Jones Energy, Inc. Announces Unaudited Consolidated Earnings and Production Results for Third Quarter and Earnings Results for the Nine Months Ended Sept. 30, 2017; Provides Operating Guidance for the Fourth Quarter and Full Year of 2017
For the year to date, the company reported capital expenditures totaled $184.7 million. Total operating Revenue was $134,061,000 compared to $88,355,000 a year ago. Operating loss was $210,479,000 compared to $81,410,000 a year ago. Loss before income tax was $223,163,000 compared to $40,795,000 a year ago. Net loss attributable to common shareholders was $154,368,000 compared to $14,952,000 a year ago. Diluted - net loss attributable to common shareholders was $2.30 compared to $0.40 a year ago. Net cash provided by operations was $41,425,000 compared to $14,909,000 a year ago. Acquisition of other property, plant and equipment was $603,000 compared to $194,000 a year ago. Additions to oil and gas properties were $179,152,000 compared to $212,419,000 a year ago. EBITDAX were $148,656,000 compared to $144,149,000 a year ago.
The Company now anticipates Capex to be approximately $10 million less than the revised mid-year budget of $250 million based on changes to the rig program, for a new total of $240 million.
The Company now projects average daily production of 20,800 to 21,200 Boe/d for full year 2017. Total Production to be in the range of 7.6MMBoe 7.7MMBoe.
Initial fourth quarter 2017 guidance of 19,000 to 20,800 Boe/d has also been announced.
During the third quarter of 2017 Jones Energy produced 1,970 MBoe, or 21,413 Boe/d, which was slightly above the high end of guidance, supported by natural gas outperformance. Merge production continued to increase rapidly, representing approximately 17% of total Company production for the third quarter of 2017 as compared to approximately 9% of total Company production for the second quarter of 2017, in each case excluding volumes related to the Arkoma divestiture. Total Merge volumes nearly doubled in the third quarter over second quarter, from 170 MBoe produced in the second quarter to 329 MBoe produced in the third quarter.