(1) Per share information is presented on a fully converted basis of 86.9
million common shares which is inclusive of 46.3 million Class A common
shares, 40.0 million Class C common shares and 0.6 million unvested
restricted stock awards that are outstanding as of September 30, 2021.
As such, net income per fully converted share in this schedule is not
comparable to net income per share of $0.12 for the period ended
September 30, 2021 as shown on the Condensed Consolidated Statements of
Operations.
(2) Interest expense includes amortization of deferred financing costs.
(3) Pro-forma cash income taxes are estimated on a pro-rata basis and
therefore based upon net income before non-controlling interest
considerations.
Calculation of cash available for dividends for the third quarter 2021 (in thousands):
Three Months Ended
September 30,
2021
--- -------------
Adjusted EBITDA $ 14,738
Interest expense (2) (477)
Pro-forma cash taxes (3) (404)
--- -------------
Net cash available for distribution $ 13,857
=== =============
Cash to be distributed to non-controlling interests $ 6,387
--- -------------
Cash to be distributed to Falcon Minerals Corp. (4) $ 7,405
--- -------------
Dividends to be paid to Class A shareholders $ 7,188
=== =============
(1) Interest expense includes amortization of deferred financing costs.
(2) Pro-forma cash income taxes are estimated on a pro-rata basis and
therefore based upon net income before non-controlling interest
considerations.
(3) Includes approximately $217k of cash for current income taxes at Falcon
Minerals Corporation.
FALCON MINERALS CORPORATION
SELECTED OPERATING DATA
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
---------------------- ----------------------
2021 2020 2021 2020
------------ -------- ---------- ----------
Production Data:
Oil (bbls) 194,845 197,652 600,884 656,326
Natural gas (Mcf) 985,012 899,399 2,841,167 2,642,963
Natural gas
liquids (bbls) 58,209 63,821 171,292 188,297
-------- ------- --------- ---------
Combined volumes
(boe) 417,223 411,373 1,245,704 1,285,117
-------- ------- --------- ---------
Average daily
combined volume
(boe/d) 4,535 4,471 4,563 4,690
Average sales
prices:
Oil (bbls) $ 69.61 $ 36.91 $ 63.78 $ 34.65
Natural gas (mcf) $ 3.65 $ 1.98 $ 3.22 $ 1.88
Natural gas
liquids (bbls) $ 33.92 $ 13.58 $ 27.76 $ 11.42
Combined per boe $ 45.86 $ 24.17 $ 41.93 $ 23.24
Average costs
($/boe):
Production and ad
valorem taxes $ 2.58 $ 1.81 $ 2.40 $ 1.72
Marketing and
transportation
expense $ 1.12 $ 1.37 $ 1.07 $ 1.22
Cash general and
administrative
expense $ 6.42 $ 4.59 $ 7.36 $ 4.90
Interest expense,
net $ 1.14 $ 1.19 $ 1.17 $ 1.33
Depletion $ 9.28 $ 8.61 $ 8.90 $ 8.16
View source version on businesswire.com: https://www.businesswire.com/news/home/20211103006243/en/
CONTACT:
Falcon Minerals Contact:
Matthew B. Ockwood
Chief Financial Officer
mockwood@falconminerals.com