Approach Resources, Inc. Reports Unaudited Consolidated Earnings and Production Results for the Third Quarter and Nine Months Ended September 30, 2018; Revised Production and Capital Expenses Guidance for the Full Year of 2018
For the nine months, the company's total oil, NGL and gas sales were $91,660,000 compared to $76,932,000 a year ago. Operating income was $3,088,000 compared to operating loss of $18,760,000 a year ago. Loss before income tax benefit was $25,532,000 compared to $28,243,000 a year ago. Net loss was $20,779,000 compared to $158,176,000 a year ago. Basic and diluted loss per share was $0.22 compared to $1.95 a year ago. Adjusted net loss was $18,036,000 compared to $23,738,000 a year ago. Adjusted net loss per diluted share was $0.19 compared to $0.29 a year ago. EBITDAX was $45,535,000 compared to $40,908,000 a year ago. For the nine months ended September 30, 2018, capital expenditures totaled $46.5 million, consisting of $40.6 million for drilling and completion activities, $5.5 million for infrastructure projects and equipment and $0.4 million for lease acquisitions.
For the quarter, the company's oil production was 269 MBbls compared to 278 MBbls a year ago. NGLs production was 377 MBbls compared to 374 MBbls a year ago. Gas production was 2,388 MMcf compared to 2,455 MMcf a year ago. Total production was 1,043 MBoe compared to 1,061 MBoe a year ago. Total production was 11.3 MBoe/d compared to 11.5 MBoe/d a year ago.
For the nine months, the company's oil production was 819 MBbls compared to 837 MBbls a year ago. NGLs production was 1,105 MBbls compared to 1,109 MBbls a year ago. Gas production was 7,168 MMcf compared to 7,331 MMcf a year ago. Total production was 3,119 MBoe compared to 3,168 MBoe a year ago. Total production was 11.4 MBoe/d compared to 11.6 a year ago.
The company now expects full year capital expenses to be $47 million, or 21% below the mid-point of prior guidance, and full year production to be approximately 4,100 MBoe, or 6% below the mid-point of prior guidance.