Jagged Peak Energy Inc. announced unaudited consolidated earnings and operating results for the first quarter ended March 31, 2018. For the quarter, the company reported total revenues of $129,053,000 against $39,388,000 a year ago. Loss from operations was $22,710,000 against $393,015,000 a year ago. Loss before income tax was $29,759,000 against $376,513,000 a year ago. Net loss was $39,403,000 against $465,881,000 a year ago. Net cash provided by operating activities was $80,242,000 against $21,701,000 a year ago. Development of oil and natural gas properties was $185,982,000 against $74,293,000 a year ago. Other capital expenditures were $1,270,000 against $763,000 a year ago. Total capital expenditures for the quarter were $218.9 million. Adjusted net income per pro forma common share was $0.012 against $0.05 a year ago. Adjusted EBITDAX was $85,527,000 against $29,124,000 a year ago.

For the quarter, the company reported oil production of 1,967 MBbls against 745 MBbls a year ago. Natural gas production was 1,666 MMcf against 370 MMcf a year ago. NGLs production was 239 MBbls against 74 MBbls a year ago. Combined volumes production was 2,484 MBoe against 881 MBoe a year ago. Daily combined volumes production was 27,596 Boe/d against 9,785 Boe/d a year ago. Average sales prices (after the effects of realized hedges) of oil was $61.39 per Bbl, natural gas was $1.73 per Mcf, NGLs was $22.17 per Bbl, Combined was $51.90 per Boe against average sales prices (after the effects of realized hedges) of oil was $49.33 per Bbl, natural gas was $2.48 per Mcf, NGLs was $20.61 per Bbl, Combined was $44.52 per Boe a year ago.

The Company is reaffirming the following guidance for its full year 2018 activities. Total capital expenditures, excluding leasehold, of $560 to $615 million. $540 to $590 million budgeted for drilling and completion costs, including $5 to $10 million budgeted for 3D seismic and other data initiatives and $20 to $25 million for water infrastructure costs, excluding any potential additions to surface acreage.

Total net production of 28,000 to 31,000 Boe/d, representing an increase of 74% compared to 2017 average production, Net oil production will represent 77% to 81% of total net production, LOE of $3.25 to $4.00 per Boe Production and ad valorem taxes at 6.5% to 7.5% of unhedged production revenue.

The Company expects second quarter 2018 production to range from 31,000 to 32,000 Boe/d, an increase of 14% at the mid-point compared to first quarter 2018 production.
Oil production in the second quarter is expected to range from 24,500 to 25,500 Bo/d.