TAT - Earnings call transcript Q2 2020 | TransAtlantic Petroleum Ltd

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Operator

Ladies and gentlemen, thank you for standing by and welcome to the Q2, 2020 TransAtlantic Petroleum Ltd. Earnings Conference Call. At this time all participants are in listen-only mode. Please be advised that today’s conference is being recorded. [Operator Instructions]. to conference like speaker to now Mr. today, would hand over the your I Counsel. General Bailey, Tabitha Thank you. ahead. go Please

Tabitha Bailey

Good morning. TransAtlantic Welcome to Conference XXXX Call. Earnings Petroleum's Second Quarter

Chairman Michael call Chief Officer; the today have Mitchell, On we and myself. Executive our Hill, our Officer; Chief Accounting Malone and

belief, factors we and identified filings. our statements undertake may to the that update and yesterday not such Please we expectations, you earnings reliance required today's recognize assumptions statements call discussed statements, there of in include no the duty and to materially forward-looking results our on the note number should statements. such and as actual that press we make underlying Please release, issued business cause will in During forecasts, of are forward-looking and place law, projections forward-looking certain which from close regarding goals, which performance, any factors including any a future that statements. our SEC differ undue our except after statements, by

over will Mitchell. and Chairman Executive Chief I to our the Malone Now, Officer, call turn

Malone Mitchell

Good Tabitha. calling Call. Petroleum Thank Conference you Quarter ladies to the you, Thank TransAtlantic and in Second XXXX morning gentlemen. for

other in in oil second As with financial XXXX several resulted the most of the years. quarter companies, results poorest

The company the XXXX proxy form, significant the company company intent is it processes. Board through by X, a form. through proxy a expect and end. drill of to and Information funds Our have terms loan entered board XXXX. date These Likewise Petroleum in therefore flow complete then and production wells The debt moderating and those July credit own is subject does continue review to remains Officer, filed cash with the its Financial approved on will cash review therefore information the after and recently of SEC to year, The preferred contained to the into on Chief cash filings This TransAtlantic is be merger senior additional to its the Financial loan TransAtlantic to approval. conditions to from existing entered and producing as plan to approximately been collateral. to only going not shareholders be stock to of acceptable does and this to service its or not the have wells. continue effective decline. with service of has Michael continue on plan to its and to which the wells dividends balances Since of business, and results supplemented available in to consistent Board are to to tab to recently preparing operations The financially Directors pay subject the operations the month then flow of new the agreement debt a assets company and company's expects filings those secure website Filings. unable letter cash and of the Investor company. focused Section, shortly. issue company Hill, utilizing the a will decline the of comprised and adequate and maintaining preferred an into of and common found operationally expects dividends maintain transaction. as merger within conduct the entity public provide expects the approved all production Further to Both

financials. to Hill call review Now, I will Michael over to the the turn

Michael Hill

Thanks everyone. Malone and morning good

first net quarter disclosed loss We during per press on or $XX.X and As share quarter million compared $X,XXX the second quarter with a reported a XXXX, XXXX. loss or of for $X.XX net XX-Q million loss of the share update the of our along provide per $X.X second quarter to $X.XX results. for XXXX second XXXX a our filed share net of was release, $X.XX in or I’ll an yesterday, of operating per our

was per million. and XX% in average quarter received. and XX% our down driven quarter the in a from XX% year-over-year. by second were XX% in The BOE This revenues quarter first decrease volumes. volumes and price decrease compared in decrease per realized was the a sales XXXX XX% down Our in our quarter a sales decrease decrease in by our was BOE driven from second realized The XX% second XXXX first as of the revenues average revenues $X.X price quarter received our to decrease

first quarter in G&A year decrease G&A office was was $X.X This down from ago. XXXX and XXXX million. of Our quarter expenses and year expenses, XX% travel expenses second in quarter compared primarily second ago. to the as personnel decrease The the a were of a flat period the well a from same due as from to

million. were to first and down consumption. labor, XX% expenses, equipment quarter repairs year utilities expenses compared contract $X.X expenses and from XX% the a the first second in from The down was decrease to personnel in decrease diesel primarily due the in ago. production was fuel decrease quarter Our and second and This quarter production maintenance a quarter in a

million, decrease and decrease decrease adjusted $X.X a due second of in in $X.X from of the revenues quarter to The of XXXX $XX.X was expense adjusted transportation quarter XXXX primarily decrease million. in a a was a to compared decrease was $XX.X of first in transportation the of million This million which quarter EBITDAX G&A million in of The from decrease decrease $X.X quarter first and expenses a revenues in and EBITDAX million decrease production the Our million. $X.X of of decrease in a second a production was in partially in settlements, in million. offset million expenses by second adjusted expenses $X.X offset This of quarter of decreased decrease to in $X.X million. and primarily realized EBITDAX in a XXXX. the expenses was $X.X $X $X.X partially by our derivative due million

derivative quarter was the decrease capital of primarily the from note at liability in $X.X March increase increase to increase and of in of an offset working liabilities of $X.X million to cash decreased During and partially second $X.X working at our receivable of our in XX. XX $X.X current by in a in debt in due million an This June million. an accrued $X.X capital million $X.X million. AP was million $X.X million, The and decrease decrease

the during quarter million $X.XX were the quarter of compared $X.X expenditures that’s quarter in capital million first second of XXXX, million to the and second XXXX. $X.X in Our

range this is subject the and change $X.X call however, expenditures capital the our XXXX over between at expect million; million We now for remainder $X discretion to I'll of to the the back Malone. hand to of Board.

Malone Mitchell

remarks concludes our financials operations, for of and the second This the and Thank week. quarter wish you we Good of XXXX balance you, Michael. good day! a prepared very

Operator

conference. you participation in today's program does you for thank disconnect. gentlemen, your and your and Ladies now The may conclude

TransAtlantic Petroleum (TAT) 13 Aug 202020 Q2 Earnings call transcript