Summary of key financial and production data
A summary of key financial and production data for the Fiscal 2016 Quarter and the Fiscal 2015 Quarter related to the results of operations of Compass is presented below.
|
| | | | | | | | | | | | |
| | Fiscal Quarter |
(dollars in millions, except per unit prices) | | 2016 | | 2015 | | Increase / (Decrease) |
Production: | | | | | | |
Oil (Mbbls) | | 106 |
| | 124 |
| | (18 | ) |
Natural gas liquids (Mbbls) | | 129 |
| | 153 |
| | (24 | ) |
Natural gas (Mmcf) | | 5,115 |
| | 6,114 |
| | (999 | ) |
Total production (Mmcfe) (1) | | 6,525 |
| | 7,776 |
| | (1,251 | ) |
Average daily production (Mmcfe) | | 71 |
| | 85 |
| | (14 | ) |
Revenues before derivative financial instrument activities: | | | | |
Oil | | $ | 4.2 |
| | $ | 8.2 |
| | (4.0 | ) |
Natural gas liquids | | 2.2 |
| | 4.4 |
| | (2.2 | ) |
Natural gas | | 10.3 |
| | 21.7 |
| | (11.4 | ) |
Total revenues | | $ | 16.7 |
| | $ | 34.3 |
| | $ | (17.6 | ) |
Oil and natural gas derivative financial instruments: | | | | |
Gain on derivative financial instruments | | $ | 1.7 |
| | $ | 18.7 |
| | $ | (17.0 | ) |
Average sales price (before cash settlements of derivative financial instruments): | | | | |
Oil (per Bbl) | | $ | 39.95 |
| | $ | 65.67 |
| | $ | (25.72 | ) |
Natural gas liquids (per Bbl) | | 17.39 |
| | 28.95 |
| | (11.56 | ) |
Natural gas (per Mcf) | | 2.01 |
| | 3.55 |
| | (1.54 | ) |
Natural gas equivalent (per Mcfe) | | 2.57 |
| | 4.41 |
| | (1.84 | ) |
Costs and expenses (per Mcfe): | | | | | | |
Oil and natural gas operating costs | | $ | 1.63 |
| | $ | 1.69 |
| | $ | (0.06 | ) |
Production and ad valorem taxes | | 0.47 |
| | 0.42 |
| | 0.05 |
|
Gathering and transportation | | 0.50 |
| | 0.51 |
| | (0.01 | ) |
Depletion | | 0.88 |
| | 1.67 |
| | (0.79 | ) |
Depreciation and amortization | | 0.11 |
| | 0.07 |
| | 0.04 |
|
General and administrative | | 0.41 |
| | 0.60 |
| | (0.19 | ) |
Interest expense | | 0.70 |
| | 0.58 |
| | 0.12 |
|
| |
(1) | Mmcfe is calculated by converting one barrel of oil or natural gas liquids into six Mcf of natural gas. |
Asset Management Segment
Presented below is a table that summarizes the results of operations of our Asset Management segment and compares the amount of the change between the fiscal periods (in millions):
|
| | | | | | | | | | | |
| Fiscal Quarter |
| 2016 | | 2015 | | Increase / (Decrease) |
Asset Management segment revenues | $ | 6.0 |
| | $ | 8.0 |
| | $ | (2.0 | ) |
Asset Management segment operating costs and expenses | 15.1 |
| | 9.2 |
| | 5.9 |
|
Operating loss - Asset Management segment | $ | (9.1 | ) | | $ | (1.2 | ) | | $ | (7.9 | ) |
Asset Management segment revenues. Revenues for the Fiscal 2016 Quarter decreased $2.0 million to $6.0 million compared to $8.0 million in the Fiscal 2015 Quarter. The decrease was primarily driven by $4.8 million lower revenue generated by Salus due to the continued decline in average asset-based loans outstanding as a result of paydowns on existing loans and lack of originations of new loans during the Fiscal 2016 Quarter. Partially offsetting this decrease was a $2.7 million increase in asset management revenues from CorAmerica and EIC driven by new loan originations.
Asset Management segment operating costs and expenses. Operating expenses for the Fiscal 2016 Quarter increased $5.9 million to $15.1 million from $9.2 million for the Fiscal 2015 Quarter. The increase in operating expenses was primarily due to an increase in impairments and bad debt expense of $8.4 million on three loans in the Fiscal 2016 Quarter. Excluding the impact of impairments
