Summary of key financial and production data A summary of key financial and production data for the Fiscal 2016 Quarter and Fiscal 2016 Nine Months, the Fiscal 2015 Quarter and the Fiscal 2015 Nine Months related to the results of operations of Compass is presented below.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | Fiscal Quarter | | Fiscal Nine Months | (dollars in millions, except per unit prices) | | 2016 | | 2015 | | Increase / (Decrease) | | 2016 | | 2015 | | Increase / (Decrease) | Production: | | | | | | | | | | | | | Oil (Mbbls) | | 63 |
| | 116 |
| | (53 | ) | | 242 |
| | 366 |
| | (124 | ) | Natural gas liquids (Mbbls) | | 90 |
| | 151 |
| | (61 | ) | | 313 |
| | 455 |
| | (142 | ) | Natural gas (Mmcf) | | 3,215 |
| | 6,293 |
| | (3,078 | ) | | 11,750 |
| | 18,811 |
| | (7,061 | ) | Total production (Mmcfe) (1) | | 4,133 |
| | 7,895 |
| | (3,762 | ) | | 15,080 |
| | 23,737 |
| | (8,657 | ) | Average daily production (Mmcfe) | | 45 |
| | 87 |
| | (42 | ) | | 55 |
| | 87 |
| | (32 | ) | Revenues before derivative financial instrument activities: | | | | | Oil | | $ | 2.6 |
| | $ | 6.1 |
| | $ | (3.5 | ) | | $ | 8.9 |
| | $ | 19.7 |
| | $ | (10.8 | ) | Natural gas liquids | | 1.6 |
| | 2.7 |
| | (1.1 | ) | | 5.2 |
| | 10.3 |
| | (5.1 | ) | Natural gas | | 5.5 |
| | 15.5 |
| | (10.0 | ) | | 21.9 |
| | 54.6 |
| | (32.7 | ) | Total revenues | | $ | 9.7 |
| | $ | 24.3 |
| | $ | (14.5 | ) | | $ | 36.0 |
| | $ | 84.6 |
| | $ | (48.6 | ) | Oil and natural gas derivative financial instruments: | | | | | (Loss) gain on derivative financial instruments | | $ | (2.2 | ) | | $ | (2.7 | ) | | $ | 0.5 |
| | $ | 0.3 |
| | $ | 21.3 |
| | $ | (21.0 | ) | Average sales price (before cash settlements of derivative financial instruments): | | | | | Oil (per Bbl) | | $ | 40.98 |
| | $ | 52.17 |
| | $ | (11.19 | ) | | $ | 36.71 |
| | $ | 53.92 |
| | $ | (17.21 | ) | Natural gas liquids (per Bbl) | | 17.92 |
| | 17.60 |
| | 0.32 |
| | 16.67 |
| | 22.55 |
| | (5.88 | ) | Natural gas (per Mcf) | | 1.72 |
| | 2.47 |
| | (0.75 | ) | | 1.87 |
| | 2.90 |
| | (1.03 | ) | Natural gas equivalent (per Mcfe) | | 2.35 |
| | 3.07 |
| | (0.72 | ) | | 2.39 |
| | 3.56 |
| | (1.17 | ) | Costs and expenses (per Mcfe): | | | | | | | | | | | | | Oil and natural gas operating costs | | $ | 1.54 |
| | $ | 1.87 |
| | $ | (0.33 | ) | | $ | 1.53 |
| | $ | 1.79 |
| | $ | (0.26 | ) | Production and ad valorem taxes | | 0.51 |
| | 0.45 |
| | 0.06 |
| | 0.48 |
| | 0.45 |
| | 0.03 |
| Gathering and transportation | | 0.15 |
| | 0.57 |
| | (0.42 | ) | | 0.33 |
| | 0.54 |
| | (0.21 | ) | Depletion | | 0.57 |
| | 1.17 |
| | (0.60 | ) | | 0.73 |
| | 1.43 |
| | (0.70 | ) | Depreciation and amortization | | 0.18 |
| | 0.10 |
| | 0.08 |
| | 0.15 |
| | 0.08 |
| | 0.07 |
| General and administrative | | 0.36 |
| | 0.29 |
| | 0.07 |
| | 0.39 |
| | 0.49 |
| | (0.10 | ) | Interest expense | | 0.94 |
| | 0.65 |
| | 0.29 |
| | 0.80 |
| | 0.59 |
| | 0.21 |
|
| | (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 | | Fiscal Nine Months | | 2016 | | 2015 | | Increase / (Decrease) | | 2016 | | 2015 | | Increase / (Decrease) | Asset Management segment revenues | $ | 1.2 |
| | $ | 7.2 |
| | $ | (6.0 | ) | | $ | 8.8 |
| | $ | 20.3 |
| | $ | (11.5 | ) | | | | | | | | | | | | | Selling, acquisition, operating and general expenses | 3.8 |
| | 11.8 |
| | (8.0 | ) | | 14.6 |
| | 30.8 |
| | (16.2 | ) | Impairments and bad debt expense | (0.9 | ) | | 9.6 |
| | (10.5 | ) | | 14.2 |
| | 72.2 |
| | (58.0 | ) | Asset Management segment operating costs and expenses | 2.9 |
| | 21.4 |
| | (18.5 | ) | | 28.8 |
| | 103.0 |
| | (74.2 | ) | Operating loss - Asset Management segment | $ | (1.7 | ) | | $ | (14.2 | ) | | $ | 12.5 |
| | $ | (20.0 | ) | | $ | (82.7 | ) | | $ | 62.7 |
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Asset Management segment revenues. Revenues for the Fiscal 2016 Quarter decreased $6.0 million to $1.2 million compared to $7.2 million in the Fiscal 2015 Quarter. Revenues for the Fiscal 2016 Nine Months decreased $11.5 million to $8.8 million compared to $20.3 million in the Fiscal 2015 Nine Months. The decreases were primarily driven by lower revenue generated by Salus as a result of the continued run-off of the remaining outstanding amount of Salus loans primarily attributable to paydowns on existing loans and a lack of new loan originations by Salus.
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