GREY:PRBEQ - Post by User
Comment by
smithgeeon Apr 29, 2016 3:30pm
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Post# 24826917
RE:Financials are out
RE:Financials are outRobert P. Murphy, Chief Executive Officer, commented that, "Despite the difficult commodity price environment, the Company successfully grew reserves, production and EBITDAX while simultaneously reducing operating costs by 30%-35% and G&A costs by 20%. The near-term outlook for the Company remains challenging as both commodity prices and U.S. Gulf of Mexico well service activity levels by third party customers remains relatively weak. However our Well Services backlog of contracted decommissioning business continues to provide substantial revenues and cash flow during this downturn in the industry. The Company also continues to evaluate multiple, large decommissioning opportunities that have arisen as a result of the commodity price downturn that has put many offshore Gulf of Mexico and international producing properties in a negative cash flow position."