DALLAS, May 2, 2016 /PRNewswire/ -- RSP Permian,
Inc. ("RSP" or the "Company") (NYSE: RSPP) today reported financial
and operating results for the quarter ended March 31, 2016. In addition, the Company
filed its Quarterly Report on Form 10-Q for the quarter ended
March 31, 2016 with the Securities
and Exchange Commission (the "SEC") and posted an updated
presentation on its website at www.rsppermian.com.
First Quarter 2016 Highlights
- Production increased by 54% to 24.6 MBoe/d (76% oil) as
compared to 1Q15 and increased by 2% as compared to 4Q15
- Adjusted EBITDAX decreased by 40% to $35.6 million as compared to 1Q15 and decreased
52% as compared to 4Q15
- Net loss of $17.4 million, or
($0.17) per diluted share.
Includes a $0.2 million impairment of
oil and gas properties and a $1.6
million non-cash loss on derivatives. Adjusted net
loss, which does not include those items, was $16.2 million, or ($0.16) per diluted share
- Cash operating expenses decreased by 33% to $9.89 per Boe as compared to 1Q15 and decreased
1% per Boe as compared to 4Q15. 1Q16 lease operating expenses
of $5.54 per Boe (before gathering
and transportation) and $5.84 per Boe
including gathering and transportation
- Completed 11 operated horizontal wells (one Middle Spraberry,
seven Lower Spraberry, one Wolfcamp A and two Wolfcamp B) and two
operated vertical wells
- Completed first two-well pad on recently acquired Wolfberry
Partners Resources properties, targeting Wolfcamp A and Wolfcamp B
zones; wells on early flowback
- Completed our second two-well pad on the Calverley lease
targeting our first Lower Spraberry well and our first Wolfcamp B
well in the lower B landing zone in western Glasscock County
- Wells used to test various completion and production
designs. All four horizontal wells completed on Calverley
lease currently producing approximately 3,700 Boe/d
- Drilling and completion costs continue to trend lower with 1Q16
wells averaging $5.25 million, below
our previously announced target for 7,500' laterals
- Increased our drilled and uncompleted backlog of operated
horizontal wells ("DUCs") to 20 wells at the end of first
quarter
- Maintained strong quarter-end liquidity position of
$674 million, including $74 million of cash and an undrawn $600 million revolver
- Effective May 1, 2016, the
lenders under our revolving credit facility unanimously reaffirmed
our $600 million borrowing base
Steve Gray, Chief Executive
Officer, stated, "We slightly grew our production from last quarter
while reducing our activity levels during a period of low commodity
prices. At the same time, we used the low-price environment
to test various completion and production designs that will help us
optimize future wellbore placement, stimulation techniques and
production. We continue to drive our well costs lower and
recent results are trending below our previously announced
target. If we continue to see strengthening in oil
prices, we expect to increase our drilling and completion activity
in the back half of the year, which will have a meaningful impact
on our operating momentum."
Mr. Gray continued, "We would also like to thank our bank group
for unanimously reaffirming our existing $600 million borrowing base under our credit
facility and appreciate the confidence they have in RSP's business
plan, asset base and management team."
Summary Financial
Results
(In thousands,
except for per share data)
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
March
31,
|
|
December
31,
|
|
2016
|
|
2015
|
|
2015
|
|
|
|
|
|
|
Total
Revenues
|
$
|
55,815
|
|
|
$
|
51,375
|
|
|
$
|
73,508
|
|
Net Cash from
Derivative Instruments
|
1,950
|
|
|
29,471
|
|
|
23,122
|
|
Adjusted Total
Revenues
|
57,765
|
|
|
80,846
|
|
|
96,630
|
|
|
|
|
|
|
|
Adjusted EBITDAX
(1)
|
$
|
35,610
|
|
|
$
|
59,809
|
|
|
$
|
74,367
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net Income
(Loss) (1)
|
(16,231)
|
|
|
10,030
|
|
|
12,074
|
|
Adjusted Net
Income (Loss) per Common Share - Diluted
|
(0.16)
|
|
|
0.13
|
|
|
0.12
|
|
|
|
|
|
|
|
Net loss
|
$
|
(17,416)
|
|
|
$
|
(1,024)
|
|
|
$
|
(20,751)
|
|
Net loss per
Common Share - Diluted
|
$
|
(0.17)
|
|
|
$
|
(0.01)
|
|
|
$
|
(0.21)
|
|
|
|
|
|
|
|
(1)
|
Adjusted EBITDAX and
Adjusted Net Income are non-GAAP financial measures. For a
definition of Adjusted EBITDAX and Adjusted Net Income and a
reconciliation of Adjusted EBITDAX and Adjusted Net Income to Net
Income, see "Use of Non-GAAP financial measures" and our quarterly
statements of operations at the end of this release.
