July 30, 2015

Halcon Resources Announces Second Quarter 2015 Results

Company Reduces 2015 D&C Budget to ~$325 Million

Well Economics Continue to Improve in Company's Core Plays

HOUSTON, July 30, 2015 (GLOBE NEWSWIRE) -- Halcón Resources Corporation (NYSE:HK) ("Halcón" or the "Company") today announced its second quarter 2015 results.

The Company produced an average of 41,297 barrels of oil equivalent per day (Boe/d) during the period.  Second quarter 2015 production was 80% oil, 9% natural gas liquids (NGLs) and 11% natural gas. 

Halcón generated revenues of $168.0 million for the three months ended June 30, 2015.  In addition, the Company realized a net gain on settled derivative contracts of $88.1 million during the quarter. 

Including the impact of hedges, Halcón realized 140% of the average NYMEX oil price, 20% of the average NYMEX oil price for NGLs and 113% of the average NYMEX natural gas price during the period. 

Total operating costs per unit, after adjusting for selected items (see Selected Operating Data table for additional information), decreased by 28% to $17.51 per Boe in the second quarter of 2015, compared to the second quarter of 2014. 

After adjusting for selected items primarily related to a non-cash pre-tax full cost ceiling impairment charge (see Selected Item Review and Reconciliation table for additional information), net income available to common stockholders was $8.9 million, or $0.02 per diluted share, for the three months ended June 30, 2015.  The Company reported a net loss available to common stockholders of $1.1 billion, or $2.03 per diluted share for the quarter. 

Floyd C. Wilson, Chairman and Chief Executive Officer, commented, "We completed several initiatives towards strengthening our balance sheet in the past few months.  As a result we have no near-term debt maturities, and we have the liquidity necessary to execute our business plan and service our debt for the next several years.  Moreover, we continue to search for ways to improve our leverage profile.  The combination of lower completed well costs, improved results and increased efficiencies has led to well economics that compare favorably to what they were in the summer of 2014 when oil prices were significantly higher."

Recent Developments

On July 30, 2015, Halcón's Board of Directors declared a quarterly dividend on shares of its 5.75% Series A Cumulative Perpetual Convertible Preferred Stock equal to accrued dividends for the three months ending August 31, 2015, payable on September 1, 2015 to holders of record on August 14, 2015.  The dividend payments totaling approximately $4.9 million will be paid in cash. 

Liquidity and Capital Spending

The Company's liquidity as of June 30, 2015 was approximately $902 million, which consisted of cash on hand plus undrawn capacity on its senior secured revolving credit facility.

During the second quarter of 2015, Halcón incurred capital costs of $75.1 million on drilling and completions, $1.8 million on infrastructure/seismic, $2.5 million for leasehold, offset by A&D proceeds of $0.5 million.  In addition, the Company incurred $32.9 million for capitalized interest, G&A and other.

Operational Update

Halcón is currently operating three rigs across its holdings and has 14 wells being completed or waiting on completion.  Year-to-date, completed well costs have come down significantly in the Company's core plays and Halcón expects this trend to continue. 

Bakken/Three Forks

The Company operated an average of two rigs in the Williston Basin during the quarter.  Halcón spudded 9 wells in Fort Berthold and put 13 wells (8 in Fort Berthold/5 in Williams County) online during the period.  The Company also participated in nine non-operated wells with an average working interest of approximately 3% during the quarter. 

On average, Halcón-operated wells put online in the Williston Basin year-to-date are outperforming the Company's 801 MBoe and 477 MBoe type curves for the Fort Berthold and Williams County areas, respectively. 

Halcón has made significant progress negotiating lower costs with its service providers and continues to modify its drilling and completion techniques in an effort to improve recoveries and further reduce costs.  The Company's current estimated completed well cost for wells drilled on its acreage in the Fort Berthold area is approximately $7.2 million

Halcón has also reduced lease operating costs on a per well basis by approximately 30% as compared to 2014.

The Company continues to increase gas capture in the Williston Basin and expects to have greater than 90% of its gas production flowing to sales by year-end 2015.

Halcón is the operator of 194 producing Bakken wells and 58 Three Forks wells.  The Company currently has 6 Bakken wells and 2 Three Forks wells being completed or waiting on completion on its operated acreage. 

