Kodiak’s Oil and Gas Sales Up 104 Percent in Q4 2013

Kodiak Oil & Gas Corp. (NYSE:KOG) provided its financial results for the fourth quarter of 2013 and 2013 as a whole, commenting that during Q4, it oil and gas sales were valued at $266.5 million, a 104-percent increase from the year-ago period.

As quoted in the press release:

Kodiak reported an overall 98% increase in quarter-over-quarter equivalent sales volumes with 3.3 million barrels of oil equivalent (MMBOE) sold or an average of 36,100 BOE per day (BOE/d) during the fourth quarter 2013, as compared to 1.7 MMBOE, or an average of 18,200 BOE/d in the same period in 2012. Oil and gas sales were $904.6 million for the year ended December 31, 2013, as compared to $408.7 million for 2012, representing a 121% increase. For 2013, Kodiak reported a 101% increase in oil sales volumes and a 119% increase in gas sales volumes, reflecting an overall 103% increase in equivalent sales volumes, compared to 2012. The Company reported sales volumes for 2013 of 10.6 MMBOE, as compared to 5.3 MMBOE during 2012. Crude oil accounted for approximately 95% of revenue and 89% of oil and gas sales volumes recorded during the fourth quarter and year ended December 31, 2013, respectively.

Click here to read the full Kodiak Oil & Gas Corp. (NYSE:KOG) press release.