|
For the quarter ended March 31,
2016, total revenues, excluding the revenue impact from
realized derivative instruments, were $55.8
million, a 9% increase over the prior year quarter of
$51.4 million. Adjusted total
revenues, including the net cash from derivative instruments, were
$57.8 million, a decrease of 29% from
the prior year quarter of $80.8
million. Adjusted EBITDAX was $35.6 million, a decrease of 40% from the prior
year amount of $59.8 million.
Adjusted net loss for the quarter ended was $16.2 million, or ($0.16) per diluted share, compared with adjusted
net income for the prior year of $10.0
million or $0.13 per diluted
share. Net loss for the first quarter of 2016 was
$17.4 million, or ($0.17) per diluted share, while the net loss for
the first quarter of 2015 was $1.0
million, or ($0.01) per
diluted share.
Operational Update
The Company operated three horizontal drilling rigs at the
beginning of the first quarter and dropped to two during the
quarter. RSP drilled 13 operated horizontal wells and
completed 11 operated horizontal wells (one Middle Spraberry, seven
Lower Spraberry, one Wolfcamp A and two Wolfcamp B). The
Company exited the quarter with a total of 21 operated drilled and
uncompleted wells including 20 uncompleted horizontal wells and one
uncompleted vertical wells.
|
|
1Q16
Wells
|
|
|
Drilled
|
|
Completed
|
|
Drilled but
Uncompleted
Wells (DUCs)
|
|
|
|
|
|
|
|
Operated
Wells
|
|
|
|
|
|
|
Horizontal
|
|
13
|
|
11
|
|
20
|
Vertical
|
|
1
|
|
2
|
|
1
|
Total Operated
|
|
14
|
|
13
|
|
21
|
|
|
|
|
|
|
|
Non-Operated
Wells
|
|
|
|
|
|
|
Horizontal
|
|
12
|
|
5
|
|
20
|
Vertical
|
|
1
|
|
1
|
|
—
|
Total
Non-Operated
|
|
13
|
|
6
|
|
20
|
|
|
|
|
|
|
|
Total
Wells
|
|
|
|
|
|
|
Horizontal
|
|
25
|
|
16
|
|
40
|
Vertical
|
|
2
|
|
3
|
|
1
|
Total Wells
|
|
27
|
|
19
|
|
41
|
1Q16 Actual to
2016 Annual Guidance Comparison
|
|
|
|
|
|
|
|
1Q16
|
|
2016
|
|
|
Actual
|
|
Annual
Guidance
|
|
|
|
|
|
Completions
|
|
|
|
|
Operated Horizontal
Completions
|
|
11
|
|
36 - 48
|
Operated Vertical
Completions
|
|
2
|
|
5
|
|
|
|
|
|
Production
|
|
|
|
|
Average Daily
Production (Boe/d)
|
|
24,615
|
|
23,000 -
27,000
|
% Oil
|
|
76%
|
|
75% - 76%
|
% Natural
Gas
|
|
11%
|
|
10% - 11%
|
% NGLs
|
|
13%
|
|
13% - 14%
|
|
|
|
|
|
Capital
Expenditures
|
|
|
|
|
Total Capital
Expenditures (excluding acquisitions) ($ in MM)
|
|
$68
|
|
$200 -
$260
|
|
|
|
|
|
Operating
Costs
|
|
|
|
|
Lease operating
expenses (including workovers) ($/Boe)
|
|
$5.54
|
|
$5.00 -
$6.00
|
Gathering and
transportation ($/Boe)
|
|
$0.31
|
|
$0.45 -
$0.50
|
Exploration expenses
($/Boe)
|
|
$0.03
|
|
$0.25 -
$0.30
|
General and
administrative - cash component ($/Boe)
|
|
$2.19
|
|
$2.00 -
$2.50
|
General and
administrative - stock comp ($/Boe)
|
|
$1.38
|
|
$1.25 -
$1.50
|
Depreciation,
depletion, and amortization ($/Boe)
|
|
$19.89
|
|
$18.00 -
$20.00
|
Production and ad
valorem taxes (% of oil and gas revenues)
|
|
7.4%
|
|
7.0% -
8.0%
|
Quarterly
Operational Results
|
|
|
Three Months Ended
March 31,
|
|
2016
|
|
2015
|
Production
data:
|
|
|
|
Oil
(MBbls)
|
1,703
|
|
1,078
|
Natural gas
(MMcf)
|
1,465
|
|
960
|
NGLs
(MBbls)
|
293
|
|
197
|
Total
(MBoe)
|
2,240
|
|
1,435
|
Average net daily
production (Boe/d)
|
24,615
|
|
15,944
|
Average prices
before effects of hedges (1) (2):
|
|
|
|
Oil (per
Bbl)
|
$30.35
|
|
$43.88
|
Natural gas (per
Mcf)
|
1.64
|
|
2.33
|
NGLs (per
Bbl)
