Financial Performance - Total revenue for Q2 2024 was $718.5 million, an increase from $624.8 million in Q2 2023, representing a growth of approximately 15.1%[2] - The company reported a net loss of $2.2 million, or $0.87 per common share, compared to a net income of $0.8 million, or $0.33 per common share in Q2 2023[2][16] - EBITDA for the quarter was $3.7 million, while adjusted EBITDA, excluding inventory valuation losses, was $4.2 million[2] - EBITDA for the three months ended June 30, 2024, was $3,745 thousand, down from $9,083 thousand in the same period of 2023, reflecting a decrease of approximately 58.8%[24] - Adjusted EBITDA for the six months ended June 30, 2024, was $8,442 thousand, down from $15,471 thousand in the same period of 2023, a decline of approximately 45.5%[24] Operational Metrics - Crude oil marketing subsidiary GulfMark Energy marketed 67,099 barrels per day in Q2 2024, down from 92,152 bpd in Q2 2023, reflecting a decrease of approximately 27.2%[4] - Throughput in the crude oil pipeline and storage segment was 13,881 bpd, up from 8,560 bpd in Q2 2023, indicating a growth of approximately 62.5%[5] - The collective fleet of Service Transport traveled 6.32 million miles in Q2 2024, slightly up from 6.30 million miles in Q2 2023[4] Cash and Liquidity - The company maintained a cash and cash equivalents balance of $38.5 million, an increase from $33.3 million at the end of 2023[2] - Cash and cash equivalents, including restricted cash, at the end of the period were $49,636 thousand, significantly up from $17,758 thousand at the end of June 30, 2023[22] - The company reported a net cash provided by operating activities of $8,315 thousand for the three months ended June 30, 2024, compared to a net cash used of $(27,315) thousand in the same period of 2023[22] Assets and Liabilities - Total current assets increased to $244,703 thousand as of June 30, 2024, up from $232,471 thousand at December 31, 2023, representing a growth of approximately 5.3%[19] - Total liabilities increased to $277,479 thousand as of June 30, 2024, compared to $268,618 thousand at December 31, 2023, indicating a rise of about 3.2%[19] - Accounts payable increased to $203,833 thousand as of June 30, 2024, compared to $183,102 thousand at December 31, 2023, marking an increase of about 11.4%[19] - Total assets rose to $366,709 thousand as of June 30, 2024, from $361,334 thousand at December 31, 2023, reflecting an increase of approximately 1.0%[19] Capital Expenditures and Dividends - Capital expenditures for Q2 2024 totaled $2.4 million, primarily for equipment purchases and ongoing construction of the Dayton facility[6] - The company declared a quarterly cash dividend of $0.24 per common share, consistent with the previous quarter[6] Inventory and Depreciation - The company holds 244,871 barrels of crude oil inventory as of June 30, 2024, down from 267,731 barrels at the end of 2023[5] - The company incurred depreciation and amortization expenses of $6,180 thousand for the three months ended June 30, 2024, compared to $7,303 thousand for the same period in 2023[22]
AE(AE) - 2024 Q2 - Quarterly Results