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Approach Resources Inc

No Longer Reporting

The company has not filed an annual or quarterly report since its Q3 FY2019 10-Q, filed Nov 18, 2019. Its latest SEC filing is a 15-12B from Jan 6, 2021.

The sections below describe the company as of the FY2018 annual report.

What Did They Do?

Produced and sold oil, natural gas liquids, and natural gas from unconventional reserves in West Texas to oil and gas purchasers.

How Did They Make Money?

FY2018 revenue

Who Were Their Customers?

Approach's sales went to American Midstream and DCP; oil from northern Project Pangea and Pangea West was dedicated to American Midstream, while NGL and gas production from Project Pangea was contracted to DCP.

Customers above 10% of revenue, FY2018
of revenue from two customers (56%, 41%)
FY2016: 100% from two customers

Did Revenues Turn Into Profits?

No. It lost $19.9M in FY2018.

Operating income, FY2018
1% of revenue
▲ Now profitable vs FY2017 (−$19.7M, −19%)
Net income, FY2018
−17% of revenue
▼ −82% (Loss) vs FY2017 (−$112.4M, −107%)

How Were They Changing?

Since the FY2018 annual report
Latest quarter: Q3 FY2019, the three months to Sep 30, 2019
Revenue
▼ −53%
vs $32.6M in Q3 FY2018
Net income
▲ +350% (Loss)
vs −$4.3M in Q3 FY2018
  • Dec 31, 2020 Liquidation plan took effect All conditions to the plan’s effectiveness had been satisfied or waived.
  • Dec 18, 2020 Court confirmed liquidation plan Common stock holders receive no distribution, and all equity interests are canceled on the plan’s effective date.
  • Oct 1, 2020 Approach sold substantially all assets to Zarvona The sale closed on September 30, 2020.
  • Sep 29, 2020 Approach and subsidiaries filed for Chapter 11 Their voluntary petitions commenced jointly administered bankruptcy cases.

Grew. Revenue grew 26% in 2 years, from $90.3M in FY2016 to $114M in FY2018, about 12% a year.

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