June 2

Brigham Minerals, Inc. Reports Fourth Quarter and Full Year 2020 Operating and Financial Results

first_img — 1,120 By Digital AIM Web Support – April 6, 2021 300 3,629 4.40 345 $ — Net loss totaling $47.0 millionAdjusted Net Income (1) of $2.7 million excluding $49.7 million after-tax impairment of oil and gas propertiesAdjusted EBITDA ex lease bonus (1) totaling $17.2 million up 13% sequentially from Q3 2020 3% 13,233 59,564 Current liabilities: $ $ 169 — Natural gas ($/Mcf) Declared Q4 2020 dividend of $0.26 per share of Class A common stockUp 8% sequentially from Q3 2020Dividend represents a 90% payout of Discretionary Cash Flow (1) with retained cash utilized to fund mineral acquisitions CASH FLOWS FROM FINANCING ACTIVITIES 0.7 5,909 669 77 76.8 28,330 Deferred tax asset 1,837 10,725 24.85 7,950 6,770 $ 12,546 ) 12,411 30,940 ($ in thousands, except per unit of production data) 169 5,446 37,218 3,693 2019 Adjusted EBITDA attributable to non-controlling interest 679,622 70% 189,397 Less: $ (9,646 1,585 % Added Q/Q 2.07 Lease Bonus ($ millions) —% (6,892 Acquired 0.1 0.26 Other expenses: 13,915 ) 0.7 Total revenues Net (loss) income attributable to Brigham Minerals, Inc. shareholders (6,599 15,582 (8,022 568 $ (Loss) gain on derivative instruments, net $23.60 (2) The Company does not expect to incur federal income taxes for income related to results for the year ended December 31, 2020. 25 23,760 200 7,529 4,635 (46,962 Less accumulated depreciation ) Closed 30 transactions acquiring approximately 1,585 net royalty acres deploying $20.5 million in mineral acquisition capitalDeployed 86% of mineral acquisition capital to the Permian Basin $10.00 22,870 — Oil sales 8 1,565 Common stock by type Ground Game Acquisition Budget ($ millions) 7% Total assets $ (70,294 — (492 (9,942 Q2 20 46,011 11,078 3.6 25,123 628 ) ) 62% ) 424 9,144 2021 GUIDANCEFull year 2021 production guidance of 9,200 Boe/d to 9,900 Boe/dAnchored by current producing locations, current DUC and permit inventory and acquisitionsIncludes an estimated five days, or 150 Boe/d, of down time attributable to the impact of Q1 weather eventsAdditional detail in 2021 Operational and Financial Guidance table 2018 $ ) General and administrative, share-based compensation $ Temporary equity — $ 554 291,664 5,220 Less: net loss (income) attributable to temporary equity ) Q2 18 ) ) Average Realized Price, with Derivatives Q2 19 $ Q4 19 514 1.1 470 0.9 17,233 4 99 Interest expense, net 10,198 — 248 1.7 568 Total operating expenses ) 2.18 79 $ 0.3 6,886 1.4 290 1.2 0.4 40.40 1.84 STACK Borrowing of short-term related party loan 0.4 $ 30,291 Shareholders’ equity: 2020 1.2 (195,268 1.4 1.5 (4,596 $ 0.6 — $ 1.1 4 21,963 Development Inventory by Basin (1) Q3 20 (10,029 Other NET INCOME PER COMMON SHARE Loss on extinguishment of debt Williston % 5% $ ) $ $ — 5% ) 21,639 (208 (92,392 $ — 1,823 47 6,985 1,077 (4,000 (41 4,707 9,627 — 48,238 — 49,664 ) $ ) 12.00 15,600 2019 Depreciation, depletion and amortization 0.5 (14,663 Debt issuance cost 721 ) 3.71 2019 424 2020 Severance and ad valorem taxes Share Based Compensation Expense ($ millions) Acres Added Q/Q $ — 6,114 17,969 (70,756 1,126 327 67,909 — 82,048 — $ 110 154,488 (In thousands, except per share amounts) DUC and Permit Inventory Update The Company expects 2021 production growth will be driven by the continued conversion of its DUC and permit inventory. Brigham’s gross and net DUC and permit inventory as of December 31, 2020 by basin is outlined in the table below: 3,437 1,881 51,133 $ 5,112 0.24 7,905 24,920 33,112 Less: net income attributable to predecessor (57,994 (47 NGLs (MBbls) Total shareholders’ equity attributable to Brigham Minerals, Inc. ) — 1,323 $ ) Preferred stock, $0.01 par value; 50,000,000 authorized; no shares issued and outstanding at December 31, 2020 and December 31, 2019 Accumulated deficit $ $ 81,438 Reconciliation of Discretionary Cash Flow and Discretionary Cash Flow ex lease bonus $90 43 Daily Net Production (Boe/d) 7,506 $ ) Converted Permitted and Other 5,489 (57,474 162,017 1,438 1,675 39,231 0.1 Basic 5,077 502 Years Ended December 31, ) — (70,000 Changes in operating assets and liabilities: $ $ 97,886 7.6 17,233 