Contango Oil & Gas Company (MCF) Stock Plunged 8.99% Pre-Market, Here’s Why          

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Contango Oil & Gas Company (MCF) stock plunged 8.99% in the pre-market trading session at the price of $3.44 despite no fundamental reason. The last published news was its earnings report for the three months ended on 30th September 2021.   

Contango Oil & Gas Company (MCF) is an independent oil and natural gas firm based in Texas. It aims to maximize production and cash flow from its onshore properties located in the Permian, Midcontinent, Rockies, and other smaller coastal areas. The company utilizes its cash flow to explore, produce, and procure oil and natural gas properties in the United States. 

MCF Third Quarter 2021 Financial Results 

On 15th November 2021, MCF published its financial results for the third quarter ended on 30th September 2021 and provided business updates. 

MCF Financial Highlights  

For the three months ended 30th September 2021, the net loss totaled $15.2 million, or per basic and diluted share of $(0.08). MCF reported a net loss of $6.8 million, or per basic and diluted share of $(0.05), for the same quarter of 2020. Pre-tax net loss totaled $16.3 million for the three months ended on 30th September 2021. For the third quarter of 2020, the company reported $6.1 million in a pre-tax net loss.  

MCF reported revenues of approximately $99.9 million for the third quarter of 2021. The revenue totaled $31.3 million for the three months ended on 30th September 2020. For the three months ended 30th September 2021, production sales were roughly 2.4 MMBoe or 26.4 MBoe per day. Production sales were 1.6 MMBoe, or 17.2 MBoe per day, for the third quarter of 2020. Average weighted shares outstanding totaled 199.1 million for the third quarter of 2021.  

For the three months ended 30th September 2021, MCF reported operating expenses of $44.9 million. Operating expenses were $14.6 million for the three months ended on 30th September 2020. For the three months ended 30th September 2021, general and administrative expenses totaled $14.6 million, or $6.02 per Boe. General and administrative expenses were $8.7 million, or $5.48 per Boe, for the third quarter of the last year. 

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