Extraction Oil & Gas (XOG) Misses Q2 EPS by 4c, Revenues Beat

Extraction Oil & Gas (NASDAQ: XOG) reported Q2 EPS of $0.03, $0.04 worse than the analyst estimate of $0.07. Revenue for the quarter came in at $290.2 million versus the consensus estimate of $236.31 million.

• Second quarter average net sales volumes of 73,563 barrels of oil equivalent per day (BOE/d) including 38,804 barrels per day (Bbl/d) of crude oil;
• For the second quarter, Extraction reported net income of $8.8 million, or $0.03 per basic and diluted share1, compared to net income of $7.2 million, or $0.02 per basic and diluted share1, for the same period in 2017. Adjusted EBITDAX, Unhedged2 was $189.5 million for the second quarter, up 154% year-over-year and up 14% sequentially. Adjusted EBITDAX was $153.1 million for the second quarter, up 105% year-over-year and up 9% sequentially; and
• Drilling and completion (D&C) capital expenditures for the second quarter 2018 were $247 million.

Commenting on second quarter 2018 results, Extraction's Chairman and CEO Mark Erickson said: “During the second quarter, we reached another company record across all three production streams and saw higher revenues driven by higher oil production and improved oil yields."

"We continued to face a very challenging midstream environment leading up to the startup of DCP Midstream's Plant 10 last week. We intend to monitor the impact of the new plant on line pressures and expect that we will provide updates to our full year 2018 guidance, previously issued in December 2017, later in the third quarter. We remain focused on growing our crude oil production as it is the major driver of our revenues, cash flow and economics."

"Subsequent to quarter end, we had an additional $84 million asset sale associated with the sale of our ownership in Discovery Midstream, bringing our asset sale total to date to approximately $155 million. We are still evaluating further monetization of additional non-strategic assets."

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

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