7,414 12,305 Deferred income tax (benefit)/expense Impairment of oil and gas properties CONSOLIDATED AND COMBINED STATEMENT OF CASH FLOWS 30,940 55.55 $ ) $ $ (1,203 $ 1.88 78,207 ) ) 75,260 14.22 11.61 15.03 (10,512 Gain on sale and distribution of equity securities $ $ 37.39 Adjusted EBITDA ex lease bonus Percent of Total 399 Other property and equipment 43,558 175 4,985 208 21,619 23.2 24.85 $ — 187 Mineral and royalty revenues totaling $23.8 millionUp 10% sequentially from Q3 2020 driven by 10% higher realized pricing of $27.59 per Boe 28,033 1,879 $ ) (4,632 6,985 3,944 Pinterest Severance and ad valorem taxes Net cash (used in) provided by financing activities $ — — % Share-based compensation expense 159 WhatsApp 26,808 65,042 — $ 3,471 24,318 445 20,000 3,368 14,090 (3,527 $ Decrease (increase) in accounts receivables 1,688 — 2020 Well Additions to Proved Developed Producing 360 27,550 Total Revenue 54,248 2019 Previous articlePhysicians’ Education Resource® veranstaltet 38. jährliche Miami Breast Cancer Conference® in erweitertem, interaktivem virtuellem TagungsformatNext articleHectic finish awaits all NBA teams in 2nd half of season Digital AIM Web Support 1,816 $ 10,049 $ (1.11 2020 382 $ 11,100 Tax Depletion ($/Boe) $ 399 73 $ 780 ) ) 34,174 5,478 9,361 ) 11 124 30,469 Loss on derivative instruments, net 2,679 21,639 ) — 4.7 Add: 1,451 Three Months Ended 1.2 $ Lease bonus 9,483 — 6,901 Permits 1.2 (1,829 9,900 — (6,892 Other assets, net — (441 82 37.26 169 $ $ — 17,436 QUARTERLY CASH DIVIDEND The Company’s Board of Directors (the “Board”) has declared a quarterly cash dividend for the fourth quarter 2020 of $0.26 per share of Class A common stock, to be paid on March 26, 2021 to holders of record as of March 19, 2021. This brings total capital returned through dividends to shareholders of $1.01 per share based on financial results for the full year 2020. Future declarations of dividends are subject to approval by the Board and to the Board’s continuing determination that the declarations of dividends are in the best interests of the Company and its stockholders. Future dividends may be adjusted at the Board’s discretion based on market conditions and capital availability. 2021 OPERATIONAL AND FINANCIAL GUIDANCE Proceeds from sale of equity securities 428 $ (LOSS) INCOME FROM OPERATIONS 488,301 Permits Income tax (benefit) expense Share-based compensation 15,094 (5,609 ) 1,515 2,679 NET (LOSS) INCOME $ 17,233 Additions to other fixed assets 1.40 290 $ (42,412 ) Total (Decrease) increase in accounts payables and accrued liabilities 33,614 (Decrease) increase in cash and cash equivalents and restricted cash $1.65 — 59% ) 0.1 2,702 (1) Individual amounts may not add to totals due to rounding. 12,865 Net Unit Expenses ($/Boe) Acres Added in 2020 69,025 62 ) (Loss) income before income tax expense WEIGHTED AVERAGE COMMON SHARES OUTSTANDING Net cash received (paid) for derivative settlements $ ABOUT BRIGHAM MINERALS, INC. Brigham Minerals is an Austin, Texas, based company that acquires and actively manages a portfolio of mineral and royalty interests in the core of some of the most active, highly economic, liquids-rich resource basins across the continental United States. Brigham Minerals’ assets are located in the Permian Basin in Texas and New Mexico, the SCOOP and STACK plays in the Anadarko Basin of Oklahoma, the DJ Basin in Colorado and Wyoming, and the Williston Basin in North Dakota. The Company’s primary business objective is to maximize risk-adjusted total return to its shareholders by both capturing organic growth in its existing assets as well as leveraging its highly experienced technical evaluation team to continue acquiring minerals. Cautionary Statement Concerning Forward-Looking Statements This press release contains forward-looking statements. