Extraction Oil & Gas (XOG) Reports Q4 Revenues Beat

Extraction Oil & Gas (NASDAQ: XOG) reported Q4 revenue for the quarter came in at $285.72 million versus the consensus estimate of $262.47 million.

Fourth-Quarter and Full-Year 2019 Highlights

• Fourth quarter average net sales volumes of 111,077 barrels of oil equivalent per day (BOE/d), including 50,065 barrels per day (Bbl/d) of crude oil and full-year 2019 average net sales volumes of 88,728 BOE/d, including 42,291 Bbl/d of crude oil
• For the fourth quarter, Extraction reported a net loss of $1.4 billion, or $9.84 net loss per basic and diluted share1, which includes an impairment related to lower forecasted commodity prices and a more measured pace of development to focus on Free Cash Flow, compared to net income of $100 million, or $0.52 per basic share and $0.51 per diluted share, for the same period in 2018. Adjusted EBITDAX, Unhedged2 was $202 million for the fourth quarter, down 9% year-over-year but up 65% sequentially. Adjusted EBITDAX2 was $205 million for the fourth quarter, up 5% year-over-year and up 49% sequentially
• Full-year 2019 net loss of $1.4 billion, or $9.29 net loss per basic and diluted share, compared to the Company's full-year 2018 net income of $122 million. Full-year 2019 Adjusted EBITDAX, Unhedged was $635 million, down 20% year-over-year while Adjusted EBITDAX was $611 million, down 7% over the same period
• Generated $122 million and $36 million of Free Cash Flow2 for the second half on an upstream and fully consolidated basis respectively
• Reduced outstanding borrowings under its revolving credit facility by $80 million during the fourth quarter, bringing the revolver balance at year-end 2019 down to $470 million, which represents 49% of the $950 million credit facility drawn
• Before-Tax SEC PV10 year-end 2019 proved reserves of $1.9 billion, of which $1.3 billion is classified as proved developed3

"We ended 2019 on a high note as robust production and a focus on maintaining our low operating cost structure drove Free Cash Flow above the high end of our guidance range," said Extraction President and CEO Matt Owens. "Our wells in our Broomfield and Greeley focus areas continue to perform nicely, and our strong quarterly production numbers also demonstrate the improvement in midstream availability and reliability across the DJ Basin."

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

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