Approach Resources, Inc. Reports Unaudited Consolidated Earnings and Production Results for the First Quarter Ended March 31, 2019; Provides Production Guidance for the Year 2019
May 09, 2019 at 06:26 pm EDT
Approach Resources, Inc. reported unaudited consolidated earnings and Production results for the first quarter ended March 31, 2019. For the quarter, the company reported Oil, NGL and gas sales were $19,243,000 compared to $28,772,000 a year ago. Operating loss was $11,456,000 compared to $1,243,000 a year ago. Net loss was $16,796,000 or $0.18 per basic and diluted share compared to $7,446,000 or $0.08 per basic and diluted share a year ago.
Production for first quarter 2019 totaled 906 Mboe, or 10.1 MBoe/d, made up of 24% oil, 36% NGLs and 40% natural gas.
The company anticipate its 2019 annual production to average 9.4 to 9.6 MBoe per day.