Le Lézard
Classified in: Oil industry, Business
Subjects: ERN, CCA, ERP, FVT

Lonestar Resources Announces Third Quarter 2017 Results


FORT WORTH, Texas, Nov. 13, 2017 /PRNewswire/ -- Lonestar Resources US, Inc. (NASDAQ: LONE) (including its subsidiaries, "Lonestar," "we," "us," "our" or the "Company") reported today its financial and operating results for the three months ended September 30, 2017.

THIRD QUARTER HIGHLIGHTS

Lonestar's Chief Executive Officer, Frank D. Bracken, III, stated, "The third quarter results represent a significant step forward for Lonestar.  Our 3Q17 results are the first results that fully reflect the positive impact of our Acquisitions, which have brought significant scale to our business, as reflected in our dramatically improved cash margins.  Moreover, I applaud our operations team, who have quickly and proactively assumed control of operations, and associated lease operating expenses.  Our ability to reduce costs has added significant value to the Acquisitions."

Bracken further commented, "On an annualized basis, our Adjusted EBITDAX increased sequentially from $50.8 million in 2Q17 to $81.2 million in 3Q17, driven by significant growth in production, most particularly oil production while keeping our cash expenses in check.  The growth in our third quarter results will serve as a platform for continued in 2018.  We forecast that 2018 production will range between 10,000 to 10,700 Boe/d and we currently anticipate that Adjusted EBITDAX will total between $100 and $110 million.  Importantly, we expect to achieve this significant growth in production and EBITDAX while also significantly enhancing our credit metrics.  We currently anticipate that Debt / EBITDAX will improve to between 2.7x and 2.9x by year-end 2018."

FINANCIAL UPDATE

OPERATIONS UPDATE

EAGLE FORD SHALE TREND- WESTERN REGION

EAGLE FORD SHALE TREND- CENTRAL REGION

EAGLE FORD SHALE TREND- EASTERN REGION

RECENT ACQUISITIONS 

 

Lonestar Resources US Inc.

Fourth Quarter and Full Year 2018 Guidance




4Q171



2018



Low



High



Low



High

Well Activity 1
















Drilled (Net)



1.8




1.8




14.5




15.6

Onstream (Net)



4.0




4.0




16.3




17.4

















Daily Production Volumes
















Crude oil (Bbls/d)



5,325




5,400




6,500




6,850

NGLs (Bbls/d)



150




1,200




1,500




1,675

Natural gas (Mcf/d)



7,050




7,500




12,000




13,000

Total (Boe/d)



7,650




7,850




10,000




10,700

















Wellhead Differentials
















Crude Oil


+$1.50



+$2.00



+$0.00



+$0.50

NGLs



30%




33%




31%




35%

Natural gas


$

(0.30)



$

(0.27)



$

(0.20)



$

(0.20)

















Expenses
















LOE per Boe


$

(6.75)



$

(7.00)



$

(5.50)



$

(6.50)

Taxes per Boe


$

(2.40)



$

(2.55)



$

(2.40)



$

(2.55)

G&A per Boe


$

(3.60)



$

(3.75)



$

(2.80)



$

(3.00)

















Drilling & Completion Budget
















Capital Expenditures


$

17.0



$

18.0



$

95.0



$

100.0

















Adjusted EBITDAX
















EBITDAX 2


$

21.2



$

22.0



$

100.0



$

110.0


1  Cyclone #26H & #27H producing October 1st / Burns Ranch B#1H & B#2H producing December 1st

2  Assumes WTI crude oil price of $55.00/bbl and NYMEX Henry Hub price of $3.00/MMBtu for 2018

CONFERENCE CALL DETAILS

Lonestar will host a live conference call on Tuesday, November 14, 2017 at 8:00 AM CST to discuss the third quarter 2017 results and operational highlights.

To access the conference call, participants should dial:

USA: 800-915-4731
International: +1 212-231-2900

A playback of the conference call will be available on the Investor Relations section of Company's website beginning approximately November 15, 2017.  The playback will be available for approximately 2 weeks.

