Extraction Oil & Gas (XOG) Misses Q3 EPS by 16c

Extraction Oil & Gas (NASDAQ: XOG) reported Q3 EPS of ($0.20), $0.16 worse than the analyst estimate of ($0.04). Revenue for the quarter came in at $180.86 million versus the consensus estimate of $172.17 million.

• Average net sales volumes of 62,884 barrels of oil equivalent per day (BOE/d) including 34,607 barrels per day (Bbl/d) of oil. Production volumes exceeded the high end of the Company’s crude oil and total equivalent volume ranges;
• Net loss of $29.8 million, or $0.20 per basic and diluted share1, compared to a net loss of $37.3 million for the same period in 2016 and net income of $7.2 million for the second quarter of 2017. Adjusted EBITDAX, Unhedged2 was $125.6 million for the third quarter, up 189% year-over-year and up 68% sequentially. Adjusted EBITDAX was $128.4 million, up 167% year-over-year and up 72% sequentially;
• Turned to sales 30 gross (27 net) operated wells with an average lateral length of approximately 7,900 feet, and completed 51 gross (34 net) wells with an average lateral length of approximately 10,300 feet;
• The Company expects fourth-quarter 2017 average net sales volumes to be 65-67 MBoe/d with 32-34 MBbl/d of crude oil and increases its full year crude oil production guidance to 25.5-26.5 MBbl/d and total equivalent volumes to 51.5-52.0 MBoe/d; and
• Expected total investment in its New Acquisition Area (Hawkeye Area) in Arapahoe and Adams Counties to be approximately $450 million for roughly 60,000 net acres.

For earnings history and earnings-related data on Extraction Oil & Gas (XOG) click here.

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