|
5.88
|
|
9.32
|
Total (per
Boe)
|
$24.92
|
|
$35.80
|
Average realized
prices after effects of hedges (1) (2):
|
|
|
Oil (per
Bbl)
|
$31.50
|
|
$71.22
|
Natural gas (per
Mcf)
|
1.64
|
|
2.33
|
NGLs (per
Bbl)
|
5.88
|
|
9.32
|
Total (per
Boe)
|
$25.79
|
|
$56.34
|
Average costs (per
Boe):
|
|
|
|
Lease operating
expenses (excluding gathering and transportation)
|
$5.54
|
|
$8.20
|
Gathering and
transportation
|
0.31
|
|
0.58
|
Production and ad
valorem taxes
|
1.85
|
|
2.92
|
Depreciation,
depletion and amortization
|
19.89
|
|
21.95
|
General and
administrative - recurring cash component
|
2.19
|
|
2.95
|
General and
administrative - recurring stock comp (3)
|
1.38
|
|
1.17
|
General and
administrative - IPO stock comp (4)
|
—
|
|
0.32
|
|
|
(1)
|
Average prices shown
in the table reflect prices both before and after the effects of
our cash payments/receipts on our commodity derivative
transactions. Our calculation of such effects includes realized
gains or losses on cash settlements for commodity derivative
transactions and an adjustment to reflect premiums incurred
previously or upon settlement that are attributable to instruments
settled in the period, if applicable.
|
(2)
|
Average prices for
oil are net of transportation costs. Average prices for natural gas
do not include transportation costs; instead, transportation costs
related to our gas production and sales are included in gathering
and transportation which is included in lease operating expenses in
our consolidated statements of operations. No transportation costs
are associated with NGL production and sales.
|
(3)
|
Represents
compensation expense related to restricted stock awards and
performance share awards granted as part of the Company's ongoing
compensation and retention programs.
|
(4)
|
Includes compensation
expense related to the successful completion of the Company's
initial public offering ("IPO"). These costs include expenses
related to one-time restricted stock awards.
|
Production volumes for the quarter ended March 31, 2016 averaged 24,615 Boe/d or a total
of 2,240 MBoe, an increase of 54% over prior year's first quarter
of 15,944 Boe/d. Production for the first quarter of 2016 was
comprised of 76% crude oil, 11% natural gas and 13% NGLs.
RSP's average realized commodity price per barrel of oil
equivalents for the first quarter of 2016, before the effects of
hedges, was $24.92. RSP's
average realized oil price for the first quarter of 2016, before
the effects of hedges, was $30.35 per
barrel, a negative $3.10 differential
compared to average NYMEX WTI pricing of $33.45 per barrel for the same period, or 91% of
NYMEX WTI pricing. RSP's average realized natural gas price for the
first quarter of 2016, before the effects of hedges, was
$1.64 per Mcf, a negative
$0.45 differential compared to
average NYMEX Henry Hub pricing of $2.09 per MMBtu for the same period, or 78% of
NYMEX Henry Hub pricing. RSP's average realized NGL price for
the first quarter of 2016, before the effects of hedges, was
$5.88 per Bbl, or 18% of NYMEX WTI
pricing for the same time period. Per unit cash operating
expenses excluding interest expense but including lease operating
expense, gathering and transportation, production and ad valorem
taxes and recurring cash general and administrative expenses were
$9.89 per Boe, a 33% decrease from
prior year's comparable quarter and a 1% decrease from the prior
quarter.