"El Halcón" - East Texas Eagle Ford

Halcón operated one rig in El Halcón during the second quarter.  The Company spudded four wells and put eight wells online during the three months ended June 30, 2015.  On average, wells put online year-to-date are performing in line with Halcón's 452 MBoe type curve for the area on a per lateral foot basis. 

As a result of several cost reduction initiatives, the current estimated completed well cost in lease capture mode (one well per unit/pad) is averaging approximately $6.75 million for a three-string well in this play. 

The Company expects completed well costs to decrease by up to an additional $1 million per well in the near-term as it begins the transition into development mode (multiple wells per unit/pad).  The capital that will be saved on a per well basis by transitioning into development mode will more than offset any capital spend necessary to extend or renew expiring leases.

There are currently 98 Halcón-operated East Texas Eagle Ford wells producing and 3 Company-operated wells being completed or waiting on completion. 

2015 Guidance Update

Halcón reduced its drilling and completion budget by an additional $25 million to approximately $325 million to account for lower service costs.

The Company expects to produce an average of 39.5 - 41.5 Mboe/d during the third quarter of 2015, which accounts for approximately 700 Boe/d of non-operated production in the Williston Basin that continues to be shut-in and approximately 1,100 Boe/d of non-operated production in the Williston Basin that continues to be deferred. 

Hedging Update

The Company continues to target a hedge portfolio in which approximately 80% of expected production is hedged for the next 24 months.  Halcón has 30,500 barrels per day of oil hedged from July 1, 2015 to December 31, 2015 at an average price of $90.21 per barrel.  For 2016, the Company has 25,497 barrels per day of oil hedged at an average price of $80.59 per barrel, and for 2017, Halcón has 3,750 barrels per day of oil hedged at an average price of $65.75 per barrel.  The Company plans to layer in additional hedges to attain targeted levels, as appropriate.  Halcón estimates the pre-tax mark-to-market value of its hedge portfolio to be approximately $447 million as of July 29, 2015

Conference Call and Webcast Information

Halcón Resources Corporation (NYSE:HK) has scheduled a conference call for Friday, July 31, 2015, at 10:00 a.m. EDT (9:00 a.m. CDT). To participate in the conference call, dial (877) 810-3368 for domestic callers, and (914) 495-8561 for international callers a few minutes before the call begins and reference Halcón Resources conference ID 79637432.  The conference call will also be webcast live over the Internet on Halcón Resources' website at http://www.halconresources.com in the Investor Relations section under Events & Presentations.  A telephonic replay of the call will be available approximately two hours after the live broadcast ends and will be accessible through August 7, 2015.  To access the replay, dial (855) 859-2056 for domestic callers or (404) 537-3406 for international callers, in both cases referencing conference ID 79637432. 

About Halcón Resources

Halcón Resources Corporation is an independent energy company engaged in the acquisition, production, exploration and development of onshore oil and natural gas properties in the United States.

Forward-Looking Statements

This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements that are not strictly historical statements constitute forward-looking statements and may often, but not always, be identified by the use of such words such as "expects," "believes," "intends," "anticipates," "plans," "estimates," "potential," "possible," or "probable" or statements that certain actions, events or results "may," "will," "should," or "could" be taken, occur or be achieved.  Additionally, initial production rates, average 30 day production rates and improvements mentioned herein are not necessarily indicative of future production rates or performance.  Forward-looking statements are based on current beliefs and expectations and involve certain assumptions or estimates that involve various risks and uncertainties that could cause actual results to differ materially from those reflected in the statements. These risks include, but are not limited to, those set forth in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2014 and other filings submitted by the Company to the U.S. Securities and Exchange Commission ("SEC"), copies of which may be obtained from the SEC's website at www.sec.gov or through the Company's website at www.halconresources.com. Readers should not place undue reliance on any such forward-looking statements, which are made only as of the date hereof. The Company has no duty, and assumes no obligation, to update forward-looking statements as a result of new information, future events or changes in the Company's expectations.


