STONE ENERGY CORPORATION (NYSE:SGY) Files An 8-K Results of Operations and Financial Condition
Item 2.02. Results of Operations and Financial Condition.
our fourth quarter and year-end 2016 results and reserves. The
press release is furnished as Exhibit 99.1 to this Current Report
on Form 8-K and is incorporated by reference herein. The press
release contains non-GAAP financial measures we call adjusted net
loss and discretionary cash flow (discussed below) that may be
deemed non-GAAP financial measures as defined in Item 10 of
Regulation S-K under the Securities Exchange Act of 1934 (the
Exchange Act). The most directly comparable generally accepted
accounting principle (GAAP) financial measure and information
reconciling the GAAP and non-GAAP financial measures adjusted net
loss and discretionary cash flow are also included in the press
release.
call discretionary cash flow and adjusted net loss. Management
believes that these non-GAAP financial measures of discretionary
cash flow and adjusted net loss are useful to investors because
they are 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.
Management believes that discretionary cash flow is a financial
indicator of our companys ability to internally fund capital
expenditures and service debt. Discretionary cash flow should not
be considered an alternative to net cash provided by operating
activities or net income or loss, as defined by GAAP.
Discretionary cash flow equals cash flows from operating
activities before changes in operating assets and liabilities.
on Form 8-K is hereby incorporated in Item 7.01 by reference.
information in this report, including Exhibit 99.1, shall not be
deemed filed for the purposes of Section 18 of the Exchange Act
or otherwise subject to the liabilities of that section, nor
shall such information, including Exhibit 99.1, be deemed
incorporated by reference in any filing under the Securities Act
of 1933 or the Exchange Act, except as shall be expressly set
forth by specific reference in such filing.
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99.1
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Press release dated February 23, 2017, Stone Energy
Corporation Announces Fourth Quarter and Year-end 2016 Results and Reserves |
About STONE ENERGY CORPORATION (NYSE:SGY)
Stone Energy Corporation is an independent oil and natural gas company. The Company is engaged in the acquisition, exploration, exploitation, development and operation of oil and gas properties. The Company operates in the Gulf of Mexico (GOM) basin. It has leveraged its operations in the GOM conventional shelf and has its reserve base in the prolific basins of the GOM deep water, Gulf Coast deep gas, and the Marcellus and Utica shales in Appalachia. Its estimated proved oil and natural gas reserves are over 60 million barrels of oil equivalents (MMBoe) or 340 billion cubic feet equivalent (Bcfe). Over 95 MMBoe or 570 Bcfe of its estimated proved reserves are revised downward. It has made investments in seismic data and leasehold interests, and has geological, geophysical, engineering and operational operations in deep water arena to evaluate potential exploration, development and acquisition opportunities. It holds over two deep water platforms, producing reserves and various leases. STONE ENERGY CORPORATION (NYSE:SGY) Recent Trading Information
STONE ENERGY CORPORATION (NYSE:SGY) closed its last trading session down -0.15 at 6.21 with 303,146 shares trading hands.
