Extraction Oil & Gas (XOG) Misses Q1 EPS by 61c, Revenues Miss

Extraction Oil & Gas (NASDAQ: XOG) reported Q1 EPS of ($0.60), $0.61 worse than the analyst estimate of $0.01. Revenue for the quarter came in at $221.92 million versus the consensus estimate of $234.53 million.

• First quarter average net sales volumes of 80,401 barrels of oil equivalent per day (BOE/d), including 39,809 barrels per day (Bbl/d) of crude oil;
• For the first quarter, Extraction reported net loss of $94.0 million, or $0.60 per basic and diluted share, driven primarily by a non-cash change in derivatives of $102.3 million. This compared to a net loss of $52.0 million, or $0.32 per basic and diluted share1, for the same period in 2018. Adjusted EBITDAX, Unhedged2 was $158.1 million for the first quarter. Adjusted EBITDAX was $138.2 million for the first quarter;
• Drilling and completion (D&C) capital expenditures for the first quarter 2019 were $139.5 million;
• Elevation Midstream is on track and on budget with 75% of pipelines laid within its Southwest Wattenberg infrastructure system;
• Drilling operations began in Broomfield; and
• Reaffirms previously disclosed 2019 guidance including 87.5 - 93.0 MBoe/d total equivalent production and $585 - $675 million of D&C capital expenditures.

"Extraction achieved solid operational results during the first quarter positioning us to meet our 2019 production targets within internally generated cash flow," said Extraction Oil & Gas President and Acting CEO Matt Owens. "Consistent with our plan, we turned-to-sales just one pad of seven wells in North Hawkeye near the end of the quarter. While we were negatively impacted by severe weather during March, our well performance and operations continue to outperform our expectations, which has kept us nicely on track relative to our full-year guidance. As we look forward, we see Extraction as very well-positioned to succeed in the DJ Basin given our uniquely diversified midstream position, our demonstrated ability to collaborate with municipalities under local control scenarios and our differentiated rock quality and technical capabilities."

“We are also pleased with the legislative certainty that the passage of Colorado’s SB-181 brings to us. Extraction has proven its ability to work closely with local governments, and we believe our technologies and operational best practices position us well to compete in this new regulatory environment."

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

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