Capital Expenditures
RSP's capital expenditures, excluding acquisitions, for the
quarter ended March 31, 2016 totaled
$67.8 million which included
approximately $65.5 million of
drilling and completion and $2.3
million of infrastructure and other. Of the total
capital spent, approximately $11.1
million was on non-operated properties. In addition,
the Company closed on $29.1 million
of acquisitions of oil and gas properties during the first
quarter.
Liquidity Update
As of March 31, 2016, the Company
had no borrowings on its revolving credit facility, which has a
$600 million borrowing base, and had
$74 million of cash on hand, for
total liquidity available of $674
million. Effective May 1,
2016, the lenders under our credit facility unanimously
reaffirmed our $600 million borrowing
base in our semi-annual borrowing base redetermination.
Hedging
RSP recently added deferred premium puts and currently has
hedging arrangements that cover 1,260,000 barrels of oil production
for the remainder of 2016. As depicted in the table below,
the Company has outstanding three-way collars covering 360,000
barrels of oil production at a ceiling price of $74.41, a floor price of $55.00 and a short-put price of $45.00, and has deferred premium puts covering
900,000 barrels of oil production at a floor price of $45.00 ($41.50 net
of deferred premium).
Description &
Production Period
|
|
Volume
(Bbls)
|
|
Weighted
Average
Ceiling price
($/Bbl) (1)
|
|
Weighted
Average
Floor
price ($/Bbl)
(1)
|
|
Weighted
Average
Short-Put
price
($/Bbl)
(1)
|
|
Weighted
Average Deferred
Premium
($/Bbl)
(2)
|
|
|
|
|
|
|
|
|
|
|
|
Three Way
Collars
|
|
|
|
|
|
|
|
|
|
|
2Q16
|
|
120,000
|
|
$74.41
|
|
$55.00
|
|
$45.00
|
|
NA
|
3Q16
|
|
120,000
|
|
$74.41
|
|
$55.00
|
|
$45.00
|
|
NA
|
4Q16
|
|
120,000
|
|
$74.41
|
|
$55.00
|
|
$45.00
|
|
NA
|
Deferred Premium
Puts
|
|
|
|
|
|
|
|
|
|
|
3Q16
|
|
450,000
|
|
NA
|
|
$45.00
|
|
NA
|
|
$(3.50)
|
4Q16
|
|
450,000
|
|
NA
|
|
$45.00
|
|
NA
|
|
$(3.50)
|
|
|
(1)
|
The crude oil
derivative contracts are settled based on the month's average daily
NYMEX price of West Texas Intermediate Light Sweet
Crude.
|
(2)
|
The deferred premium
is not paid until expiration date, aligning cash inflows and
outflows with the settlement of the derivative contract.
|
First Quarter 2016 Earnings Release and Conference
Call
RSP will host a conference call for investors at 10:00 AM Central Time on Tuesday, May 3, 2016 to discuss first quarter
2016 results. Hosting the call will be Steve Gray, Chief Executive Officer,
Zane Arrott, Chief Operating Officer
and Scott McNeill, Chief Financial
Officer.
The call may be accessed live over the telephone by dialing
(877) 705-6003, or for international callers, (201) 493-6725.
A replay will be available shortly after the call and can be
accessed by dialing (877) 870-5176, or for international callers
(858) 384-5517. The passcode for the replay is 13634665. The
replay will be available until May 17,
2016. Interested parties may also listen to a simultaneous
webcast of the conference call by logging onto RSP's website at
www.rsppermian.com in the Investor Relations section. A replay of
the webcast will also be available following the call.
About RSP Permian, Inc.
