Palestine Poultry Company L.T.D announced consolidated earnings and production results for the first quarter ended March 31, 2018. For the quarter, the company announced total revenues of $20,909,000 against $18,669,000 a year ago. Loss from operations was $5,591,000 against income of $4,274,000 a year ago. Loss before provision for income was $15,511,000 against $18,698,000 a year ago. Net loss was $15,511,000 against $18,698,000 a year ago. Net loss attributable to common stockholders was $19,129,000 against $22,316,000 a year ago. Basic and diluted net loss per share of common stock attributable to common stockholders was $0.09 against $0.14 a year ago. Net cash provided by operating activities was $32,238,000 against net cash used in operating activities of $7,556,000 a year ago. Development and purchase of oil and natural gas properties were $42,341,000 against $21,613,000 a year ago. Purchase of furniture and equipment was $11,000 against $41,000 a year ago. Adjusted net loss attributable to common stockholders was $12,258,000 against $9,562,000 a year ago. Adjusted basic and diluted net loss per share of common stock attributable to common stockholders was $0.06 against $0.06 a year ago. Adjusted cash flows from operations were $1,981,000 against adjusted cash flows used in operations of $2,352,000 a year ago. LBITDA was $214,000 against EBITDA of $5,357,000 a year ago. Adjusted EBITDA was $12,038,000 against $10,555,000 a year ago. Capital expenditures in the first quarter of 2018 totaled $35.0 million, comprised of $27.6 million for drilling, completions and infrastructure costs, $4.5 million for unproved acreage extensions, renewals and additions and $2.9 million for other capitalized costs.

For the quarter, the company's oil and condensate production was 343 MBbl against 250 MBbl a year ago. Natural gas production was 1,063 MMcf against 863 MMcf a year ago. NGLs production was 144 MBbl against 117 MBbl a year ago. Total net production was 664 MBoe against 511 MBoe a year ago.

For the second quarter of 2018, the company expects net average daily production to be between 5.0 MBoe/d to 5.6 MBoe/d, liquids percentage to be between 70% to 74%.

For the full year 2018, the company expects net average daily production to be between 5.3 MBoe/d to 6.1 MBoe/d, liquids percentage to be between 70% to 74%.