HALCÓN RESOURCES CORPORATION 
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) 
(In thousands, except per share amounts) 
            
            
    Three Months Ended June 30, Six Months Ended June 30, 
     2015    2014   2015   2014  
Operating revenues:         
 Oil, natural gas and natural gas liquids sales:         
  Oil   $  158,110  $  304,212  $  282,523  $  560,241  
  Natural gas     5,578     10,308     12,537     19,717  
  Natural gas liquids     3,889     9,364     7,957     18,123  
  Total oil, natural gas and natural gas liquids sales      167,577     323,884     303,017     598,081  
 Other    447     3,260     1,201     4,212  
  Total operating revenues     168,024      327,144     304,218     602,293  
            
Operating expenses:         
 Production:         
  Lease operating     25,233     30,968     59,018     67,606  
  Workover and other     3,731     3,988     6,845     6,777  
  Taxes other than income     12,903     30,310     25,144     54,470  
 Gathering and other    7,746     5,898     21,492     10,659  
 Restructuring    309     -      2,230     987  
 General and administrative    22,662     27,743     47,071     60,541  
 Depletion, depreciation and accretion    101,194     133,470     220,338     253,378  
 Full cost ceiling impairment    948,633     -      1,502,636     61,165  
 Other operating property and equipment impairment    -      3,477     -     3,789  
  Total operating expenses     1,122,411     235,854     1,884,774     519,372   
Income (loss) from operations    (954,387)    91,290     (1,580,556)    82,921  
Other income (expenses):         
 Net gain (loss) on derivative contracts    (87,564 )    (121,042)    12,184     (154,698) 
 Interest expense and other, net    (60,922)    (37,725)    (122,229)    (68,664) 
 Gain (loss) on extinguishment of debt    22,766     -      22,766     -  
 Gain (loss) on extinguishment of Convertible Note and modification of February 2012 Warrants    (8,219)    -      (8,219)    -  
    Total other income (expenses)      (133,939)    (158,767)    (95,498)    (223,362) 
Income (loss) before income taxes    (1,088,326)    (67,477)    (1,676,054)    (140,441) 
Income tax benefit (provision)     (286)    -      (199)    -  
Net income (loss)    (1,088,612)    (67,477)    (1,676,253)    (140,441) 
Series A preferred dividends    (4,902 )    (4,960)    (9,803)    (9,919) 
Preferred dividends and accretion on redeemable noncontrolling interest   (11,067)    (896)    (19,718)    (896) 
Net income (loss) available to common stockholders $  (1,104,581) $  (73,333) $  (1,705,774) $  (151,256) 
            
Net income (loss) per share of common stock:         
  Basic  $  (2.03) $  (0.18) $  (3.53) $  (0.37) 
  Diluted  $  (2.03) $  (0.18) $  (3.53) $  (0.37) 
            
Weighted average common shares outstanding:         
  Basic     545,313     414,722     482,843     414,125  
  Diluted     545,313     414,722     482,843     414,125  
             

 

HALCÓN RESOURCES CORPORATION 
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) 
(In thousands, except share and per share amounts) 
      
  June 30, December 31, 
   2015   2014  
Current assets:    
 Cash$  9,973  $  43,713  
 Accounts receivable   214,517     276,559  
 Receivables from derivative contracts   235,869     352,530  
 Restricted cash   16,483     16,131  
 Inventory   3,848     4,693  
 Prepaids and other   8,042     9,079  
   Total current assets   488,732     702,705  
Oil and natural gas properties (full cost method):    
 Evaluated   6,674,162     6,390,820  
 Unevaluated   1,801,135     1,829,786  
   Gross oil and natural gas properties   8,475,297     8,220,606  
 Less - accumulated depletion   (4,670,982)    (2,953,038) 
   Net oil and natural gas properties   3,804,315     5,267,568  
Other operating property and equipment:    
 Gas gathering and other operating assets   127,685     126,804  
 Less - accumulated depreciation   (18,531)    (14,798) 
 Net other operating property and equipment   109,154     112,006  
Other noncurrent assets:    
 Receivables from derivative contracts   77,605      151,324  
 Debt issuance costs, net   63,222     55,904  
 Deferred income taxes   93,026     136,826  
 Equity in oil and natural gas partnership   4,076     4,309  
 Funds in escrow and other   1,920     3,833  
Total assets$  4,642,050  $  6,434,475  
      