RSP is an independent oil and natural gas company focused on the
acquisition, exploration, development and production of
unconventional oil and associated liquids-rich natural gas reserves
in the Permian Basin of West
Texas. The vast majority of our acreage is located on large,
contiguous acreage blocks in the core of the Midland Basin, a sub-basin of the Permian
Basin, primarily in the adjacent counties of Midland, Martin, Andrews, Glasscock, Dawson and Ector. The Company's common
stock is traded on the NYSE under the ticker symbol "RSPP."
For more information, visit www.rsppermian.com.
Forward-Looking Statements
This news release contains forward-looking statements within the
meaning of the federal securities laws. All statements, other than
historical facts, that address activities that RSP assumes, plans,
expects, believes, intends or anticipates (and other similar
expressions) will, should or may occur in the future are
forward-looking statements. Forward-looking statements are based on
management's current beliefs, based on currently available
information, as to the outcome and timing of future events. These
forward-looking statements involve certain risks and uncertainties
that could cause the results to differ materially from those
expected by the management of RSP. Information concerning these
risks and other factors can be found in RSP's filings with the SEC,
including its Annual Reports on Form 10-K and Quarterly Reports on
Form 10-Q, which can be obtained free of charge on the SEC's web
site located at http://www.sec.gov. RSP undertakes no obligation to
update or revise any forward-looking statement.
Use of Non-GAAP Financial Measures
We define Adjusted EBITDAX as oil and gas revenues including net
cash receipts (payments) on settled derivative instruments and
premiums paid on put options that settled during the period, less
lease operating expenses, production and ad valorem taxes, and
general and administrative expenses excluding stock based
compensation. Adjusted net income deducts from Adjusted
EBITDAX depreciation, depletion, and amortization, accretion on
asset retirement obligations, exploration expenses, interest
expense, stock-based compensation and adjusted income tax
expense.
Management believes Adjusted EBITDAX and adjusted net income are
useful because they allow us to more effectively evaluate our
operating performance and compare the results of our operations
from period to period without regard to our financing methods or
capital structure. We exclude the items listed above in arriving at
Adjusted EBITDAX and adjusted net income because these amounts can
vary substantially from company to company within our industry
depending upon accounting methods and book values of assets,
capital structures and the method by which the assets were
acquired. Adjusted EBITDAX and adjusted net income should not be
considered as an alternative to, or more meaningful than, net
income as determined in accordance with GAAP or as an indicator of
our operating performance or liquidity. Certain items excluded from
Adjusted EBITDAX and adjusted net income are significant components
in understanding and assessing a company's financial performance,
such as a company's cost of capital and tax structure, as well as
the historic costs of depreciable assets, none of which are
components of Adjusted EBITDAX. Our computations of Adjusted
EBITDAX and adjusted net income may not be comparable to other
similarly titled measures of other companies.
The following statements of operations include a reconciliation
of the non-GAAP financial measures of Adjusted EBITDAX and adjusted
net income to the GAAP financial measure of net
income.
Statements of
Operations
(In thousands,
except per share data)
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
Three Months
Ended
December 31,
|
|
2016 Actual
|
|
2015 Actual
|
|
|
2015 Actual
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
Oil
sales
|
$
|
51,690
|
|
|
$
|
47,305
|
|
|
|
$
|
67,318
|
|
|
Natural gas
sales
|
2,403
|
|
|
2,233
|
|
|
|
2,973
|
|
|
NGL
sales
|
1,722
|
|
|
1,837
