ThingsExpo, the first and largest IoT event in the world, debuted at the Javits Center in New York City in June 10-12, 2014 with over 6,000 delegates attending the conference. Among the first 12 announced world class speakers, IBM will present two highly popular IoT sessions, which will take place November 4-6, 2014 at the Santa Clara Convention Center in Santa Clara, Calif...
Almost everyone sees the potential of Internet of Things but how can businesses truly unlock that potential. The key will be in the ability to discover business insight in the midst of an ocean of Big Data generated from billions of embedded devices via Systems of Discover. Businesses will also need to ensure that they can sustain that insight by leveraging the cloud for global reach, scale and elasticity.
WebRTC defines no default signaling protocol, causing fragmentation between WebRTC silos. SIP and XMPP provide possibilities, but come with considerable complexity and are not designed for use in a web environment. In his session at Internet of @ThingsExpo, Matthew Hodgson, technical co-founder of the Matrix.org, will discuss how Matrix is a new non-profit Open Source Project that defines both a new HTTP-based standard for VoIP & IM signaling and provides reference implementations.

SUNNYVALE, Calif., Oct. 20, 2014 /PRNewswire/ -- Spansion Inc. (NYSE: CODE), a global leader in embedded systems, today added 96 new products to the Spansion® FM4 Family of flexible microcontrollers (MCUs). Based on the ARM® Cortex®-M4F core, the new MCUs boast a 200 MHz operating frequency and support a diverse set of on-chip peripherals for enhanced human machine interfaces (HMIs) and machine-to-machine (M2M) communications. The rich set of periphera...

SYS-CON Events announced today that Aria Systems, the recurring revenue expert, has been named "Bronze Sponsor" of SYS-CON's 15th International Cloud Expo®, which will take place on November 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Aria Systems helps leading businesses connect their customers with the products and services they love. Industry leaders like Pitney Bowes, Experian, AAA NCNU, VMware, HootSuite and many others choose Aria to power their recurring revenue business and deliver exceptional experiences to their customers.
The Internet of Things (IoT) is going to require a new way of thinking and of developing software for speed, security and innovation. This requires IT leaders to balance business as usual while anticipating for the next market and technology trends. Cloud provides the right IT asset portfolio to help today’s IT leaders manage the old and prepare for the new. Today the cloud conversation is evolving from private and public to hybrid. This session will provide use cases and insights to reinforce the value of the network in helping organizations to maximize their company’s cloud experience.
The Internet of Things (IoT) is making everything it touches smarter – smart devices, smart cars and smart cities. And lucky us, we’re just beginning to reap the benefits as we work toward a networked society. However, this technology-driven innovation is impacting more than just individuals. The IoT has an environmental impact as well, which brings us to the theme of this month’s #IoTuesday Twitter chat. The ability to remove inefficiencies through connected objects is driving change throughout every sector, including waste management. BigBelly Solar, located just outside of Boston, is trans...
SYS-CON Events announced today that Matrix.org has been named “Silver Sponsor” of Internet of @ThingsExpo, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Matrix is an ambitious new open standard for open, distributed, real-time communication over IP. It defines a new approach for interoperable Instant Messaging and VoIP based on pragmatic HTTP APIs and WebRTC, and provides open source reference implementations to showcase and bootstrap the new standard. Our focus is on simplicity, security, and supporting the fullest feature set.
Predicted by Gartner to add $1.9 trillion to the global economy by 2020, the Internet of Everything (IoE) is based on the idea that devices, systems and services will connect in simple, transparent ways, enabling seamless interactions among devices across brands and sectors. As this vision unfolds, it is clear that no single company can accomplish the level of interoperability required to support the horizontal aspects of the IoE. The AllSeen Alliance, announced in December 2013, was formed with the goal to advance IoE adoption and innovation in the connected home, healthcare, education, aut...