Palestine Poultry Company L.T.D Announces Consolidated Earnings and Production Results for the First Quarter Ended March 31, 2018; Provides Production Guidance for the Second Quarter and Full Year of 2018
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%.