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AE(AE) - 2024 Q3 - Quarterly Results
AEAE(AE)2024-11-12 21:18

Financial Performance - Total revenue for Q3 2024 was 695.2million,withanetlossof695.2 million, with a net loss of 4.5 million, or (1.76)percommonshare[2]−AdjustedEBITDAforQ32024was1.76) per common share[2] - Adjusted EBITDA for Q3 2024 was 2.3 million, excluding inventory valuation losses[2] - Marketing revenue for Q3 2024 was 660.8million,downfrom660.8 million, down from 719.9 million in Q3 2023[16] - Total costs and expenses for Q3 2024 were 700.7million,comparedto700.7 million, compared to 756.7 million in Q3 2023[16] - Net losses for the three months ended September 2024 were 4.5million,comparedtonetearningsof4.5 million, compared to net earnings of 2.3 million in the same period in 2023[19] - Adjusted EBITDA for the three months ended September 2024 was 2.3million,downfrom2.3 million, down from 6.0 million in the same period in 2023[21] Operational Metrics - GulfMark Energy marketed 72,208 barrels per day (bpd) of crude oil in Q3 2024, down from 92,556 bpd in Q3 2023 due to the exit from Red River operations[4] - Service Transport Company's fleet traveled 5.89 million miles in Q3 2024, compared to 6.51 million miles in Q3 2023[5] - Crude oil pipeline and storage throughput was 10,326 bpd in Q3 2024, up from 8,548 bpd in Q3 2023[6] - Crude oil inventory stood at 411,426 barrels at September 30, 2024, compared to 267,731 barrels at December 31, 2023[7] Capital Expenditures and Investments - Capital expenditures for Q3 2024 were 4.8million,primarilyforequipmentpurchasesandconstructionoftheDaytonfacility[8]−Propertyandequipmentadditionstotaled4.8 million, primarily for equipment purchases and construction of the Dayton facility[8] - Property and equipment additions totaled 4.8 million for the three months ended September 2024[19] Dividends and Shareholder Equity - The company declared a quarterly cash dividend of 0.24percommonshareforQ32024,payableonDecember20,2024[9]−Shareholders′equitydecreasedfrom0.24 per common share for Q3 2024, payable on December 20, 2024[9] - Shareholders' equity decreased from 92.7 million in December 2023 to 84.8millioninSeptember2024[18]BalanceSheetChanges−Totalassetsdecreasedfrom84.8 million in September 2024[18] Balance Sheet Changes - Total assets decreased from 361.3 million in December 2023 to 333.0millioninSeptember2024[18]−Cashandcashequivalentsdecreasedfrom333.0 million in September 2024[18] - Cash and cash equivalents decreased from 33.3 million in December 2023 to 25.1millioninSeptember2024[18]−Accountsreceivabledecreasedfrom25.1 million in September 2024[18] - Accounts receivable decreased from 164.3 million in December 2023 to 144.3millioninSeptember2024[18]−Inventoryincreasedfrom144.3 million in September 2024[18] - Inventory increased from 19.8 million in December 2023 to 30.0millioninSeptember2024[18]−Long−termdebtdecreasedfrom30.0 million in September 2024[18] - Long-term debt decreased from 19.4 million in December 2023 to 12.5millioninSeptember2024[18]CashFlow−Netcashusedinoperatingactivitieswas12.5 million in September 2024[18] Cash Flow - Net cash used in operating activities was 6.7 million for the three months ended September 2024, compared to $11.4 million provided by operating activities in the same period in 2023[19]