ABOUT LONESTAR RESOURCES US, INC.

Lonestar is an independent oil and natural gas company, focused on the development, production and acquisition of unconventional oil, natural gas liquids ("NGLs") and natural gas properties in the Eagle Ford Shale in Texas, where we have accumulated approximately 72,244 gross (57,172 net) acres in what we believe to be the formation's crude oil and condensate windows, as of September 30, 2017.  For more information, please visit www.lonestarresources.com.

CAUTIONARY & FORWARD LOOKING STATEMENTS

Lonestar Resources US Inc. cautions that this press release contains forward-looking statements, including, but not limited to; Lonestar's execution of its growth strategies; growth in Lonestar's leasehold, reserves and asset value; and Lonestar's ability to create shareholder value. These statements involve substantial known and unknown risks, uncertainties and other important factors that may cause our actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, the following:  volatility of oil, natural gas and NGL prices, and potential write-down of the carrying values of crude oil and natural gas properties; inability to successfully replace proved producing reserves; substantial capital expenditures required for exploration, development and exploitation projects; potential liabilities resulting from operating hazards, natural disasters or other interruptions; risks related using the latest available horizontal drilling and completion techniques; uncertainties tied to lengthy period of development of identified drilling locations; unexpected delays and cost overrun related to the development of estimated proved undeveloped reserves; concentration risk related to properties, which are located primarily in the Eagle Ford Shale of South Texas; loss of lease on undeveloped leasehold acreage that may result from lack of development or commercialization; inaccuracies in assumptions made in estimating proved reserves; our limited control over activities in properties Lonestar does not operate; potential inconsistency between the present value of future net revenues from our proved reserves and the current market value of our estimated oil and natural gas reserves; risks related to derivative activities; losses resulting from title deficiencies; risks related to health, safety and environmental laws and regulations; additional regulation of hydraulic fracturing; reduced demand for crude oil, natural gas and NGLs resulting from conservation measures and technological advances; inability to acquire adequate supplies of water for our drilling operations or to dispose of or recycle the used water economically and in an environmentally safe manner; climate change laws and regulations restricting emissions of "greenhouse gases" that may increase operating costs and reduce demand for the crude oil and natural gas; fluctuations in the differential between benchmark prices of crude oil and natural gas and the reference or regional index price used to price actual crude oil and natural gas sales; and the other important factors discussed under the caption "Risk Factors" in our on our Annual Report on Form 10-K filed with the Securities and Exchange Commission, or the SEC, on March 23, 2017 our Quarterly Reports on Form 10-Q filed with the SEC, as well as other documents that we may file from time to time with the SEC. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements we make. The forward-looking statements in this press release represent our views as of the date of this press release. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we have no current intention of doing so except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this press release.

The SEC permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves that meet the SEC's definitions for such terms. Estimates of reserves in this press release are based on economic assumptions with regard to commodity prices that differ from the prices required by the SEC (historical 12 month average) to be used in calculating reserves estimates prepared in accordance with SEC definitions and guidelines. In addition, reserve engineering is a complex and subjective process of estimating underground accumulations of oil and natural gas that cannot be measured in an exact way and the accuracy of any reserve estimate is a function of the quality of available data and of engineering and geological interpretation and judgment. The estimates of reserves in this press release were prepared by the Company's internal reserve engineers and are based on various assumptions, including assumptions related to oil and natural gas prices as discussed above, drilling and operating expenses, capital expenditures, taxes and availability of funds and are subject to confirmation and revision from the Company's independent reserve engineering firm. The Company's internal estimates of reserves may not be indicative of or may differ materially from the year-end estimates of the Company's reserves prepared by a third party as a result of the SEC pricing and other assumptions employed by an independent reserve engineering firm. Investors are urged to consider closely the disclosure in the Company's filings with the SEC, which you can obtain from the SEC's website at www.sec.gov.

(Financial Statements to Follow)

Lonestar Resources US Inc.

