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BNK Petroleum Q2 loss thanks to unrealized losses from hedged commodity

Christian Fernsby ▼ | August 12, 2020
BNK Petroleum announced second quarter.
BNK Petroleum
Loss   BNK Petroleum
Net loss for the second quarter of 2020 was $2.2 million compared to net income of $1.5 million for the second quarter of 2019 due to unrealized losses of $2.3 million from hedged commodity contracts in the second quarter of 2020 compared to an unrealized gain of $1.1 million in second quarter 2019.

Topics: BNK Petroleum

Without the unrealized hedging losses for the second quarter of 2020, the Company would have recognized positive net income.

Revenue, net of royalties was $1.5 million in the second quarter of 2020 compared to $4.6 million for second quarter of 2019.

The Company has an outstanding balance of $23.0 million on its credit facility at June 30, 2020 after paying down $4.5 million.

At June 30, 2020, cash totaled $1.4 million.


 

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