Financial Performance - Total revenue for Q3 2024 was $695.2 million, with a net loss of $4.5 million, or ($1.76) per common share[2] - Adjusted EBITDA for Q3 2024 was $2.3 million, excluding inventory valuation losses[2] - Marketing revenue for Q3 2024 was $660.8 million, down from $719.9 million in Q3 2023[16] - Total costs and expenses for Q3 2024 were $700.7 million, compared to $756.7 million in Q3 2023[16] - Net losses for the three months ended September 2024 were $4.5 million, compared to net earnings of $2.3 million in the same period in 2023[19] - Adjusted EBITDA for the three months ended September 2024 was $2.3 million, down from $6.0 million in the same period in 2023[21] Operational Metrics - GulfMark Energy marketed 72,208 barrels per day (bpd) of crude oil in Q3 2024, down from 92,556 bpd in Q3 2023 due to the exit from Red River operations[4] - Service Transport Company's fleet traveled 5.89 million miles in Q3 2024, compared to 6.51 million miles in Q3 2023[5] - Crude oil pipeline and storage throughput was 10,326 bpd in Q3 2024, up from 8,548 bpd in Q3 2023[6] - Crude oil inventory stood at 411,426 barrels at September 30, 2024, compared to 267,731 barrels at December 31, 2023[7] Capital Expenditures and Investments - Capital expenditures for Q3 2024 were $4.8 million, primarily for equipment purchases and construction of the Dayton facility[8] - Property and equipment additions totaled $4.8 million for the three months ended September 2024[19] Dividends and Shareholder Equity - The company declared a quarterly cash dividend of $0.24 per common share for Q3 2024, payable on December 20, 2024[9] - Shareholders' equity decreased from $92.7 million in December 2023 to $84.8 million in September 2024[18] Balance Sheet Changes - Total assets decreased from $361.3 million in December 2023 to $333.0 million in September 2024[18] - Cash and cash equivalents decreased from $33.3 million in December 2023 to $25.1 million in September 2024[18] - Accounts receivable decreased from $164.3 million in December 2023 to $144.3 million in September 2024[18] - Inventory increased from $19.8 million in December 2023 to $30.0 million in September 2024[18] - Long-term debt decreased from $19.4 million in December 2023 to $12.5 million in September 2024[18] Cash Flow - Net cash used in operating activities was $6.7 million for the three months ended September 2024, compared to $11.4 million provided by operating activities in the same period in 2023[19]
AE(AE) - 2024 Q3 - Quarterly Results