Approach Resources, Inc. reported unaudited consolidated earnings and production results for the third quarter and nine months ended September 30, 2018. For the quarter, the company's total oil, NGL and gas sales were $32,562,000 compared to $25,608,000 a year ago. Operating income was $4,544,000 compared to operating loss of $3,935,000 a year ago. Loss before income tax benefit was $5,182,000 compared to $12,770,000 a year ago. Net loss was $4,261,000 compared to $8,512,000 a year ago. Basic and diluted loss per share was $0.05 compared to $0.10 a year ago. Adjusted net loss was $4,194,000 compared to $6,530,000 a year ago. Adjusted net loss per diluted share was $0.04 compared to $0.08 a year ago. EBITDAX was $16,500,000 compared to $13,844,000 a year ago. Capital expenditures incurred during third quarter 2018 totaled $19.3 million, consisting of $17 million for drilling and completion activities, $2.2 million for infrastructure projects and equipment and $0.1 million for lease acquisitions and extensions.

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.