Consolidated Balance Sheets

(In thousands, except share and per share data)




September 30,
2017


December 31,
2016

Assets


(Unaudited)











Current assets







Cash and cash equivalents


$

4,812


$

6,068

Accounts receivable:







Oil, natural gas liquid and natural gas sales



10,398



4,680

Joint interest owners and other, net



965



867

Related parties



245



847

Derivative financial instruments



3,121



1,730

Prepaid expenses and other



5,709



2,631








Total current assets



25,250



16,823








Oil and gas properties, net, using the successful efforts method of accounting



552,919



439,228

Other property and equipment, net



12,432



1,421

Derivative financial instruments



773



?

Other noncurrent assets



3,796



1,561

Restricted certificates of deposit



76



76








Total assets


$

595,246


$

459,109

 

Lonestar Resources US Inc.

Consolidated Balance Sheets (continued)

(In thousands, except share and per share data)




September 30,
2017


December 31,
2016

Liabilities and Stockholders' Equity


(Unaudited)











Current liabilities







Accounts payable


$

12,386


$

14,894

Accounts payable ? related parties



108



1,135

Oil, natural gas liquid and natural gas sales payable



7,521



3,568

Accrued liabilities



22,365



9,947

Accrued liabilities ? related parties



78



224

Derivative financial instruments



1,991



2,985








Total current liabilities



44,449



32,753








Long-term debt



286,398



204,122

Long-term debt - related parties



?



3,400

Deferred tax liability



21,977



38,020

Other non-current liabilities



6,241



6,052

Equity warrant liability



439



1,565

Equity warrant liability - related parties



834



2,994

Asset retirement obligations



5,097



2,683

Derivative financial instruments



2,672



1,125








Total liabilities



368,107



292,714








Commitments and contingencies














Mezzanine equity







Series A-2 convertible participating preferred stock, $0.001 par value, 76,577 issued and outstanding at September 30, 2017 and 0 issued and outstanding at December 31, 2016



74,712



?








Stockholders' equity







Class A voting common stock, $0.001 par value, 100,000,000 shares authorized, 21,822,015 issued and outstanding at September 30, 2017 and December 31, 2016, respectively



142,652



142,652

Class B non-voting common stock, $0.001 par value, 5,000 shares authorized, 2,500 issued and outstanding at September 30, 2017 and December 31, 2016, respectively



?



?

Series A-1 convertible participating preferred stock, $0.001 par value and Series B convertible participating preferred stock, $0.001 par value, 5,543 shares and 2,684,632 shares issued and outstanding at September 30, 2017, respectively, 0 and 0 issued and outstanding at December 31, 2016, respectively



3



?

Additional paid-in capital



100,146



87,260

Accumulated deficit



(90,374)



(63,517)








Total stockholders' equity



152,427



166,395








Total liabilities and stockholders' equity


$

595,246


$

459,109

 

Lonestar Resources US Inc.

Consolidated Statements of Operations & Comprehensive Loss

(In thousands, except share and per share data)

(Unaudited)



Three Months Ended


Nine Months Ended


September 30,


September 30,


2017


2016


2017


2016

Revenues












Oil sales

$

23,162


$

12,285


$

52,742


$

36,404

Natural gas sales


1,890



2,190



5,072



5,448

Natural gas liquid sales


1,831



1,063



4,820



2,685













Total revenues


26,883



15,538



62,634



44,537













Costs and expenses












Lease operating and gas gathering


4,515



4,006



10,992



12,764

Production, ad valorem, and severance taxes


1,541



907



3,656



3,046

Rig standby expense


61



364



61



2,261

Depletion, depreciation, and amortization


15,891



10,665



40,527



38,301

Accretion of asset retirement obligations


38



53



96



160

Loss (gain) on sale of oil and gas properties


119



53



466



(1,478)

Impairment of oil and gas properties


?



29,144



27,081



31,082

Stock-based compensation


346



122



985



313

General and administrative


2,298



2,870



7,940



8,501

Acquisition costs


337



?



3,063



?

