Ford Dividend Date 2020 Speed Test.
Falcon Minerals Corporation (“Falcon,” or the “Company,” “we,” “our,”) (NASDAQ: FLMN, FLMNW), a arch oil and gas minerals business enterprise, today pronounces banking and running after-effects for the 0.33 department 2020 and publicizes its 0.33 department 2020 dividend.
Net meeting of four,471 barrels of oil agnate in keeping with day (“boe/d”) for the third department 2020
237 gross line-of-sight wells (3.13 internet wells) applicable and in alive improvement as of October 27, 2020; three.13 internet line-of-sight wells represents an access of 24% as compared to the above-referred to area
Line-of-sight across-the-board of 6 gross afresh ideal Hooks Ranch wells(1)
Averaged 2 rigs energetic on Falcon’s Eagle Ford position during the 0.33 department 2020
12 gross, 0.03 internet wells have been irritated in band at some stage in the third division 2020
Third department 2020 net belongings of $1.Three million(2), or $zero.01 in line with Class A percentage
Adjusted EBITDA of $6.Five actor for the third division 2020(3)
Net debt decreased to $36.Five million; net debt / LTM EBITDA arrangement of one.27x(three)(four)
Third department 2020 Pro-forma Chargeless Banknote Breeze of $zero.07 in keeping with share(three)
Third division 2020 allotment declared of $0.0.5 according to share; allotment represents a 117% get right of entry to from extra division 2020. Allotment represents a payout arrangement of 93% of Pro-forma Chargeless Banknote Breeze in the 1/3 division 2020
Dividend will be paid on December eight, 2020 to all shareholders of almanac on November 24, 2020
The 6 afresh proper Hooks Ranch wells will be given related laterals from an adjoining acreage into the Hooks Ranch role. The regular Net Acquirement Absorption accession from the 6 wells may be about 7.Five% according to well.
Net property apparent aloft consists of amounts on account of non-controlling pursuits.
Please accredit to the acknowledgment on pages 7-eight for a model of the articular non-GAAP measures to net profits, the exceptional commensurable banking admeasurement capable according with GAAP.
Calculated by adding the sum of absolute debt brilliant beneath banknote on duke as of September 30, 2020 through Adjusted EBITDA for the abaft 12-month duration.
Daniel Herz, President and Chief Executive Officer of Falcon Minerals commented, “Falcon Minerals has apparent its spine and animation thru this agitated ambiance within the pastime enterprise. Assembly rose moderately from the additional quarter, but Falcon was able to delivered than bifold chargeless banknote drift, get admission to the Company’s allotment 117%, and introduced abate internet debt to $36.5 actor through the stop of the 0.33 zone.” Mr. Herz endured, “Looking beforehand, the commercial enterprise is acutely in a position-bodied positioned with three.Thirteen net wells in our line-of-sight, which represents a 24% get right of entry to to the line-of-sight we had seem in the extra sector.
“We abide to accept that our banal quantity is advisedly broken from the correct amount of our enterprise. Administration and the Board of Directors are continuing to analysis strategies to get admission to quantity to our disinterestedness holders. We take delivery of fabricated strengthen on this evaluation and could abode to you on our abstracts back we receive finished absolutely evaluating all alternatives to domicile that disconnect” Mr. Herz concluded.
Falcon completed costs of $36.Ninety one in line with butt (“bbl”) for awkward oil, $1.Ninety eight in line with thousand cubic anxiety (“mcf”) for accustomed gas and $13.58/bbl for accustomed gas beverages (“NGL”) in the course of the 0.33 department 2020.
Falcon appear net property of $1.Three million, or $0.01 in keeping with Class A common proportion, for the 1/3 department 2020, which incorporates amounts as a consequence of non-controlling hobbies. Falcon generated adeptness acquirement of $nine.9 actor (approximately seventy three% oil) for the third division 2020. The Aggregation appear Adjusted EBITDA (a non-GAAP admeasurement real and accommodated on pages 7-8) of $6.Five actor for the 0.33 division 2020.
Total banknote running charges for the third department 2020 were $3.2 million. Accepted and authoritative amount for the 1/3 department 2020, except non-coins stock-primarily based benefit price, become approximately $1.Nine million.
As of September 30, 2020, the Aggregation had $39.0 actor of borrowings on its revolving acclaim facility, and $2.5 actor of banknote handy, constant in a internet debt of approximately $36.Five actor at the stop of the zone. Falcon’s net debt / LTM EBITDA arrangement became 1.27x at September 30, 2020.(5)
Calculated with the aid of including the sum of absolute debt first-rate under banknote on duke as of September 30, 2020 via Adjusted EBITDA for the abaft 12-month period. Please accredit to the acknowledgment on pages 7-8 for the Adaptation of internet accident to Non-GAAP Measures.
Third Division 2020 Dividend
Falcon’s Board of Directors declared a allotment of $0.0.5 per Class A allotment for the third division 2020. During the 0.33 division 2020, the Aggregation generated Pro-forma Chargeless Banknote Breeze per allotment of $zero.07(6) (as declared and accommodated on folio 7-8). The allotment for the third department 2020 might be paid on December eight, 2020 to all Class A shareholders of almanac on November 24, 2020. The 1/3 division 2020 allotment does now not receive any aftereffect at the familiar $eleven.34 workout amount of the Company’s remarkable warrants.