Current liabilities:    
 Accounts payable and accrued liabilities$  365,398  $  607,750  
 Asset retirement obligations   143     106  
 Current portion of deferred income taxes   93,026     136,826  
   Total current liabilities   458,567     744,682   
Long-term debt   3,650,625     3,746,736  
Other noncurrent liabilities:    
 Liabilities from derivative contracts   2,720     9,387  
 Asset retirement obligations   40,966     38,371  
 Other   6,480     5,964  
Commitments and contingencies    
Mezzanine equity:    
 Redeemable noncontrolling interest   136,884     117,166  
Stockholders' equity:    
 Preferred stock: 1,000,000 shares of $0.0001 par value authorized; 340,960 and 345,000    
   shares of 5.75% Cumulative Perpetual Convertible Series A, issued and outstanding      
   at June 30, 2015 and December 31, 2014, respectively   -     -  
 Common stock: 1,340,000,000 shares of $0.0001 par value authorized;    
 590,274,311 and 427,808,306 shares issued and outstanding    
   at June 30, 2015 and December 31, 2014, respectively   59     42  
 Additional paid-in capital   3,274,798     2,995,402  
 Accumulated deficit   (2,929,049)    (1,223,275) 
   Total stockholders' equity    345,808     1,772,169  
Total liabilities and stockholders' equity $  4,642,050  $  6,434,475  
    

 

HALCÓN RESOURCES CORPORATION  
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) 
(In thousands) 
             
    Three Months Ended June 30, Six Months Ended June 30, 
     2015    2014   2015   2014  
Cash flows from operating activities:          
Net income (loss) $  (1,088,612) $  (67,477) $  (1,676,253) $  (140,441) 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:         
 Depletion, depreciation and accretion     101,194     133,470     220,338     253,378  
 Full cost ceiling impairment    948,633     -     1,502,636     61,165  
 Other operating property and equipment impairment    -      3,477     -     3,789  
 Share-based compensation, net    3,438     4,914     8,210     9,246  
 Unrealized loss (gain) on derivative contracts    175,712     105,032     183,713     131,053  
 Amortization and write-off of deferred loan costs    2,533     1,319     4,092     2,161  
 Non-cash interest and amortization of discount and premium    602     678     1,709     1,232  
 Loss (gain) on extinguishment of debt    (22,766)    -     (22,766)    -  
 Loss (gain) on extinguishment of Convertible Note and modification of February 2012 Warrants     8,219     -     8,219     -  
 Accrued settlements on derivative contracts    10,811     -     (26,781)    -  
 Other income (expense)    2,467     1,188     5,008     1,230  
Cash flow from operations before changes in working capital    142,231     182,601     208,125     322,813  
Changes in working capital, net of acquisitions    (18,636)    68,841     9,405     88,129  
Net cash provided by (used in) operating activities    123,595      251,442     217,530     410,942  
            
Cash flows from investing activities:         
 Oil and natural gas capital expenditures    (143,125)    (420,955)    (407,751)    (853,738) 
 Proceeds received from sale of oil and natural gas assets    147     463,919     1,111     465,452  
 Advance on carried interest    -     (126,942)    -     (189,442) 
 Other operating property and equipment capital expenditures    (3,133)    (13,489)    (7,478)    (29,525) 
 Funds held in escrow and other    1,906     (595)    1,901     (307) 
Net cash provided by (used in) investing activities     (144,205)    (98,062)    (412,217)    (607,560) 
            
Cash flows from financing activities:         
 Proceeds from borrowings    935,000     672,000     1,296,000     1,286,000  
 Repayments of borrowings    (912,000)    (761,000)    (1,129,000)    (1,027,000) 
 Debt issuance costs    (18,612)    49     (18,612)    (77) 
  Common stock issued    9,335     -     15,354     -  
 HK TMS, LLC preferred stock issued    -     110,051     -     110,051  
 HK TMS, LLC tranche rights    -     4,516     -     4,516  
 Preferred dividends on redeemable noncontrolling interest    -     (493)    -     (493) 
 Restricted cash    (161)    (16,000)    (352)    (16,000) 
 Offering costs and other    (1,590)    (1,597)    (2,443)    (1,941) 
Net cash provided by (used in) financing activities    11,972     7,526     160,947     355,056  
            
Net increase (decrease) in cash     (8,638)    160,906     (33,740)    158,438  
            
Cash at beginning of period    18,611     366     43,713     2,834  
Cash at end of period $  9,973  $  161,272  $  9,973  $  161,272  
            
            
Disclosure of non-cash investing and financing activities:         
 Accrued capitalized interest $  5,656  $  3,695  $  (2,614) $  (1,068) 
 Asset retirement obligations    634     (3,720)    1,754      (4,450) 
 Series A preferred dividends paid in common stock    4,902      4,960     9,803     9,919  
 Preferred dividends on redeemable noncontrolling interest paid-in-kind    3,112     -      6,131     -   
 Accretion of redeemable noncontrolling interest    7,310     403     12,942     403  
 Change in fair value of redeemable noncontrolling interest    645     -      645     -   
 Common stock issued on conversion of senior notes    231,383     -      231,383      -   
 Common stock issued   (2,182)          
 Offering costs  78           
            

