Bellatrix Exploration Ltd. Reports Unaudited Consolidated Earnings and Production Results for the Second Quarter and Six Months Ended June 30, 2018; Revised Production Guidance and Provided CapEx Guidance for the Year of 2018
For the six months, the company reported total revenue of CAD 120,237,000 compared to CAD 140,349,000 a year ago. Cash flow from operating activities was CAD 26,619,000 or CAD 0.51 per diluted share compared to CAD 18,754,000 or CAD 0.38 per diluted share a year ago. Adjusted funds flow was CAD 24,812,000 or CAD 0.47 per diluted share compared to CAD 34,240,000 or CAD 0.69 per diluted share a year ago. Net loss was CAD 47,669,000 or CAD 0.91 per diluted share compared to CAD 56,186,000 or CAD 1.14 per diluted share a year ago. First half 2018 exploration and development capital expenditures were CAD 29.6 million.
Production volumes in the second quarter of 2018 averaged 37,309 boe/d (72% natural gas weighted), roughly 2% higher than first quarter 2018 volumes.
First half 2018 average production volumes of 37,027 boe/d represent 7% outperformance compared with the mid-point of Bellatrix's full year average production guidance range (34,000 to 35,500 boe/d).
The company revised earnings guidance for the year of 2018. For the year, the company now expects average daily production of 34,000 - 35,500 boe/d, natural gas of 74%, crude oil, condensate and NGLs of 26%. The company expects second half 2018 capital expenditures of approximately CAD 20 to CAD 30 million based on the company's updated full year annual capital expenditure guidance budget range of CAD 50 to CAD 60 million.