Other (income) expense


(4)



1



(62)



1,045













Total costs and expenses


25,142



48,185



94,805



95,995













Income (loss) from operations


1,741



(32,647)



(32,171)



(51,458)













Other income (expense)












Interest expense


(5,031)



(5,751)



(15,448)



(16,961)

Gain on disposal of bonds


?



29,363



?



29,363

Amortization of finance costs


(934)



(1,594)



(4,368)



(2,683)

Unrealized gain (loss) on warrants


402



(611)



3,286



(611)

Gain (loss) on derivative financial instruments


(7,657)



1,664



6,505



(3,405)













Total other income (expense), net


(13,220)



23,071



(10,025)



5,703













Loss before income taxes


(11,479)



(9,576)



(42,196)



(45,755)













Income tax benefit (expense)


4,718



(1,684)



15,339



10,354













Net loss


(6,761)



(11,260)



(26,857)



(35,401)













Preferred stock dividends


(1,824)



?



(2,120)



?













Net loss attributable to common stockholders


(8,585)



(11,260)



(28,977)



(35,401)

Earnings per share:












Basic

$

(0.39)


$

(1.44)


$

(1.33)


$

(4.64)

Diluted

$

(0.39)


$

(1.44)


$

(1.33)


$

(4.64)

Weighted Average Shares Outstanding - basic


21,822,015



7,842,586



21,822,015



7,629,896

Weighted Average Shares Outstanding - diluted


21,822,015



7,842,586



21,822,015



7,629,896

Comprehensive loss:












Net loss

$

(6,761)


$

(11,260)


$

(26,857)


$

(35,401)

Foreign currency translation adjustments


?



(13)



?



(29)

Comprehensive loss

$

(6,761)


$

(11,273)


$

(26,857)


$

(35,430)

 

Lonestar Resources US Inc.

Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)




Three Months Ended


Nine Months Ended



September 30,


September 30,



2017


2016


2017


2016

Operating activities













Net loss


$

(6,761)


$

(11,260)


$

(26,857)


$

(35,401)

Adjustments to reconcile net loss to net cash provided by operating activities:













Loss (gain) on disposal of oil and gas properties



?



53



?



(866)

Accretion of asset retirement obligations



38



52



96



160

Depreciation, depletion, and amortization



15,891



10,665



40,527



38,301

Stock-based compensation



346



122



985



313

Deferred taxes



(5,058)



1,696



(16,043)



(10,432)

Loss (gain) on disposal of bonds



?



(29,363)



?



(29,363)

(Gain) losses on derivative financial instruments



7,657



(1,664)



(6,505)



3,405

Settlements of derivative financial instruments



2,212



6,022



4,894



24,322

Impairment of oil and gas properties



?



29,144



27,081



31,082

Non-cash interest expense



940



1,127



4,375



1,677

Unrealized (gain) loss on warrants



(402)



611



(3,286)



611

Changes in operating assets and liabilities:













Accounts receivable



(3,906)



1,683



(5,214)



865

Prepaid expenses and other assets



(576)



(2,190)



(3,559)



(1,961)

Accounts payable and accrued expenses



(2,113)



4,003



11,973



(4,479)

Net cash provided by operating activities



8,268



10,701



28,467



18,234














Investing activities













Acquisition of oil and gas properties



(853)



(399)



(109,031)



(3,115)

Development of oil and gas properties



(19,167)



(5,877)



(56,918)



(24,856)

Proceeds from sales of oil and gas properties



?



?



?



2,720

Purchases of other property and equipment



(10,058)



?



(11,580)



(202)

Net cash used in investing activities



(30,078)



(6,276)



(177,529)



(25,453)














Financing activities













Proceeds from borrowings and related party borrowings



26,909



40,214



102,988



63,714

Payments on borrowings and related party borrowings



(8,004)



(43,789)



(27,504)



(54,789)

Proceeds from sale of preferred stock



?



?



77,800



?

Cost to issue equity



1,297



?



(2,790)



?

Payments of debt issuance costs



(148)



?