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this press release specifically include the expectations of plans, strategies, objectives and anticipated financial and operating results of the Company, including the Company’s production and other guidance within this press release. These statements are based on certain assumptions made by the Company based on management’s experience and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. These include, but are not limited to, continued downturns or delays in resuming operator activity due to commodity price fluctuations, the Company’s ability to integrate acquisitions into its existing business, changes in oil, natural gas and NGL prices, weather and environmental conditions, the timing of planned capital expenditures, availability of acquisitions, operational factors affecting the commencement or maintenance of producing wells on the Company’s properties, the condition of the capital markets generally, as well as the Company’s ability to access them, the proximity to and capacity of transportation facilities, and uncertainties regarding environmental regulations or litigation, global or national health events, including the ongoing spread and economic effects of the ongoing COVID-19 pandemic, potential future pandemics, the actions of the Organization of Petroleum Exporting Countries and other significant producers and governments and the ability of such producers to agree to and maintain oil price and production controls and other legal or regulatory developments affecting the Company’s business and other important factors. These and other applicable uncertainties, factors and risks are described more fully in the Company’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2020, and any subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, Should one or more of these risks or uncertainties occur, or should underlying assumptions prove incorrect, the Company’s actual results and plans could differ materially from those expressed in any forward-looking statements. Any forward-looking statement speaks only as of the date on which such statement is made and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise except as required by applicable law. View source version on businesswire.com:https://www.businesswire.com/news/home/20210224006048/en/ CONTACT: At the Company: Brigham Minerals, Inc. Blake C. Williams Chief Financial Officer (512) 220-1500 [email protected] KEYWORD: UNITED STATES NORTH AMERICA TEXAS INDUSTRY KEYWORD: NATURAL RESOURCES OTHER NATURAL RESOURCES MINING/MINERALS SOURCE: Brigham Minerals, Inc. Copyright Business Wire 2021. PUB: 02/24/2021 04:15 PM/DISC: 02/24/2021 04:15 PM http://www.businesswire.com/news/home/20210224006048/en $ 13,359 — ) $ 86,245 NET (LOSS) INCOME 4,080 December 31, Distributed cash flow to Class A common stock ASSETS % 214 — 28,534 $ 1.62 2.37 Gross $ 6,725 680 11.43 428 317,319 3.80 4.06 12,806 5,478 2.13 (In thousands, except per share data) Loss on extinguishment of debt, after tax (2) Facebook Decrease in other deferred charges 101,515 3,123 0.26 45 5,489 230 $ High PRODUCTION 601,129 48,238 6,892 Oil Cut (%) Acres Sold in 2020 $ Less: net loss (income) attributable to temporary equity — 26,808 27% 25,573 Employee tax withholding for settlement of equity compensation awards Cash G&A Expense Plus Share Based Compensation Expense ($ millions) Lease bonus and other revenue Gross Inventory 454,507 March 31, 2020 Net cash used in investing activities 15,890 $ Adjusted Net Income — 4,100 $9.20 Net (Loss) Income — — $2.25 10,700 7,905 30,940 Gathering, transportation and marketing 11,400 0.3 — Loss on extinguishment of debt — 462 $ Basic 3,629 13,911 97 $ Robert M. (“Rob”) Roosa, Chief Executive Officer, commented, “Brigham remains extremely well positioned to capitalize on the recent rebound in operator activity and positive momentum in commodity prices with all of our future production volumes unhedged. Furthermore, we enter 2021 with 721 gross DUCs (3.6 net) and 755 gross permits (4.2 net) that will drive near term production and cash flows with the majority of our DUCs anticipated to be completed by Exxon Mobil Corporation, Chevron Corporation, Occidental Petroleum Corporation, Continental Resources, Inc. and PDC Energy, Inc., who are currently running approximately 20 frac crews across our liquids rich basins. We are also continuing to gain momentum with our ground game acquisitions acquiring approximately 1,585 net royalty acres in the fourth quarter of 2020 at a cost of $5.5 million per net location with the assets comprised of 55% PDP, DUCs