 

HALCÓN RESOURCES CORPORATION 
SELECTED OPERATING DATA 
(Unaudited) 
          
  Three Months Ended June 30, Six Months Ended June 30, 
   2015   2014   2015    2014  
          
Production volumes:         
Crude oil (MBbls)  3,007   3,236     6,103     6,042  
Natural gas (MMcf)  2,509   2,002     5,144     3,794  
Natural gas liquids (MBbls)  333   258     675     449  
Total (MBoe)  3,758   3,827     7,635     7,123  
Average daily production (Boe/d)  41,297   42,055     42,182     39,354  
           
Average prices:         
Crude oil (per Bbl) $  52.58  $  94.01  $  46.29  $  92.72  
Natural gas (per Mcf)    2.22     5.15     2.44     5.20  
Natural gas liquids (per Bbl)    11.68     36.29     11.79     40.36  
Total per Boe    44.59     84.63     39.69     83.96  
          
Cash effect of derivative contracts:         
Crude oil (per Bbl) $  28.60  $  (4.79) $  31.48  $  (3.66) 
Natural gas (per Mcf)    0.85     (0.25)    0.73     (0.41) 
Natural gas liquids (per Bbl)    -      -      -      -   
Total per Boe    23.46     (4.18)    25.66     (3.32) 
          
Average prices computed after cash effect of settlement of derivative contracts:        
Crude oil (per Bbl) $  81.18  $  89.22  $  77.77  $  89.06  
Natural gas (per Mcf)    3.07     4.90     3.17     4.79  
Natural gas liquids (per Bbl)    11.68     36.29     11.79     40.36  
Total per Boe    68.05     80.45     65.35     80.64  
          
Average cost per Boe:         
Production:         
Lease operating $  6.71  $  8.09  $  7.73  $  9.49  
Workover and other    0.99     1.04     0.90     0.95  
Taxes other than income    3.43     7.92     3.29     7.65  
Gathering and other, as adjusted (1)    1.78     1.54     1.89     1.50  
Restructuring    0.08     -      0.29     0.14  
General and administrative, as adjusted (1)    4.60     5.86     4.77     6.64  
Depletion    26.26     34.21     28.20     34.84  
           
(1) Represents gathering and other and general and administrative costs per Boe, adjusted for items noted in the reconciliation below:   
          
General and administrative:         
General and administrative, as reported $  6.03  $  7.25  $  6.17  $  8.50   
Share-based compensation:         
Non-cash    (0.91)    (1.28)    (1.08)    (1.30) 
Acquisition and merger transaction costs and other:         
Cash     (0.52)    (0.11)    (0.32)    (0.56) 
General and administrative, as adjusted $  4.60  $  5.86  $  4.77  $  6.64  
          
Gathering and other, as reported $  2.06  $  1.54  $  2.81  $  1.50  
  Rig termination / stacking charges     (0.28)     -      (0.92)    -   
Gathering and other, as adjusted $  1.78  $  1.54  $  1.89  $  1.50  
           
Total operating costs, as reported $  19.22  $  25.84  $  20.90  $  28.09   
  Total adjusting items    (1.71)    (1.39)     (2.32)    (1.86) 
Total operating costs, as adjusted(2) $  17.51  $  24.45  $  18.58  $  26.23   
 
(2) Represents lease operating, workover and other expense, taxes other than income, gathering and other expense and general and administrative costs per Boe, adjusted for items noted in Reconciliation above.