(2,685)



?

Changes in other notes payable



?



6



(3)



(9)

Net cash provided by financing activities



20,054



(3,569)



147,806



8,916














Effect of exchange rate changes on cash and cash equivalents



?



(13)



?



(29)














Increase in cash and cash equivalents



(1,756)



843



(1,256)



1,668

Cash and cash equivalents, beginning of the period



6,568



5,147



6,068



4,322

Cash and cash equivalents, end of the period


$

4,812


$

5,990


$

4,812


$

5,990














Supplemental information:













Net cash used by operating activities:













Cash paid for taxes


$

225


$

?


$

2,465


$

?

Cash paid for interest expense



1,298



3,718



11,060



14,095

Non-cash investing and financing activities:













Preferred stock issued for asset acquisition


$

?


$

?


$

10,795


$

?

Cost to issue equity included in accounts payable



?



?



?



5,500

NON-GAAP FINANCIAL MEASURES (Unaudited)
Reconciliation of Non-GAAP Financial Measures

Adjusted EBITDAX

Adjusted EBITDAX is not a measure of net income as determined by GAAP. Adjusted EBITDAX is a supplemental non-GAAP financial measure that is used by management and external users of the Company's consolidated financial statements, such as industry analysts, investors, lenders and rating agencies. The Company defines Adjusted EBITDAX as net (loss) income before depreciation, depletion, amortization and accretion, exploration costs, non-recurring costs, (gain) loss on sales of oil and natural gas properties, impairment of oil and gas properties, stock-based compensation, interest expense, income tax (benefit) expense, rig standby expense, other income (expense) and unrealized (gain) loss on derivative financial instruments and unrealized (gain) loss on warrants.

Management believes Adjusted EBITDAX provides useful information to investors because it assists investors in the evaluation of the Company's operating performance and comparison of the results of the Company's operations from period to period without regard to its financing methods or capital structure. The Company excludes the items listed above from net income in arriving at Adjusted EBITDAX to eliminate the impact of certain non-cash  items or because these amounts can vary substantially from company to company within its industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDAX should not be considered as an alternative to, or more meaningful than, net income as determined in accordance with GAAP. Certain items excluded from Adjusted EBITDAX are significant components in understanding and assessing a company's financial performance, such as a company's cost of capital and tax structure, as well as the historic costs of depreciable assets, none of which are components of Adjusted EBITDAX. The Company's computations of Adjusted EBITDAX may not be comparable to other similarly titled measures of other companies.

The following table presents a reconciliation of Adjusted EBITDAX to the GAAP financial measure of net income (loss) for each of the periods indicated.



Three Months Ended
September 30,


Nine Months Ended
September 30,

($ in thousands)


2017


2016


2017


2016

Net Loss


$

(8,585)


$

(11,260)


$

(28,977)


$

(35,401)

Income tax benefit



(4,718)



1,684



(15,339)



(10,354)

Interest expense (1)



7,789



7,345



21,936



19,644

Exploration expense



?



10



205



11

Depletion, depreciation, amortization and accretion



15,929



10,718



40,623



38,461

EBITDAX



10,415



8,497



18,448



12,361

Rig standby expense (2)



61



364



61



2,261

Non-recurring costs (3)



337



607



3,464



1,252

Stock-based compensation



346



122



985



313

Loss (gain) on sale of oil and gas properties



119



53



466



(1,478)

Impairment of oil and gas properties



?



29,144



27,081



31,082

Unrealized (gain) loss on derivative financial instruments



9,437



4,600



(2,672)



26,205

Unrealized gain on warrants



(402)



611



(3,286)



611

Other (income) expense



(4)



(29,362)



(54)



(28,315)

Adjusted EBITDAX


$

20,309


$

14,636


$

44,493


$

44,292


1 Interest expense also includes Amortization of finance costs and Dividends paid on Series A Preferred Stock

2 Represents a non-recurring cost associated with a rig contract that expired in July 2016

3 Non-recurring costs consists of Acquisitions Costs and General and Administrative Expenses related to the re-domiciliation to the United States, and listing on NASDAQ

 

Lonestar Resources US Inc.

