Synergy Resources Corporation (NYSE MKT:SYRG) Q1 2015 Earnings Conference Call - Final Transcript
Jan 09, 2015 • 11:00 am ET
Good morning everyone, and thank you for joining us to discuss Synergy Resources First Quarter Results for the period ended November 30, 2014. With us today are Synergy Resources' Co-CEOs, Ed Holloway and William Scaff, Jr.; and CFO, Monty Jennings; and COO, Craig Rasmuson; VP of Capital Markets and Investor Relations, Jon Kruljac will be available to answer your questions during the Q&A session.
Following the prepared remarks, we'll open the call to your questions. Then before the conclusion of today's call, I'll provide the necessary precautions regarding forward-looking statements made by management during this call. I'd like to remind everyone that today's audio conference call will be available for replay through January 23, 2015. The webcast replay will also be available via the company's Web site at www.syrginfo.com. I would now like to turn the call over to Co-CEO of Synergy Resources, Mr. William Scaff.
Thanks Jessie, and thanks everyone for joining us today. We issued a press release this morning announcing our financial results for the first quarter of fiscal 2015. Our financial results for the first quarter are reflection of our disciplined approach towards controlling costs to maximize returns. During the quarter with rapidly declining commodity prices we will be able to grow our production by 158% year-over-year, while lowering our lease operating expenses in G&A costs per BOE by 15% and 50% respectively.
This generated a record 79% EBITDA margin on revenues and for the company and our shareholders during the quarter. We are also focused on lowering our finding and development cost which our Chief Operating Officer, Craig Rasmuson will detail in a moment. Before I turn the call over to Craig and our CFO, Monty Jennings, I would like to state that while we are proud of our 100% plus compounded annual growth rate over the past several years, what is more important to us is remaining good stewards of capital and keeping focused on creating a sustainable platform for the company in all commodity pricing areas.
For those of you on the call, that I have had an opportunity to meet in person, you may recall me telling the history about the boom and bust cycles we have experienced over the last 33 years. And now, we have achieved -- now we have achieved positive economic results in the past regardless of commodity prices like controlling cost and maintaining a keen eye on expenses. Our Co-CEO, Ed Holloway and I personally review each and every invoice no matter how small for our approval.
Over the past several months, we have been taking measures to preserve capital and maintain liquidity. This is critical not only to ensure the sustainability of our business model, but also to take advantage of opportunities that might be presented to us during this down cycle. Some of the measures we have taken
swapping out of non-operated leasehold interest to increase our working interest in our operated assets. This enables us to apply our disciplined cost controls and ultimately result in