AXAS Profile
Abraxas
Petroleum Corporation (AXAS) is an independent energy company
primarily engaged in the exploration, development, and production of
oil and gas properties in the United States. The company's operations
are primarily focused on the Permian Basin in West Texas and the Rocky
Mountain region, including the Bakken formation in North Dakota.
In its most recent quarterly report for the period ended September
30, 2022, Abraxas Petroleum reported revenues of $24.4 million, a
significant increase from the same period in the previous year.
However, the company also reported a net loss of $5.5 million for the
quarter, which was wider than the net loss of $1.9 million in the same
period in the previous year.
The company reported average
production of approximately 5,200 barrels of oil equivalent per day.
Abraxas Petroleum has stated that it is continuing to pursue
development opportunities in the Permian Basin, which it believes has
significant potential for growth.
In addition, the company has
been focused on reducing its debt levels and improving its liquidity.
As of September 30, 2022, Abraxas Petroleum had a total debt of $101.8
million, a decrease from $108.4 million at the end of the previous
quarter. The company has also taken steps to improve its liquidity
position by raising capital through the sale of common stock and the
issuance of new debt.
However, Abraxas Petroleum's operations
may be impacted by various factors, including fluctuations in
commodity prices, regulatory changes, and environmental concerns. In
addition, the ongoing COVID-19 pandemic has caused disruptions in the
global economy and the oil and gas industry, which may continue to
affect the company's financial performance.
Overall, Abraxas
Petroleum Corporation is a mid-sized energy company with a focus on
exploration, development, and production of oil and gas properties in
the United States. While the company has faced challenges in recent
years, it is taking steps to improve its financial position and pursue
growth opportunities in the Permian Basin and oth
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