Chaparral Energy, Inc. Announces Unaudited Consolidated Earnings and Production Results for the Third Quarter and Nine Months Ended September 30, 2019; Reports Impairment Charges for the Third Quarter Ended September 30, 2019; Re-Affirms Production Guidance for the Full Year 2019; Provides Production Guidance for the Fourth Quarter of 2019
For the nine months, the company reported total revenue was $170,359,000 against $185,430 ago. Net loss was $279,704,000 against $45,503,000 a year ago. Basic loss per share for class A and class B was $6.13 against $1.01 a year ago. Operating loss was $251,223,000 against operating income of $38,762,000 a year ago.
For the quarter, the company achieved total production of 26.2 thousand barrels of oil equivalent per day (MBoe/d) and STACK production of 21.5 MBoe/d, despite ethane rejection elections which lowered production by 0.5 MBoe/d, both within the guidance range and a 23% and 37% increase from the third quarter of 2018, respectively.
On a year-over-year basis, STACK production increased 37%, while total company production increased 27%, excluding 2018 divestitures. Overall, total company production consisted of 31% oil, 29% natural gas liquids (NGLs) and 40% natural gas in the third quarter of 2019.
For the quarter, the company reported loss on impairment of oil and gas assets of $147,686,000.
The company is also re-affirming its original production guidance range of 25.0 MBoe/d to 27.0 MBoe/d for the full year 2019, despite the reduction in total CAPEX.
The company expected fourth quarter 2019 total company production to be between 27.5 MBoe/d and 29.0 MBoe/d and total STACK production to between 23.0 MBoe/d and 24.5 MBoe/d.