 

HALCÓN RESOURCES CORPORATION 
SELECTED ITEM REVIEW AND RECONCILIATION (Unaudited) 
(In thousands, except per share amounts) 
          
          
  Three Months Ended June 30, Six Months Ended June 30, 
   2015   2014   2015   2014  
As Reported:         
Net income (loss) available to common stockholders, as reported $  (1,104,581) $  (73,333) $  (1,705,774) $  (151,256) 
Series A preferred dividends    4,902     4,960     9,803     9,919  
Preferred dividends and accretion on redeemable noncontrolling interest    11,067     896     19,718     896  
Net income (loss)    (1,088,612)    (67,477)    (1,676,253)    (140,441) 
           
Impact of Selected Items:         
Unrealized loss (gain) on derivatives contracts:         
  Crude oil $  173,329  $  106,402  $  180,910  $  131,749  
  Natural gas     2,383     (505)    2,803     1,064  
Total mark-to-market non-cash charge    175,712     105,897     183,713     132,813  
Full cost ceiling impairment    948,633     -      1,502,636     61,165  
Other operating property and equipment impairment    -      3,477     -      3,789  
Loss (gain) on extinguishment of debt    (22,766)    -      (22,766)    -   
Loss (gain) on extinguishment of Convertible Note and modification of February 2012 Warrants    8,219     -      8,219     -   
Deferred financing costs expensed, net    879     499     879     499  
Restructuring    309     -      2,230     987  
Rig termination / stacking charges and other    5,349     417     16,897     3,962  
Selected items, before income taxes    1,116,335     110,290     1,691,808     203,215  
Income tax effect of selected items(1)     (18,819)    (14,160)    (22,675)    (22,205) 
Selected items, net of tax    1,097,516     96,130     1,669,133     181,010  
          
As Adjusted:          
Net income (loss) available to common stockholders, excluding selected items $  8,904  $  28,653  $  (7,120) $  40,569  
Net income (loss) from assumed conversions    -      3,799     -      -   
Net income (loss) available to common stockholders after assumed conversions, excluding selected items(2) $  8,904  $  32,452  $  (7,120) $  40,569  
          
Basic net income (loss) per common share, as reported $  (2.03) $  (0.18) $  (3.53) $  (0.37) 
Impact of selected items    2.05     0.25     3.52     0.47  
Basic net income (loss) per common share, excluding selected items(2) $  0.02  $  0.07  $  (0.01) $  0.10  
           
Diluted net income (loss) per common share, as reported $  (2.03)  $  (0.18) $  (3.53) $  (0.37) 
Impact of selected items    2.05     0.25     3.52     0.47  
Diluted net income (loss) per common share, excluding selected items(2)(3) $  0.02  $  0.07  $  (0.01) $  0.10  
          
          
Net cash provided by (used in) operating activities $  123,595  $  251,442  $  217,530  $  410,942  
Changes in working capital, net of acquisitions    18,636      (68,841)    (9,405)    (88,129) 
Cash flow from operations before changes in working capital    142,231     182,601     208,125     322,813  
Cash components of selected items    (7,511)    417     41,019     4,796  
Income tax effect of selected items    2,782     (151)    (5,274)    (1,734) 
Cash flow from operations before changes in working capital, adjusted for selected items(2) $  137,502  $  182,867  $  243,870  $  325,875  
          
          
(1) For the 2015 columns this represents tax impact using an estimated tax rate of 37.04%. These columns also include an adjustment for the change in valuation allowance of $394.7 million and $604.0 million for the three and six months ended June 30, 2015, respectively. 
 For the 2014 columns this represents tax impact using an estimated tax rate of 36.16%. These columns also include an adjustment for the change in valuation allowance of $25.7 million and $51.3 million for the three and six months ended June 30, 2014, respectively. 
(2) Net income (loss) and earnings per share excluding selected items and cash flow from operations before changes in working capital adjusted for selected items are non-GAAP measures.  
 These financial measures are presented based on management's belief that they will enable a user of the financial information to understand the impact of these items on reported results.  
 Additionally, this presentation provides a beneficial comparison to similarly adjusted measurements of prior periods.  These financial measures are not measures of financial performance under GAAP and should not be considered as an alternative to net income, earnings per share and cash flow from operations, as defined by GAAP.  These financial measures may not be comparable to similarly named non-GAAP financial measures that other companies may use and may not be useful in comparing the performance of those companies to Halcón's performance. 
(3) The impact of selected items for the three months ended  June 30, 2015 and 2014 was calculated based upon weighted average diluted shares of 546.1 million and 491.0 million, respectively, due to the net income available to common stockholders, excluding selected items. 
  The impact of selected items for the six months ended  June 30, 2014 was calculated based upon weighted average diluted shares of 420.1 million due to the net income available to common stockholders, excluding selected items.
          

 

 

 

For more information contact Scott Zuehlke, Vice President of Investor Relations, at 832-538-0314 or szuehlke@halconresources.com.

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Source: Halcon Resources

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