Abraxas Sees 3Q Net Income Up 45% Q/Q

November 16, 2019

Abraxas Petroleum Corp. said its production and net income were up for 3Q 2019, even as revenue was down 9% when compared to the previous quarter.

On November 13th, the San Antonio company announced production up 3% compared to 2Q 2019, at 9,899 Boepd.

Revenue was down 9% at $31.5 million, but net income was up 45% (compared to 2Q) at $17 million, or $0.10 per share.

Adjusted net income (excluding certain non-cash items)(a) of $ 3.8 million, or $ 0.02 per share (down 10% vs 2Q19).

And Abraxas reported EBITDA(a) of $20.0 million (up 1% vs 2Q19).

See details on the company’s 3Q here.