and permits. That momentum has continued into the first quarter of 2021 with closed and pending transactions totaling $21.6 million at an estimated cost per net location of $6.1 million. The assets are comprised of 50% PDP, DUCs and permits that are estimated to add over 1.6 net Permian DUCs and permits to inventory. With significant liquidity at year-end, our team remains confident that we will continue to grow shareholder value through highly accretive mineral acquisitions targeting asset level IRRs close to double our cost of capital. I could not be more excited about the current position of our Company to capitalize on market conditions through organic growth, acquisitions and prudent capital management.” Blake C. Williams, Chief Financial Officer, added, “Our strong operating and financial results allowed us to raise our dividend by 8% this quarter to $0.26 per share while also increasing our retained cash flow from 5% to 10%, which we used to internally fund approximately 9% of our fourth quarter 2020 acquisitions. With the increase in commodity prices along with our low leverage, our Adjusted EBITDA ex lease bonus (1) increased by 13% this quarter and our Adjusted EBITDA margin (1) returned to the mid 70% range. Throughout the energy down cycle of 2020, we successfully captured opportunities while preserving our balance sheet and maintain $124 million of liquidity headed into 2021. Furthermore, we intend to continue increasing our cash flow retention over the next several quarters to 20-25% of Discretionary Cash Flow (1) to extend our liquidity. Finally, we are pleased to showcase the differentiation our business model provides from the broader energy space through production guidance of 9,200 – 9,900 Boe/d which represents modest growth in 2021 volumes over our current production. This range incorporates an estimated impact of five days of down time due to Q1 weather events, and emphasizes our ability to return substantial capital to shareholders in any environment given our diversified, resilient asset base.” (1) Non-GAAP measure. See “Non-GAAP Financial Measures” below. OPERATIONAL UPDATE Mineral and Royalty Interest Ownership Update During the three months ended December 31, 2020, the Company executed 30 transactions acquiring approximately 1,585 net royalty acres (standardized to a 1/8th royalty interest) and deployed $20.5 million in capital. The Company focused approximately 86% of its mineral acquisition capital in the fourth quarter towards the Permian Basin. Fourth quarter acquisitions are expected to deliver near-term production and cash flow growth with the addition of 128 gross DUCs (0.4 net DUCs) and 55 gross permits (0.1 net permits) to inventory counts. During the year ended December 31, 2020, the Company completed 81 transactions acquiring 4,635 net royalty acres (standardized to a 1/8th royalty interest) for $66.5 million in capital. The Company deployed approximately 92% of its mineral acquisition capital in 2020 to the Permian Basin. The acquired minerals added 165 gross DUCs (0.6 net DUCs) and 97 gross permits (0.3 net permits) to its inventory counts over the year. As of December 31, 2020, the Company had acquired roughly 86,285 net royalty acres, encompassing 13,496 gross (116.3 net) undeveloped horizontal locations, across 37 counties in what the Company views as the core of the Permian Basin in West Texas and New Mexico, the SCOOP/STACK plays in the Anadarko Basin of Oklahoma, the DJ Basin in Colorado and Wyoming and the Williston Basin in North Dakota. The table below summarizes the Company’s mineral and royalty interest ownership at the dates indicated. $ 192 5,587 Three Months Ended December 31, (57,994 91,723 13,915 3,327 (3,912 $ $9.1 million cash balance and revolver capacity of $115 million as of December 31, 2020 (1) Non-GAAP measure. See “Non-GAAP Financial Measures” below. — 252 % OPERATING EXPENSES 2.5 — $110 2.29 $ Purchase of treasury stock ) — $ 7,000 65,132 LIABILITIES AND SHAREHOLDERS’ EQUITY Unevaluated property — 15,582 Net (loss) income Oil and gas properties—net Payments of long-term debt 60,664 $ ) 22,870 Oil (MBbls) 27.59 — 83,112 125 5,609 Adjustments to reconcile net earnings to net cash