Extraction Oil & Gas (XOG) Tops Q3 EPS by 24c, Revenues Beat

Extraction Oil & Gas (NASDAQ: XOG) reported Q3 EPS of $0.33, $0.24 better than the analyst estimate of $0.09. Revenue for the quarter came in at $282.16 million versus the consensus estimate of $263.91 million.

"After DCP's Plant 10 became operational in August, we were achieving sustained production in excess of 90 MBOE/d, reaching almost 93 MBOE/d at one point," said Extraction Oil & Gas Chairman and CEO Mark Erickson. "After DCP imposed production allocations later in August, we were forced to choke our wells back considerably, and since that time, we have not realized the full, sustained production potential of our outstanding DJ Basin wells. Despite these midstream headwinds that are outside of our control, we continue to produce some of the best wells in our company's history."

"As stated previously on October 18, we initially expected that DCP's Plant 10 would provide much more relief than what we have seen to date. We estimate that DCP negatively impacted our production by approximately 18 MBOE/d during the third quarter. Once Plant 10 came online, we did not expect that DCP would be basing allocations on production data from August 2017, and as a result, our gas production on DCP's system is currently curtailed by over 35%."

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

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