Chaparral Energy, Inc. Reports Unaudited Consolidated Earnings and Production Results for the Fourth Quarter and Year Ended December 31, 2019; Reports Impairment of Oil and Gas Assets for the Fourth Quarter Ended December 31, 2019; Production Guidance for the First Quarter of 2020
For the year, the company reported total revenue was $236,345,000 against $247,362 ago. Operating loss was $409,351,000 against income of $30,177,000 a year ago. Net loss was $468,948,000 against income of $33,442,000 a year ago. Basic loss per share for class A and class B was $10.28 against profit of $0.74 a year ago.
For the fourth quarter, the company achieved production of 29.7,000 barrels of oil equivalent per day (mboe/d), exceeding the high end of guidance.
For the full year 2019, production was 26.3 MBoe/d, which represents a 28% increase from the previous year and was above the midpoint of the company's guidance range of 25.0 to 27.0 MBoe/d.
For the fourth quarter ended December 31, 2019, the company reported impairment of oil and gas assets of $169,694,000 against $20,065,000 a year ago. Impairment of other assets was $781,000.
For the first quarter of 2020, production is expected to be between 28.5 MBoe/d and 30.0 MBoe/d. The mid-point of this range is slightly lower than the fourth quarter of 2019 due to timing of new wells coming online.