provided by operating activities: 79,569 10,630 AUSTIN, Texas–(BUSINESS WIRE)–Feb 24, 2021– Brigham Minerals, Inc. (NYSE: MNRL) (“Brigham Minerals,” “Brigham,” or the “Company”), a leading mineral and royalty interest acquisition company, today announced operating and financial results for the quarter and year ended December 31, 2020, as well as 2021 guidance. FOURTH QUARTER 2020 OPERATING AND FINANCIAL HIGHLIGHTSDaily production volumes of 9,361 Boe/d (72% liquids, 52% oil)Flat sequentially with Q3 2020Permian Basin production volumes up 7% from Q3 2020 to 5,432 Boe/d — 2019 1,836 WhatsApp 7,529 10,049 1,565 195 45 $ Add: (6)% — Interest expense, net $ 1,392 680,961 488 — 1,839 ) Less: Net Royalty Acres (1) ) 3,629 Years Ended December 31, — 7,138 — 623,846 $16.40 (7,446 Distributed cash flow per share of Class A common stock – Dividend (65,425 48,238 1.80 Lease bonus Dividend equivalent rights (41,989 37,218 (4,614 September 30, 2020 — Impairment of oil and gas properties $ —center_img Discretionary cash flow to Class A common stock 6,134 91,723 (30,976 Memo: Adjusted EBITDA Margin 299 Interest expense, net — CONSOLIDATED BALANCE SHEETS ) ) 0.51 ) Total Adjusted EBITDA 9,200 218 $ 7,893 $ 65,042 — $ 1.66 (LOSS) INCOME FROM OPERATIONS 0.23 (754 ) $ $ ) $ $ 3,536 SCOOP Amortization of debt issue costs Adjusted EBITDA December 31, 2020 ) June 30, 2020 — $ 2.2 17,233 Low 277,075 $ 100 CASH FLOWS FROM INVESTING ACTIVITIES STACK (42,216 10,524 $ 1.3 (61,103 43,316 9% 19,252 Williston ) Share-based compensation expense 30,940 — $ 165 $ Loss on derivative instruments, net $ $ 57 Q1 20 $ 12,411 100% 7,825 ) General and administrative (before share-based compensation) (219,481 21,639 Equivalents (MBoe) (890 48,238 316 General and administrative 0.26 $ Class A common stock 32,459 $ 2,348 Proceeds from issuance of Class A common stock, net of offering costs $ 12,236 — Percent of Dividend Expected to be Return of Capital $26.40 Total liabilities, temporary equity and shareholders’ equity Net Inventory Local NewsBusiness (66,498 Less: Net income attributable to Predecessor Equivalents per day (Boe/d) (568 $ 6,638 Accounts payable and accrued liabilities 7,529 (7,269 Mineral Acquisition Capital 27,773 $ Lease bonus and other revenues — Impairment of oil and gas properties, after tax (1) 2.17 $ $ 79,601 23,760 % Added in 2020 $ 146,280 209 51,133 1,787 6,901 ) (5,092 428 33% 10,725 Other income, net Midland 4.2 Diluted 14,362 3% 86,285 86,245 — Depreciation, depletion, and amortization (24,670 ) (1,348 2020 DUCs ) Common Stock Outstanding as of December 31, 2020: 41 111 Midland Total Operating Expenses (before share-based compensation) 64,297 12,346 % Q4 20 $ 2,706 13,167,687 — 56,726,181 $ % Adjusted EBITDA Margin $ — 32,459 Total current liabilities Q3 19 222 ) 9,724 Natural gas sales Other property and equipment—net Gathering, transportation and marketing Accounts receivable Years Ended December 31 December 31, 2020 (Increase) decrease in other current assets 84,700 14.11 Total current assets 1.0 Long-term debt Oil and gas properties, at cost, using the full cost method of accounting: 1.0 1% (57,678 FINANCIAL UPDATE Fourth Quarter 2020 Financial Update For the three months ended December 31, 2020, crude oil, natural gas and NGL production volumes were 9,361 Boe/d (72% liquids), which is flat relative to third quarter 2020. Our volumes are 3% lower than the same prior year period, largely due to a decrease in Anadarko and Williston Basin volumes, which were partially offset by a 7% increase in Permian Basin volumes. Fourth quarter 2020 average realized prices were $40.40 per barrel of oil, $2.29 per Mcf of natural gas, and $14.11 per barrel of NGL, for a total equivalent price of $27.59 per Boe. This represents a 10% increase relative to third quarter 2020 and is 26% lower than the same prior year period level of $37.39 per Boe, excluding the effect of derivative instruments. The Company’s net loss was $47.0 million for the three months ended December 31, 2020, inclusive of a $49.7 million after-tax impairment of oil and gas properties resulting from the continued reduction in commodity prices as well as certain reclassification of proved undeveloped reserves to probable