Reconciliation of Income Before Income Taxes As Reported To Income

Before Income Taxes Excluding Certain Items, a non-GAAP measure (Adjusted Income)

(Unaudited)




Three Months Ended
September 30,


Nine Months Ended
September 30,



2017


2016


2017


2016



(In thousands)


(In thousands)

Loss before income taxes, as reported


$

(11,479)


$

(9,576)


$

(42,196)


$

(45,755)

Adjustments for special items:













Impairment of oil and gas properties



?



29,144



27,081



31,082

Early payment premium on Second Lien Notes



?



?



1,050



?

Warrant discount recognition due to early payment on Second Lien Notes



?



?



1,991



?

Legal expenses for corporate governance and public reporting setup



?



553



399



1,190

General & administrative non-recurring costs



337



63



549



72

Rig standby expense



61



364



61



2,261

Unrealized hedging (gain) loss



9,437



4,600



(2,672)



26,205

Stock based compensation



346



122



985



313

Advisory fees for completion of acquisition



?



?



2,726



?

Income (loss) before income taxes, as adjusted



(1,298)



25,270



(10,026)



15,368














Income tax benefit (expense), as adjusted













Current



?



?



?



?

Deferred (a)



451



(8,777)



3,482



(5,334)

Net income (loss) excluding certain items, a non-GAAP measure


$

(847)


$

16,493


$

(6,544)


$

10,034














Preferred stock dividends



(1,824)



?



(2120)



?

Net income (loss) after preferred dividends excluding certain items, a non-GAAP measure


$

(2,671)


$

16,493


$

(8,664)


$

10,034














Non-GAAP income per common share













Basic


$

(0.12)


$

2.10


$

(0.40)


$

1.32

Diluted


$

(0.12)


$

2.02


$

(0.40)


$

1.30














Non-GAAP diluted shares outstanding, if dilutive



21,822,015



8,174,760



21,822,015



7,741,837


(a)  Deferred taxes for 2017 and 2016 are estimated to be approximately 35%

 

Lonestar Resources US Inc.

Operating Results

(Unaudited)




For the three
months
ended September
30,


For the nine
months
ended September
30,



2017


2016


2017


2016

Total production volumes -













Crude oil (MBbls)



483



292



1,099



603

NGLs (MBbls)



113



114



288



242

Natural gas (MMcf)



654



832



1,824



1,779

Total barrels of oil equivalent (Mboe)



705



545



1,691



1,141














Daily production volumes by product -













Crude oil (MBbls)



5,250



3,175



4,026



3,522

NGLs (MBbls)



1,228



1,238



1,055



1,227

Natural gas (MMcf)



7,105



9,041



6,682



9,595

Total barrels of oil equivalent (Boe/d)



7,662



5,921



6,194



6,348














Daily production volumes by region (Boe/d) -













Eagle Ford Shale



7,662



5,485



6,194



5,810

Conventional



?



436



?



538

Total barrels of oil equivalent (Boe/d)



7,662



5,921



6,194



6,348














Average realized prices -













Crude oil ($ per Bbl)


$

47.96


$

42.05


$

47.99


$

37.73

NGLs ($ per Bbl)



16.19



9.33



16.74



7.99

Natural gas ($ per Mcf)



2.90



2.63



2.78



2.07

Total Oil Equivalent, excluding the effect from hedging


$

38.14


$

28.53


$

37.04


$

25.61

Total Oil Equivalent, including the effect from hedging


$

40.66


$

40.03


$

39.31


$

38.72














Operating Expenses per BOE:













Lease operating and gas gathering


$

6.40


$

7.36


$

6.50


$

7.34

Production, ad valorem, and severance taxes



2.19



1.67



2.16



1.75

Depreciation, depletion and amortization



22.60



19.68



24.02



22.11

General and administrative



3.26



5.27



4.70



4.89

 

SOURCE Lonestar Resources US, Inc.


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