GreenHunter Resources reports 2Q revenue surge August 4, 2014
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A. Lee Graham
GreenHunter Resources Inc. of Grapevine has reported second-quarter revenues at $6.9 million, 18 percent higher than $5.8 million in the same period last year.
The water resources firm also reported total disposal volumes from continuing operations as 80 percent higher in the three months ended June 30, 2014 at 975,000 barrels injected compared to 543,000 in the same period last year as the company strengthens its position as an owner and operator of commercial saltwater disposal wells in the Marcellus and Utica shale plays in the Appalachia region.
The quarter also saw GreenHunter complete the necessary permit application to construction permanent barge trans-loading and bulk storage facilities for oilfield brine and condensate in the same region.
Meanwhile, the firm reported positive earnings before interest, taxes, depreciation and amortization at $447,000 for the quarter. It reduced its working capital deficit by 55 percent from $9.7 million as of Dec. 31, 2013 to $4.4 million as of June 30, 2014, a drop of $5.3 million. The quarter also saw the firm form a new hydrocarbons division to complement its total fluids management solutions operation in the Marcellus and Utica plays.
One-time start-up costs related to the division, as well as a new environmental solutions division, and costs associated with relocating equipment from its South Texas divisions, where it has ceased operations, to Appalachia, totaled about $110,000.
GreenHunter Resources Inc. is a diversified renewable energy company focused primarily on water resource management in oil and shale resource plays. More information is available at www.greenhunterenergy.com