Oklahoman Business section cover brief
Panhandle records $1.9 million loss
Panhandle Oil and Gas on Thursday reported a net loss of about $1.9 million, or 11 cents a share, in its latest quarterly results.
The company said its fiscal second-quarter result was based on revenues of about $7.6 million and adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of about $4 million.
During the same quarter of 2018, the company earned a net income of about $1 million, or 6 cents per share, on revenues of about $11.4 million and adjusted EBITDA of about $7.4 million.
“During the first half of fiscal 2019, we continued to execute our corporate strategy of optimizing our mineral portfolio, maintaining a strong financial position and generating optimal cash flow,” CEO Paul F. Blanchard Jr. stated in the earnings release.
Blanchard said the company successfully sold acreage it held in New Mexico, bought acreage in the STACK play of the Anadarko Basin and repurchased about $4 million of its stock over the past six months.
“Our unique mineral holdings, including large portions of both leased and open minerals in key areas, provide us with several levers to generate significant cash flow, moving forward,” Blanchard stated.