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MarketScreener Homepage  >  Equities  >  OTC Bulletin Board - Other OTC  >  EP Energy Corporation    EPEGQ

EP ENERGY CORPORATION

(EPEGQ)
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EP Energy : Q2 2020 Financial Report

08/28/2020 | 09:38am EST

Table of Contents

EP ENERGY LLC

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

As of June 30, 2020 and December 31, 2019 and

for the quarter and six month periods ended June 30, 2020 and June 30, 2019

Table of Contents

EP ENERGY LLC

TABLE OF CONTENTS

Index

Page

Condensed Consolidated Statements of Income for the quarter and six months ended June 30, 2020 and 2019

2

Condensed Consolidated Balance Sheets as of June 30, 2020 and December 31, 2019

3

Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2020 and 2019

5

Condensed Consolidated Statements of Changes of Equity for the period from December 31, 2018 to June 30,

6

2020

Notes to the Consolidated Financial Statements

7

Management's Discussion and Analysis of Financial Condition and Results of Operations

21

Quantitative and Qualitative Disclosures About Market Risk

35

Below is a list of terms that are common to our industry and used throughout this document:

/d

=

per day

Bbl

=

barrel

Boe

=

barrel of oil equivalent

LLS

=

light Louisiana sweet crude oil

MBoe

=

thousand barrels of oil equivalent

MBbls

=

thousand barrels

Mcf

=

thousand cubic feet

MMBtu

=

million British thermal units

MMBbls

=

million barrels

MMcf

=

million cubic feet

Mt. Belvieu

=

Mont Belvieu natural gas liquids pricing index

NGLs

=

natural gas liquids

NYMEX

=

New York Mercantile Exchange

TBtu

=

trillion British thermal units

WTI

=

West Texas intermediate

When we refer to oil and natural gas in "equivalents", we are doing so to compare quantities of oil with quantities of natural gas or to express these different commodities in a common unit. In calculating equivalents, we use a generally recognized standard in which one Bbl of oil and/or NGLs is equal to six Mcf of natural gas. Also, when we refer to cubic feet measurements, all measurements are at a pressure of 14.7 pounds per square inch.

When we refer to "us", "we", "our", "ours", "the Company" or "EP Energy", we are describing EP Energy LLC and/or its subsidiaries.

i

Table of Contents

EP ENERGY LLC (DEBTOR IN POSSESSION)

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In millions) (Unaudited)

Quarter ended

Six months ended

June 30,

June 30,

2020

2019

2020

2019

Operating revenues

Oil

$

67

$

204

$

218

$

397

Natural gas

7

8

15

26

NGLs

5

15

16

33

Financial derivatives

(34)

29

199

(66)

Total operating revenues

45

256

448

390

Operating expenses

Transportation costs

8

23

24

48

Lease operating expense

20

30

53

67

General and administrative

22

43

41

64

Depreciation, depletion and amortization

32

94

148

188

Gain on sale of assets

1

-

1

-

Impairment charges

-

-

2,324

-

Exploration and other expense

3

1

3

2

Taxes, other than income taxes

7

20

20

31

Total operating expenses

93

211

2,614

400

Operating (loss) income

(48)

45

(2,166)

(10)

Other income

-

-

1

-

Gain on extinguishment/modification of debt

-

-

-

10

Interest expense

(4)

(95)

(34)

(190)

Reorganization items, net

(5)

-

(93)

-

Loss before income taxes

(57)

(50)

(2,292)

(190)

Income tax benefit

-

-

-

-

Net loss

$

(57)

$

(50)

$

(2,292)

$

(190)

See accompanying notes.

2

Table of Contents

EP ENERGY LLC (DEBTOR IN POSSESSION)

CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions) (Unaudited)

June 30, 2020

December 31, 2019

ASSETS

Current assets

Cash and cash equivalents

$

24

$

32

Restricted cash

-

1

Accounts receivable

Customer, net of allowance of less than $1 in 2020 and 2019

91

127

Other, net of allowance of $1 in 2020 and 2019

15

16

Materials and supplies

35

42

Derivative instruments

105

9

Other

11

27

Total current assets

281

254

Property, plant and equipment, at cost

Oil and natural gas properties

5,220

7,388

Other property, plant and equipment

71

73

5,291

7,461

Less accumulated depreciation, depletion and amortization

4,162

4,026

Total property, plant and equipment, net

1,129

3,435

Other assets

Unamortized debt issue costs

2

-

Operating lease assets and other

10

21

12

21

Total assets

$

1,422

$

3,710

See accompanying notes.

3

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

EP Energy Corp. published this content on 28 August 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 August 2020 13:38:02 UTC


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Financials (USD)
Sales 2019 901 M - -
Net income 2019 -943 M - -
Net Debt 2019 4 740 M - -
P/E ratio 2019 0,00x
Yield 2019 -
Capitalization 15,8 M 15,8 M -
EV / Sales 2018 3,64x
EV / Sales 2019 5,26x
Nbr of Employees 370
Free-Float -
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Income Statement Evolution
Managers
NameTitle
Russell E. Parker President, Chief Executive Officer & Director
Alan R. Crain Chairman
Chad D. England Chief Operating Officer & Senior Vice President
Kyle A. McCuen Chief Financial Officer, Treasurer & Senior VP
Gregory Allan Beard Director