The Aggregation expects that basically all of its third division allotment will not combination taxable allotment belongings and rather will aftereffect in a non-taxable abridgement to the tax base of the shareholders’ customary stock. The good buy tax base will get right of entry to a shareholders’ basal accretion (or abatement shareholders’ basal loss) back shareholders’ market it their prevalent stock. Furthermore, the Aggregation expects that basically all property paid to shareholders’ all through 2020 will no longer be taxable allotment income.
The pro-forma modifications receive that the non-controlling pursuits are tailored to Class A prevalent shares, such that approximately 86.5 actor Class A shares could be first rate. The pro-forma Class A stocks reflects the concoction from zero.5 actor unvested belted banal awards which accept allotment agnate rights (“DER”) on a anniversary basis
Falcon’s meeting averaged four,471 boe/d during the third department 2020, of which about forty eight% was oil. Eagle Ford meeting turned into approximately fifty five% oil throughout the third division 2020. Falcon had 12 gross wells indignant in band (0.03 net wells) with an boilerplate net adeptness absorption (“NRI”) of approximately zero.23% during the 0.33 department 2020.
Falcon presently has 2,026 gross bearing Eagle Ford wells, and the Company’s boilerplate NRI for all bearing wells is about 1.29%.
As of October 27, 2020, the Aggregation had 237 line-of-sight wells (three.13 net wells) with an boilerplate NRI of one.32% in diverse tiers of improvement on Falcon’s Eagle Ford minerals position. These wells are made out of the following:
Stage of Activity
a hundred and ten
Waiting on of completion
Waiting on connection
Conference Alarm Details
Falcon administration invitations buyers and absorbed events to simply accept to the appointment alarm to altercate 1/3 department 2020 after-effects on Thursday, November 5, 2020 at 9:00 am ET. Participants for the appointment alarm need to punch (888) 567-1602 (International: (862) 298-0702). A epitomize of the Falcon balance alarm could be handy beginning at 2:00 pm ET on November 5, 2020. Investors and absorbed events can accept to the epitomize on www.Falconminerals.Com within the Events folio of the Investor Relations region or alarm (888) 539-4649 (International: (754) 333-7735). At the arrangement activate, punch your epitomize cipher (153751#); playback will mechanically start.
About Falcon Minerals
Falcon Minerals Corporation (NASDAQ: FLMN, FLMNW) is a C-Corporation formed to personal and access aerial advance oil-weighted mineral rights. Falcon Minerals owns mineral, royalty, and over-driving adeptness pastimes accoutrement approximately 256,000 gross assemblage acreage in the Eagle Ford Shale and Austin Chalk in Karnes, DeWitt, and Gonzales Counties in Texas. The Aggregation additionally owns about eighty,000 gross assemblage acreage within the Marcellus Shale beyond Pennsylvania, Ohio, and West Virginia. For delivered facts, appointment our website at www.Falconminerals.Com.
Cautionary Note Regarding Forward-Looking Statements
This certificates includes superior statements that take in a cardinal of assumptions, dangers and uncertainties that would account absolute after-effects to adjust materially from the ones independent within the advanced statements. Falcon cautions readers no longer to home any disproportionate assurance on these superior statements as advanced recommendation is not a acceding of drawing near performance. Such superior statements consist of, however aren’t certain to, statements approximately coming near banking and working effects, approaching belongings paid, the tax evaluation of belongings paid, Falcon’s plans, tasks, targets, expectancies and intentions and delivered statements that are not absolute facts. Risks, assumptions and uncertainties that could account absolute after-effects to materially adjust from the advanced statements include, but aren’t sure to, those related to regular bread-and-butter and commercial enterprise conditions; the COVID-19 communicable and its appulse on Falcon and on the oil and fuel industry as a whole; Falcon’s adeptness to apprehend the advancing allowances of its acquisitions; adjustments in article costs; uncertainties approximately estimates of affluence and adeptness capacity; incapacity to get right of entry to basal naked for operations; Falcon’s adeptness to accommodated banking covenants beneath its acclaim acceding or its adeptness to access amendments or waivers to aftereffect such compliance; modifications in government ecology conduct and delivered ecology risks; the supply of behavior add-ons and the timing of assembly in Falcon’s regions; tax after-outcomes of business transactions; and brought dangers, assumptions and uncertainties considerable once in a while in Falcon’s letters filed with the U.S. Securities and Exchange Commission, consisting of underneath the department “Risk Factors” in Falcon’s high-quality contempo anniversary home on Form 10-K as capable-bodied as any after filed anniversary letters on Form 10-Q and accepted letters on Form 8-K. Advanced statements allege by myself as of the date hereof, and Falcon assumes no responsibility to amend such statements, except as may be suitable by means of applicative regulation.
FALCON MINERALS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In hundreds, besides in keeping with allotment quantities)
Three Months Ended
Nine Months Ended
Oil and gas income
Gain (loss) on ambiguity activities
Production and advert valorem taxes
Marketing and transportation
Amortization of adeptness pursuits in oil