Chaparral Energy, Inc. announced unaudited earnings results for the second quarter ended June 30, 2017, and consolidated earnings results for the period from March 22-June 30, 2017. For the quarter, the company's revenues-commodity sales were $74,048,000 against $65,990,000 a year ago; this represents a 12% year-over-year increase, which is primarily a result of an improvement in commodity prices. Operating income was $4,600,000 against loss of $209,864,000 a year ago. Income before income taxes was $21,402,000 against loss of $256,562,000 a year ago. Net income was $21,365,000 against net loss of $256,654,000 a year ago. Basic and diluted net income per share was $0.47. The company's adjusted EBITDA for the second quarter was $42.5 million, which is a 15% quarter-over-quarter increase, compared to $36.9 million in the first quarter. The company's capital expenditures for the second quarter were $71.6 million, with $42.2 million spent in the STACK, $15.7 million spent on additional STACK acreage acquisitions and $13.7 million spent in its EOR and Other (legacy) operational categories.

For the period from March 22-June 30, 2017, the company's net cash provided by operating activities was $6,491,000, and expenditures for property, plant, and equipment and oil and natural gas properties of $61,198,000. Net income was $1,682,000. Adjusted EBITDA was $41,351,000.

For the quarter, the company's total net production was 23.9 MBoe/d during the second quarter, of which 57% was oil, 16% was NGLs and 27% natural gas. This compares to 22.5 MBoe/d in the previous quarter. This was primarily driven by growing production in the STACK, which recorded 9,136 Boe/d during the second quarter. This marks a 17% increase in total production in the STACK on a year-over-year basis and a 12% increase in the play compared to the first quarter of in the year 2017.

As a result of the company's strong STACK performance and the attractive economics within the play, Chaparral will be expanding its STACK development program and adding at least six additional gross operated wells in the year 2017. Due to this incremental activity, the company now expects its full-year STACK production to grow by more than 25% from 2016 to 2017 and the company's exit rate is projected to increase by more than 45% compared to last year. In anticipation of this growth, the company is increasing its total company production guidance to 8.3 MMBoe to 8.7 MMBoe for the year, of which 9,100 Boe/d to 9,500 Boe/d is in the STACK. The company's operating teams continue to execute well and the company continues to have success mitigating increasing inflationary pressure from the service sector. With the extension of the company's drilling program, increase in its outside operated activity levels, success in securing additional STACK acreage and inflationary pressures, the company has raised its capital budget for the year to a range of $185 million - $200 million.