Resolute Energy Corporation reported consolidated unaudited earnings results for the first quarter ended March 31, 2018. For the quarter, the company reported total revenue of $74,718,000 as compared to $64,592,000 for the same period last year. Income from operations was $1,568,000 as compared to $8,390,000 for the same period last year. Loss before income taxes was $12,857,000 as compared to income of $1,473,000 for the same period last year. Net loss was $12,857,000 as compared to income of $1,473,000 for the same period last year. Net loss available to common stockholders was $14,126,000 as compared to income of $76,000 for the same period last year. Basic and diluted loss per share was $0.64 as compared to earnings per share of $0.01 for the same period last year. Adjusted net income was $3,264,000 as compared to loss of $9,617,000 for the same period last year. Adjusted diluted net income per share was $0.14 as compared to loss per share of $0.43 for the same period last year. Adjusted EBITDA was $41,075,000 as compared to $28,918,000 for the same period last year. That resulted from higher production, higher oil and liquids pricing and lower lease operating expense, offset by lower gas pricing and increased commodity derivative settlement costs. During the quarter ended March 31, 2018, Resolute incurred oil and gas related capital expenditures of approximately $69.5 million. First quarter capital investment included $51.8 million of drilling and completion expenditures and $10.4 million spent on facilities and infrastructure.

For the quarter, the company reported that production increased 70% year-over-year to 23,498 Boe per day from 13,798 Boe per day in first quarter 2017. First quarter 2018 Company production increased 19% year-over-year to 23,498 barrels of oil equivalent (“Boe”) per day, despite the loss of approximately 5,900 Boe per day from the sale of the company's Aneth Field properties in late 2017. Total production was 2,115 million Boe as compared to 1,773 million Boe for the same period last year.

For the full year, though, the company still expected to spend between $365 million and $395 million in 2018, net of estimated earnout payments of $27 million to $29 million receivable from Caprock. The timing of capital expenditures in the year follows the cadence of drilling and completion activities. And as the company bring online the groups of wells scheduled in the second and third and fourth quarters, it expects the CapEx will ramp up. The company have sufficient liquidity and financial resources to fully fund 2018 capital plan. And as the copany bring online multiple groups of wells over the course of second and third and fourth quarters, the company expected to see a significant increase in production and cash flow. That leaves to the expectation that we'll be cash flow positive for the fourth quarter of the year.

Based on current completion pace, the company anticipates production of 24 MBoe to 26 MBoe per day for the second quarter 2018, driven primarily by the first Ranger nine-well pack coming on production in late May to early June. The company anticipates that second quarter production will consist of approximately 46% to 48% oil and the company expects that exit rate production for the quarter will be significantly oilier as bring on the Ranger pads. The company continues to expect that full year production will average approximately 52% oil, consistent with guidance. The company expects to see a significant ramp in production during the third and fourth quarters of the year.