Jagged Peak Energy Inc. Announces Unaudited Consolidated Earnings and Operating Results for the First Quarter Ended March 31, 2018; Reaffirms Capital Expenditure Guidance for the 2018 and Operating Guidance for Second Quarter and Full Year of 2018
For the quarter, the company reported oil production of 1,967 MBbls against 745 MBbls a year ago. Natural gas production was 1,666 MMcf against 370 MMcf a year ago. NGLs production was 239 MBbls against 74 MBbls a year ago. Combined volumes production was 2,484 MBoe against 881 MBoe a year ago. Daily combined volumes production was 27,596 Boe/d against 9,785 Boe/d a year ago. Average sales prices (after the effects of realized hedges) of oil was $61.39 per Bbl, natural gas was $1.73 per Mcf, NGLs was $22.17 per Bbl, Combined was $51.90 per Boe against average sales prices (after the effects of realized hedges) of oil was $49.33 per Bbl, natural gas was $2.48 per Mcf, NGLs was $20.61 per Bbl, Combined was $44.52 per Boe a year ago.
The Company is reaffirming the following guidance for its full year 2018 activities. Total capital expenditures, excluding leasehold, of $560 to $615 million. $540 to $590 million budgeted for drilling and completion costs, including $5 to $10 million budgeted for 3D seismic and other data initiatives and $20 to $25 million for water infrastructure costs, excluding any potential additions to surface acreage.
Total net production of 28,000 to 31,000 Boe/d, representing an increase of 74% compared to 2017 average production, Net oil production will represent 77% to 81% of total net production, LOE of $3.25 to $4.00 per Boe Production and ad valorem taxes at 6.5% to 7.5% of unhedged production revenue.
The Company expects second quarter 2018 production to range from 31,000 to 32,000 Boe/d, an increase of 14% at the mid-point compared to first quarter 2018 production.
Oil production in the second quarter is expected to range from 24,500 to 25,500 Bo/d.