Contango Oil & Gas Company (NYSE American: MCF) issued today its financial results for the first quarter ended March 31, 2020.
According ti the numbers it seems like Q1 2020 net loss is approximately 1200% higher compared to same quarter in 2019. How much is this in dollars? Net loss of $105.3 million (including $145.9 million in pre-tax impairments), compared to a net loss of $8.6 million in the prior year quarter (including $0.5 million in pre-tax impairments).
“We believe we have fared better than most of our peers as our conservative view on capital spending, our simple capital structure, our aggressive hedging program, our focus on cost reduction and our commitment to maintaining our liquidity and balance sheet flexibility have positioned us to manage through this difficult time.”-said Wilkie S. Colyer, the Company’s President and CEO.
Operating expenses for the three months ended March 31, 2020 were approximately $21.5 million, compared to $5.2 million for the same period last year.
Contango Oil & Gas Co (NYSEAMERICAN: MCF) stock closed at $3.39 on Friday while it gained another 3% in pre-market session on Monday, but prior to this quarterly report.