Resolute Energy (REN) Misses Q1 EPS by 27c, Miss on Revenues

Resolute Energy (NYSE: REN) reported Q1 EPS of $0.14, $0.27 worse than the analyst estimate of $0.41. Revenue for the quarter came in at $67.44 million versus the consensus estimate of $71.07 million.

• First quarter Permian Basin production increased 70 percent year-over-year to 23,498 Boe per day from 13,798 Boe per day in first quarter 2017.
• First quarter 2018 Company production increased 19 percent year-over-year to 23,498 barrels of oil equivalent (“Boe”) per day, despite the loss of approximately 5,900 Boe per day from the sale of the Company’s Aneth Field properties in late 2017.
• First quarter production exceeded the high end of the Company’s quarterly guidance.
• First quarter net loss was $12.9 million; Adjusted net income (a non-GAAP measure as reconciled below) was $3.3 million.
• Adjusted EBITDA (a non-GAAP measure as reconciled below) was $41.1 million, up 42 percent from $28.9 million in first quarter 2017.
• In Appaloosa, finished drilling on first triple pad, nine-well pack in the Ranger unit; first two pads were completed in late April; the third pad is to be completed by mid-May.
• In Mustang, completed drilling operations on five wells of the first nine-well pack in the Sandlot unit; expect to have finished drilling operations by late May.
• Successfully completed third Wolfcamp C test, the Thunder Canyon C107SL; established a peak 24-hour rate of 3,000 Boe per day, including 804 barrels of oil per day.
• Two additional Lower Wolfcamp wells to come on line in the second quarter, bringing the total to six wells, which could meaningfully expand inventory.

For earnings history and earnings-related data on Resolute Energy (REN) click here.

You May Also Be Interested In

• Blackhawk Network (HAWK) Reports Q2 Loss of $0.07; Offers Guidance
• Inhibrx, Inc. (INBX) Misses Q2 EPS by 54c
• MapLight Therapeutics, Inc. (MPLT) Misses Q2 EPS by 33c