EP Energy Corp. (EPE) Misses Q2 EPS by 2c, Revenues Miss

EP Energy Corp. (NYSE: EPE) reported Q2 EPS of ($0.01), $0.02 worse than the analyst estimate of $0.01. Revenue for the quarter came in at $265 million versus the consensus estimate of $322.08 million.

• Equivalent production of 82.5 MBoe/d
• Oil production of 47.2 MBbls/d
• Net Loss of $58MM
• Adjusted EBITDAX of $215MM
• Oil and Gas Expenditures of $203MM
• Completed (based on wells fracture stimulated or frac'd) 37 gross wells
• Lease Operating Expense of $4.95 per Boe
• New completion designs generating ~20% improvement in F&D costs versus pre-2018 wells
• Eagle Ford enhanced oil recovery (EOR) pilot project in second injection cycle and expanding to three pilot projects this year
• Drilled two horizontal wells in Altamont 2Q'18 and expect to complete in 3Q\'18 - two additional horizontal wells to be drilled and completed in 3Q'18
• Amended Reserve-Based Loan Facility (RBL Facility) and extended the maturity to November 2021
• Issued $1 billion senior secured notes and used proceeds to fully repay RBL Facility borrowings
• Ended the quarter with $708MM of liquidity, $98MM of cash and 100% undrawn RBL Facility capacity
• Redirecting second half capital to the Eagle Ford from the Permian to benefit higher margin basin
• Updating full year capital and production guidance

For earnings history and earnings-related data on EP Energy Corp. (EPE) click here.

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