Vanguard Natural Resources, LLC reported unaudited consolidated earnings and production results for the third quarter and nine months ended September 30, 2018. The company reported net loss attributable to common stockholders for the third quarter of 2018 of $32.1 million compared to a net loss attributable to common stockholders of $57.8 million in the second quarter of 2018. The decrease in the company's reported net loss for the third quarter of 2018 is primarily attributable to higher revenues due to higher average realized natural gas and NGLs prices combined with a decrease in losses on commodity derivative contracts (realized and unrealized). Adjusted net loss attributable to common stockholders was $22.8 million in the third quarter of 2018 compared to Adjusted Net Loss of $25.2 million in the second quarter of 2018. Adjusted EBITDA was $29.7 million in the third quarter of 2018 and represents a 3% decrease as compared to Adjusted EBITDA of $30.5 million for the second quarter of 2018. The decrease as compared to the second quarter of 2018 is attributable primarily to higher realized losses on commodity derivative contracts, partially offset by higher oil, natural gas, and NGLs revenues. Capital expenditures for the third quarter of 2018 were $24.1 million, down from $38.4 million in the second quarter of 2018. This $14.3 million decrease from the second quarter is primarily attributable to lower capital spend in the Piceance Basin and in the Pinedale field. Net cash provided by operating activities was $11.884 million compared to $14.859 million a year ago.

The company reported a net loss attributable to common stockholders for first nine months of 2018 of $122.590 million compared to profit of $860.771 million a year ago. Adjusted net loss attributable to common stockholders was $52.621 million compared to profit of $7.984 million a year ago. Adjusted EBITDA attributable to common stockholders was $112.138 million compared to $146.209 million a year ago. Net cash provided by operating activities was $62.992 million compared to $66.016 million a year ago. Capital expenditures was $104.588 million compared to $70.691 million a year ago.

The company reported production of 330,028,000 Mcfe per day in the third quarter of 2018 compared to 371,824,000 Mcfe per day a year ago. The production decrease from the second quarter was primarily attributable to the closing of the Permian, Mississippi and Green River asset divestitures in June 2018.


The company reported production of 353,424,000 Mcfe per day for the nine months of 2018 compared to 378,124,000 Mcfe per day a year ago.

The company reported impairment of oil and natural gas properties of $1,965,000 for the third quarter of 2018.

For the fourth quarter 2018, the company expects net production of oil to be in a range of 7,500 Bbls to 8,200 Bbls. Net production of NGLs to be in a range of 8,700 Bbls to 9,100 Bbls. Net production of natural gas to be in a range of 212,000 Mcf to 220,000 Mcf. Combined net production to be in a range of 309,200,000 Mcfe to 323,800,000 Mcfe.

For the year 2018, the company expects net production of oil to be in a range of 8,350 Bbls to 8,530 Bbls. Net production of NGLs to be in a range of 8,630 Bbls to 8,730 Bbls. Net production of natural gas to be in a range of 240,520,000 Mcf to 242,540,000 Mcf. Combined net production to be in a range of 342,400,000 Mcfe to 346,100,000 Mcfe.