and possible reserves, as a result of a slowdown in operator activity. Adjusted EBITDA was $17.2 million for the three months ended December 31, 2020, up 3% from the third quarter 2020 and down 36% from the same prior-year period. Adjusted EBITDA ex lease bonus was $17.2 million for the three months ended December 31, 2020, up 13% from the third quarter 2020 and down 34% from the prior year. Adjusted EBITDA and Adjusted EBITDA ex lease bonus are non-GAAP financial measures. For a definition of Adjusted EBITDA and Adjusted EBITDA ex lease bonus and a reconciliation to our most directly comparable measure calculated and presented in accordance with GAAP, please read “Non-GAAP Financial Measures” below. Full Year 2020 Financial Update For the year ended December 31, 2020, crude oil, natural gas and NGL production volumes increased 28% to 9,483 Boe/d (72% liquids) as compared to the prior year, due to a 56% increase in Permian Basin volumes. Full year 2020 average realized prices were $37.26 per barrel of oil, $1.80 per Mcf of natural gas, and $11.61 per barrel of NGL, for a total equivalent price of $24.85 per Boe. This represents a 31% decrease relative to 2019 realized prices of $36.17 per Boe, excluding the effect of derivative instruments. The Company’s net loss was $58.0 million for the year ended December 31, 2020, inclusive of a $65.1 million after-tax impairment of oil and gas properties resulting from the continued reduction in commodity prices as well as certain reclassification of proved undeveloped reserves to probable and possible reserves, as a result of a slowdown in operator activity. Adjusted EBITDA was $65.0 million for the year ended December 31, 2020, down 17% from the prior year. Adjusted EBITDA ex lease bonus was $59.6 million for the year ended December 31, 2020, down 20% from the prior year. Adjusted EBITDA and Adjusted EBITDA ex lease bonus are non-GAAP financial measures. For a definition of Adjusted EBITDA and Adjusted EBITDA ex lease bonus and a reconciliation to our most directly comparable measure calculated and presented in accordance with GAAP, please read “Non-GAAP Financial Measures” below. As of December 31, 2020, the Company had a cash balance of $9.1 million and $115 million of capacity on its revolving credit facility, providing the Company with total liquidity of $124.1 million. Fourth Quarter and Full Year 2020 Financial and Operational Results 1.3 Less: 5,095 (189,546 ) 3% $ 10% 36.35 — ) — 16,777 101,515 (7,000 $ (3,703 Q3 18 97,886 (In thousands, except share data) Cash, cash equivalents and restricted cash, beginning of period 91,723 — 18,823 — Drilling Activity Update During the fourth quarter 2020, the Company identified 79 gross (0.4 net) wells spud on its mineral position, which represents a 39% sequential increase from the third quarter 2020. Brigham’s gross and net wells spud activity over the past 12 quarters is summarized in the table below: 1,213 $ DUCs $ — 2,580 Class B common stock 36 REVENUES Production Taxes (% of Revenue) Interest expense, net $ $ Net Wells Spud $ Increase in other long-term liabilities $ 20,000 $ 11,400 Adjusted EBITDA (1) 803 — 43 $ ) — — — (474 440 340 CASH FLOWS FROM OPERATING ACTIVITIES 18,674 2.49 BRIGHAM MINERALS FOURTH QUARTER 2020 EARNINGS CONFERENCE CALLThursday, February 25, 2021 at 10:00 a.m. Eastern Time (9:00 a.m. Central Time)Pre-register by visiting https://dpregister.com/sreg/10152416/e2c1055900Listen to a live audio webcast of the call by visiting the Company’s websitehttps://investors.brighamminerals.com 165 323,578 Q4 18 ) 4,985 (33,603 Brigham Minerals, Inc. Reports Fourth Quarter and Full Year 2020 Operating and Financial Results Total — 11,483 — 90% ) 721 gross (3.6 net) drilled but uncompleted locations (“DUCs”) in inventory as of December 31, 2020During Q4 2020, converted 106 (17%) gross and 1.0 (25%) net DUCs in inventory as of September 30, 2020Approximately 67% of year-end 2020 net DUC inventory located in the Permian Basin and anticipate majority of DUCs to be converted by Exxon Mobil Corporation, Chevron Corporation, Occidental Petroleum Corporation, Continental Resources, Inc. and PDC Energy, Inc. $ (51,824 Income tax expense ) ) 150 80 Adjusted EBITDA