Financials
Sep 26 closed · 1,821,731 net BOE sold
Revenue
$58.1M
89% oil ·
9% gas ·
2% NGL
EBITDAX
$30.7M
53% margin
Cash netback
$16.83/BOE
what one barrel actually leaves behind
Realised oil
$49.61
WTI $52.93 · differential -3.32
Where a barrel of revenue goes — Sep 26, per BOE
This is the chart executives ask for and rarely get. It needs volume from
production accounting, price from the marketing settlements, royalty from land,
and cost from the ledger — four systems on four different closing calendars. Get
them onto one row and the question "we booked $58.1M of revenue, so
where did it go" answers itself. Everything here is per net barrel of oil
equivalent — all three streams blended, after royalty — which is why the starting
bar is lower than the $49.61 realised oil price above.
Revenue and cash cost, 12 months
Bars are revenue; the dashed line is total cash cost. The gap
between them is EBITDAX.
Unit costs, Sep 26
Everything that stands between the wellhead and cash, expressed
per net barrel so it is comparable across months and fields.
Netback per BOE
Realised oil price
Realised, not benchmark. The gap is the differential — transport
distance, crude quality and takeaway capacity. Rimrock North sells
$8.75 under WTI because it is furthest from a market.
By field, Sep 26
| Field | Net BOE | Revenue | Operating cost | EBITDAX | Margin | Netback /BOE | Oil diff |
|---|---|---|---|---|---|---|---|
| Antelope Draw Delaware Basin |
601,369 | $19.3M | $5.1M | $10.2M | 53% | $16.98 | -2.35 |
| Sagebrush Flats Midland Basin |
462,587 | $14.9M | $3.9M | $8.1M | 54% | $17.48 | -1.80 |
| Cottonwood Bend Powder River |
323,158 | $10.4M | $2.3M | $5.7M | 55% | $17.73 | -4.10 |
| Rimrock North Uinta Basin |
236,645 | $7.1M | $1.7M | $3.5M | 50% | $14.97 | -8.75 |
| Mesquite Ridge Eagle Ford |
197,972 | $6.6M | $1.8M | $3.5M | 54% | $17.78 | 0.40 |
Netback per barrel, not revenue, is how you rank fields. The
biggest producer is not always the one worth the next dollar of capital.
Monthly history
| Month | BOE/d | WTI | Realised | Revenue | Op cost | EBITDAX | Op cost /BOE | Netback /BOE |
|---|---|---|---|---|---|---|---|---|
| Sep 26 | 72,007 | $52.93 | $49.61 | $58.1M | $14.8M | $30.7M | $8.12 | $16.83 |
| Aug 26 | 71,375 | $55.30 | $52.05 | $62.2M | $15.3M | $33.7M | $8.19 | $17.99 |
| Jul 26 | 73,322 | $54.57 | $51.33 | $63.0M | $15.6M | $34.4M | $8.10 | $17.86 |
| Jun 26 | 71,537 | $49.09 | $45.85 | $52.9M | $14.7M | $25.8M | $8.10 | $14.21 |
| May 26 | 73,422 | $49.05 | $45.79 | $56.2M | $15.5M | $27.8M | $8.06 | $14.46 |
| Apr 26 | 71,906 | $53.61 | $50.48 | $59.1M | $15.1M | $31.5M | $8.22 | $17.23 |
| Mar 26 | 69,092 | $50.55 | $47.55 | $56.6M | $14.6M | $30.0M | $8.00 | $16.44 |
| Feb 26 | 65,494 | $55.50 | $52.55 | $53.1M | $12.9M | $29.3M | $8.20 | $18.67 |
| Jan 26 | 64,189 | $59.27 | $56.31 | $62.3M | $14.2M | $35.9M | $8.36 | $21.12 |
| Dec 25 | 62,018 | $64.60 | $61.70 | $64.4M | $13.6M | $39.2M | $8.27 | $23.80 |
| Nov 25 | 63,407 | $69.23 | $66.37 | $69.0M | $13.2M | $43.3M | $8.09 | $26.59 |
| Oct 25 | 64,421 | $72.91 | $69.97 | $75.8M | $13.9M | $49.3M | $8.14 | $28.89 |