Chaparral Energy Inc. reported unaudited consolidated earnings and operating results for the first quarter ended March 31, 2019. For the quarter, the company reported total revenues of $49,817,000 compared to $59,087,000 a year ago. Operating loss was $8,426,000 compared to income of $8,426,000 a year ago. Net loss was $103,540,000 or $2.28 per basic and diluted for Class A and Class B share compared to $11,442,000 or $0.25 per basic and diluted for Class A and Class B share a year ago.

The company recorded STACK production for the first quarter of 2019 was 15.9 MBoe/d, while total company production was 20.8 MBoe/d. As expected, due to timing associated with production from the company's multi-well spacing tests and remaining drilling joint venture wells, STACK and total company production decreased on a quarter-over-quarter basis by 4%. On a year-over-year basis, STACK production was up 30%, while total company production was up 8%.

For the second quarter 2019, the company expects total production to be between 26.0 MBoe/d and 27.5 MBoe/d, which, based on the midpoint of this range, marks a growth rate of approximately 28% compared to the first quarter of 2019. Total STACK production is forecasted to increase to 21.5 MBoe/d to 23.0 MBoe/d or approximately 40% on a quarter-over-quarter basis when using this midpoint. The expected increase in production is due to the timing of first sales associated with the company's spacing tests and new well performance.

For the fiscal year 2019, the company expects total production to be between 25.0 MBoe/d and 27.0 MBoe/d. Total STACK production is forecasted to increase to 21.0 MBoe/d to 23.0 MBoe/d or approximately 40% on a quarter-over-quarter basis when using this midpoint.