attributable to Class A common stock Less: 955 2018 (5,092 — Gathering, transportation and marketing $ Gross Wells Spud (12,762 5,606 59,758 79,569 Mineral and royalty revenues 690 Diluted (2,005 120 152 ) (12,762 74,578 $4.0 52% 2,036 $ Loss (gain) on derivative instruments, net 502 (5,609 Proceeds from issuance of Class A common stock sold in initial public offering, net of offering costs Distributions to holders of temporary equity 24,318 — $ Treasury stock, at cost; 436,630 shares at December 31, 2020 and no shares at December 31, 2019 2% — $ — Cash and cash equivalents 125 2020 (484 — Other income, net CONSOLIDATED AND COMBINED STATEMENT OF OPERATIONS 23,760 $ — 25 $ ) $10.00 $ 0.14 2019 771 $ ) Shares of Class A common stock Gathering, Transportation, and Marketing ($/Boe) (568 7% Q1 19 2020 449,061 ) A recording of the webcast will be available on the Company’s website after the call Additionally, Brigham Minerals plans to participate in the following events and conferencesMarch 1-3: Credit Suisse Energy SummitMarch 22-23, 2021: Simmons Energy Conference NON-GAAP FINANCIAL MEASURES Adjusted Net Income, Adjusted EBITDA, Adjusted EBITDA ex lease bonus, Adjusted EBITDA Margin, Discretionary Cash Flow and Discretionary Cash Flow ex lease bonus are non-GAAP supplemental financial measures used by our management and by external users of our financial statements such as investors, research analysts and others to assess the financial performance of our assets and their ability to sustain dividends over the long term without regard to financing methods, capital structure or historical cost basis. We define Adjusted Net Income as net income (loss) before impairment of oil and gas properties, after tax, and loss on extinguishment of debt, after tax. We define Adjusted EBITDA as Adjusted Net Income before depreciation, depletion and amortization, share based compensation expense, interest expense, gain or loss on derivative instruments and income tax expense, less other income, gain on sale of oil and gas properties and income tax benefit. We define Adjusted EBITDA ex lease bonus as Adjusted EBITDA further adjusted to eliminate the impacts of lease bonus revenue we receive due to the unpredictability of timing and magnitude of the revenue. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by Total Revenue. We define Discretionary Cash Flow as Adjusted EBITDA, less cash interest expense and cash taxes. We define Discretionary Cash Flow ex lease bonus as Discretionary Cash Flow further adjusted to eliminate the impacts of lease bonus revenue. Adjusted Net Income, Adjusted EBITDA, Adjusted EBITDA ex lease bonus, Adjusted EBITDA Margin, Discretionary Cash Flow, and Discretionary Cash Flow ex lease bonus do not represent and should not be considered alternatives to, or more meaningful than, net income, income from operations, cash flows from operating activities or any other measure of financial performance presented in accordance with GAAP as measures of our financial performance. Adjusted Net Income, Adjusted EBITDA, Adjusted EBITDA ex lease bonus, Adjusted EBITDA Margin, Discretionary Cash Flow, and Discretionary Cash Flow ex lease bonus have important limitations as analytical tools because they exclude some but not all items that affect net income, the most directly comparable GAAP financial measure. Our computation of Adjusted Net Income, Adjusted EBITDA, Adjusted EBITDA ex lease bonus, Adjusted EBITDA Margin, Discretionary Cash Flow, and Discretionary Cash Flow ex lease bonus may differ from computations of similarly titled measures of other companies. The following tables present a reconciliation of Adjusted Net Income, Adjusted EBITDA, Adjusted EBITDA ex lease bonus, Adjusted EBITDA Margin, Discretionary Cash Flow, and Discretionary Cash Flow ex lease bonus to the most directly comparable GAAP financial measure for the periods indicated. SUPPLEMENTAL SCHEDULES Note: Items reconciled below may also pertain to non-GAAP financial items that may be discussed in the earnings call. Reconciliation of Adjusted Net Income, Adjusted EBITDA, Adjusted EBITDA ex lease bonus and Adjusted EBITDA Margin 886 $2.0 185 17,632 $ (890 2.01 (Loss) income before income tax