Awesome job and TU from me - at least you got close to the right number....
The Adjusted EBITDAX as I've presented it comes directly from the MOB Credit Agreement (refer Schedule 2) - so I didn't choose what is in or out other than trying to figure out the non-cash charges of impairments et-al.
The thing that sticks out to me is the way that the gain on derivatives is handled - which is non-recurring - and I think the source of the major difference in the numbers. Its called adjusted EBITDAX for a reason. The only thing I can think of is maybe it is just the actual expense/income of writing the contract and not the gain/loss on the derivative itself?? That would seem strange I think. Its why I wish SSN would fall in line with US reporters and do the EBITDAX reconciliation for us.
Can you clue me into what the "Adjustment" column is about?
The other thing is the estimate for Mar'15 (which I did not supply) is not a pretty number. If accurate the situation goes from not good to in fairly deep shite.
SSN Price at posting:
1.0¢ Sentiment: None Disclosure: Not Held
