Chaparral Energy Inc. announced unaudited consolidated earnings and operating results for the first quarter ended March 31, 2018. For the period, the company announced Total revenues were $59,087,000. Operating income was $8,426,000. Loss before income taxes was $11,442,000. Net loss was $11,442,000 or $0.25 per diluted for Class A and Class B share. This was primarily driven by a $12.3 million noncash loss associated with commodity derivatives. Net cash provided by operating activities was $10,376,000. This decrease was due to lower production caused by the asset divestitures, but was partially offset by higher commodity prices and some strong new well performance. Expenditures for property, plant, and equipment and oil and natural gas properties was $99,941,000. Adjusted EBITDA was $29,423,000. Total capital expenditures were $101.8 million, including $65.8 million associated with STACK acreage and seismic acquisitions, of which $55 million was associated with the company's previously announced bolt-on Kingfisher County acquisition.

For the quarter, the company grew its STACK production to 12,289 Boe/d in the first quarter of 2018 from 8,167 Boe/d in the first quarter of 2017. This is a greater than 50% year-over-year increase and an 18% quarter-over-quarter growth rate. Excluding production from divested EOR assets, the company's first quarter 2018 average total production grew by 14% on a year-over-year basis to 19,300 Boe/d, of which 64% was liquids and 36% natural gas. This increase was driven by the strong well results and significant growth in STACK production, which underscores Chaparral's strategic shift to focus 100% of its resources and expertise on developing its prolific STACK acreage.