expense Gain on sale and distribution of equity securities NGL sales — 861 Other income, net 2% 6,409 $ Payments of short-term related party loan 0.4 Less: $ Total operating expenses (6,116 Oil ($/Bbl) 33,142 64,297 Less accumulated depreciation, depletion, and amortization $ Retained cash flow (In thousands) 933 % $ Payments of short-term debt 43,558,494 (1.11 — 437 $ Evaluated property $ 15,600 DJ 14.41 — — (550) 2,203 71 325,091 0.37 Class A common stock, $0.01 par value; 400,000,000 authorized, 43,995,124 shares issued and 43,558,494 shares outstanding at December 31, 2020; 34,040,934 issued and outstanding at December 31, 2019 Depreciation, depletion, and amortization Average Realized Price, without Derivatives 2,464 Guidance Ranges General and administrative (before share-based compensation) 2.05 $ (2) Tax effect of $0.8 million tax benefit for the year ended December 31, 2019 1,158 ) Years EndedDecember 31, 32,815 (550) ) —% $ 25,750 Discretionary cash flow ex lease bonus to Class A common stock 11,533 16 12,346 100% 47 (3,527 38,178 ) ) ) 1.0 9,144 (275,404 890 (70,294 Impairment of oil and gas properties 2% $ 54.16 (449 $ ) (57,994 $ 10,630 21,639 $ Severance and ad valorem taxes $ $ 79,569 67,264 — 3.74 Current assets: — ) 7,200 REVENUES 10,049 7,750 ) 55% (19,731 Three Months EndedDecember 31, (195 — 433 OPERATING EXPENSES 505,650 $ 1,816 665 (216,832 0.26 Borrowing of long-term debt (57,994 (424 Natural gas (MMcf) $ $14.40 ) 12,546 28 0.4 $ 37.52 (823 Prepaid expenses and other Income tax (benefit) expense Depreciation and amortization Additional paid-in capital ) —% Facebook 5,809 Cash, cash equivalents and restricted cash end of period Loss on extinguishment of debt — 6,409 REALIZED PRICES ($/Boe) 132 ) — Delaware Add: 111 $ (42,412 237 Cash taxes (2) (3,608 ( 1) Refer to Reconciliation of Adjusted EBITDA from Net (Loss) Income above. $ (1) Individual amounts may not add to totals due to rounding (46,962 2% 11,533 ) $ Net cash provided by operating activities (10,246 1,427 September 30, 2020 (195,603 DUCs Lease bonus ) Additions to oil and gas properties December 31, 2019 1,235 ) ( 1) Tax effect of $11.0 million tax benefit for the three months ended December 31, 2020 and $14.4 million tax benefit for the year ended December 31, 2020. ) ) DJ $12.50 — 166,481 $ 6 $ Proceeds from sale of oil and gas properties, net Other $ 2,697 4,875 2019 — $ $ 51,133 $ ) $ $ 36.17 ) Payment of debt extinguishment fees Delaware 2% — — $ Depreciation, depletion, and amortization $ 0.2 ) — (9,646 3 32,815 $ 162,017 39% 26,306 $ $ Pinterest SCOOP ) 2,348 218,000 105,000 3,220 — ) (2,091 — — 5,606 — 680,961 823 — 31,444 102,680 ) 2020 — — — Capital distributions ) 605 11,914 — 33,614 — Share count — 5,478 (70,756 ) — (2,036 DUC Conversions Updates The Company saw significant conversion of its DUC inventory during the fourth quarter with over 106 gross (1.0 net) horizontal wells identified that had been converted to production, which represented 17% of its gross DUC inventory as of Q3 2020 (25% of net DUCs). During 2020, the Company identified the conversion of 628 gross DUCs (4.7 net DUCs) to PDP, which represents 70% of its gross DUC inventory (79% of its net DUCs) as of year-end 2019. Well conversions to proved developed producing during 2020 are summarized in the table below: $ 1.6 Bad debt expense — 1.8 449 (723 10,443 $ Total revenues 12,806 Cash interest expense 38,178 12,359 Expenses Net (loss) income attributable to Brigham Minerals, Inc. shareholders 1,565 82,200 NGLs ($/Bbl) ) Other non-current liabilities 78,207 $ Class B common stock, $0.01 par value; 150,000,000 authorized, 13,167,687 shares issued and outstanding at December 31, 2020; 22,847,045 shares issued and outstanding at December 31, 2019 407 Cash G&A Expense ($ millions) 784,162 Twitter Four Quarter Rolling Average Net Wells Spud ) Q1 18 39,297 Taxes (In thousands, except for margin % data) $ 101,515 Total 2.07 $ Capital contributions Total mineral and royalty revenues ) $ 27.59 TAGS  13.90 784,162 Twitter 755 Dividends paidlast_img

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Posted June 2, 2021 by admin in category "ugtgaolf

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