|
|
|
|
3,217
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues
|
55,815
|
|
|
51,375
|
|
|
|
73,508
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash from
derivative instruments
|
1,950
|
|
|
29,471
|
|
|
|
23,122
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Total
Revenues
|
$
|
57,765
|
|
|
$
|
80,846
|
|
|
|
$
|
96,630
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
Lease
operating expenses
|
13,091
|
|
|
12,611
|
|
|
|
11,546
|
|
|
Production and
ad valorem taxes
|
4,153
|
|
|
4,197
|
|
|
|
5,722
|
|
|
General and
administrative expenses
|
4,911
|
|
|
4,229
|
|
|
|
4,995
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating costs and expenses
|
$
|
22,155
|
|
|
$
|
21,037
|
|
|
|
$
|
22,263
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDAX
(1)
|
$
|
35,610
|
|
|
$
|
59,809
|
|
|
|
$
|
74,367
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation,
depletion, and amortization
|
44,558
|
|
|
31,502
|
|
|
|
39,887
|
|
|
Asset
retirement obligation accretion
|
113
|
|
|
84
|
|
|
|
84
|
|
|
Exploration
|
64
|
|
|
1,178
|
|
|
|
96
|
|
|
Interest
expense
|
12,941
|
|
|
9,316
|
|
|
|
13,175
|
|
|
Stock-based
compensation, net
|
3,094
|
|
|
2,142
|
|
|
|
2,409
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted income
(loss) before income taxes
|
$
|
(25,160)
|
|
|
$
|
15,587
|
|
|
|
$
|
18,716
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted income tax
expense (benefit)
|
(8,929)
|
|
|
5,557
|
|
|
|
6,642
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net
income (loss) (1)
|
$
|
(16,231)
|
|
|
$
|
10,030
|
|
|
|
$
|
12,074
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
net income (loss) per common share - Basic
|
$
|
(0.16)
|
|
|
$
|
0.13
|
|
|
|
$
|
0.12
|
|
|
Adjusted
net income (loss) per common share - Diluted
|
$
|
(0.16)
|
|
|
$
|
0.13
|
|
|
|
$
|
0.12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other items
included in loss before taxes:
|
|
|
|
|
|
|
|
|
|
|
Non-cash loss
on derivatives, net
|
$
|
(1,554)
|
|
|
$
|
(17,141)
|
|
|
|
$
|
(19,683)
|
|
|
Impairments
|
(173)
|
|
|
—
|
|
|
|
(30,031)
|
|
|
Loss on asset
sale
|
—
|
|
|
—
|
|
|
|
(302)
|
|
|
Other
income
|
173
|
|
|
200
|
|
|
|
242
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before income
taxes
|
$
|
(17,785)
|
|
|
$
|
(6,911)
|
|
|
|
$
|
(37,700)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
benefit
|
$
|
(369)
|
|
|
$
|
(5,887)
|
|
|
|
$
|
(16,949)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss
|
$
|
(17,416)
|
|
|
$
|
(1,024)
|
|
|
|
$
|
(20,751)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
per common share - Basic
|
$
|
(0.17)
|
|
|
$
|
(0.01)
|
|
|
|
$
|
(0.21)
|
|
|
Net loss
per common share - Diluted
|
$
|
(0.17)
|
|
|
$
|
(0.01)
|
|
|
|
$
|
(0.21)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average
Common Shares Outstanding:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
100,060
|
|
|
78,190
|
|
|
|
98,556
|
|
|
Diluted
|
100,060
|
|
|
78,190
|
|
|
|
98,556
|
|
|
|
|
(1)
|
Adjusted EBITDAX and
adjusted net income are non-GAAP financial measures. For a
definition of Adjusted EBITDAX and adjusted net income, see "Use of
Non-GAAP Financial Measures" above.
|
Summary Balance
Sheet
(In
thousands)
|
|
|
|
|
|
March 31,
2016
|
|
|
December 31,
2015
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
73,624
|
|
|
|
$
|
142,741
|
|
|
Other current
assets
|
|
35,950
|
|
|
|
44,799
|
|
|
Total current
assets
|
|
109,574
|
|
|
|
187,540
|
|
|
Property, plant and
equipment, net
|
|
2,812,470
|
|
|
|
2,758,630
|
|
|
Other long-term
assets
|
|
20,450
|
|
|
|
21,263
|
|
|
Total
assets
|
|
$
|
2,942,494
|
|
|
|
$
|
2,967,433
|
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
75,792
|
|
|
|
77,402
|
|
|
Long-term
debt
|
|
686,905
|
|
|
|
686,512
|
|
|
Other long-term
liabilities
|
|
337,116
|
|
|
|
344,935
|
|
|
Total stockholders'
equity
|
|
1,842,681
|
|
|
|
1,858,584
|
|
|
Total liabilities and
stockholders' equity
|
|
$
|
2,942,494
|
|
|
|
$
|
2,967,433
|
|
|
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SOURCE RSP Permian, Inc.