Jagged Peak Energy Inc. announced unaudited consolidated earnings and production results for the second quarter and earnings results for the six months ended June 30, 2018. For the quarter, the company reported total revenues of $158,676,000 compared with $53,051,000 a year ago. Income from operations was $73,171,000 compared with $4,288,000 a year ago. Income before income taxes was $57,489,000 compared with $30,672,000 a year ago. Net income attributable to company was $45,081,000 or $0.21 per basic and diluted share compared with $16,403,000 or $0.08 per basic and diluted share a year ago. Net income was $45,081,000 compared with $16,403,000 a year ago. Net cash provided by operating activities was $119,572,000 compared with $38,304,000 a year ago. Development of oil and natural gas properties was $206,986,000 compared with $120,919,000 a year ago. Other capital expenditures was $611,000 compared with $693,000 a year ago. Adjusted net income was $43,281,000 or $0.20 per basic and diluted share compared with $9,855,000 or $0.05 per basic and diluted share a year ago. Adjusted EBITDAX was $118,597,000 compared with $39,287,000 a year ago. Capital expenditures for drilling and completion activities were $176.2 million for the three months ended June 30, 2018, which represents capital spent to drill and complete 19 gross (15.3 net) wells, of which 15 gross (13.7 net) wells were drilled and completed by Jagged Peak.

For the six months, the company reported total revenues of $287,729,000 compared with $92,439,000 a year ago. Income from operations was $50,461,000 compared with loss of $388,727,000 a year ago. Income before income taxes was $27,730,000 compared with loss of $345,841,000 a year ago. Net income attributable to company was $5,678,000 or $0.03 per basic and diluted share compared with loss of $74,002,000 or $0.35 per basic and diluted share a year ago. Net income was $5,678,000 compared with loss of $449,478,000 a year ago. Net cash provided by operating activities was $199,814,000 compared with $60,005,000 a year ago. Development of oil and natural gas properties was $392,968,000 compared with $195,212,000 a year ago. Other capital expenditures was $1,881,000 compared with $1,456,000 a year ago. Adjusted net income was $69,643,000 or $0.33 per basic and diluted share compared with $20,363,000 or $0.10 per basic and diluted share a year ago. Adjusted EBITDAX was $204,124,000 compared with $68,411,000 a year ago.

For the quarter, the company reported average daily production of 34.6 MBoe per day, 8% above the top-end of the Company's guidance range of 31.0 to 32.0 MBoe/d. Oil production for the quarter averaged 26.9 MBbls per day. The strong production growth in the quarter is attributed to the strong well performance from wells brought online in the quarter. Average daily production in the second quarter grew sequentially by 25% from the first quarter of 2018 and by 135% from the second quarter of 2017. Second quarter production mix was essentially unchanged from the previous quarter and was comprised of 78% oil, 12% natural gas, and 10% NGLs. For the quarter, the company produced oil of 2,450 MBbls compared to 1,079 MBbls a year ago. Natural gas was 2,220 MMcf compared to 719 MMcf a year ago. NGLs was 325 MBbls compared to 140 MBbls a year ago. Combined volumes was 3,145 MBoe compared to 1,339 MBoe a year ago.

For the third quarter ending September 30, 2018, the Company expects Average daily equivalent production to be in range of 33.0 – 35.0 MBoe/d. Average daily oil production to be in range of 25.5 – 27.5 MBbls/d.

For the full year ending December 31, 2018, the company expects Average daily oil production to be in range of 25.0 to 27.0 MBbls/d. Lease operating expense to be in range of $3.25 to $4.00 Boe. Cash general and administrative expense to be in range of $44 million to $46 million. Production and ad valorem taxes to be in range of 6.5% to 7.5%. The Company's updated program contemplates bringing online 45 to 47 gross operated wells, compared to the original budget of 42 to 46 gross operated wells brought online, and expects to complete approximately 440,000 net lateral feet, including non-operated activity. Capital from this updated program is expected to be $668 million to $702 million, with $650 million to $680 million allocated to drilling and completion. This compares to the previous allocation for drilling and completion capital of $540 million to $590 million. The updated program is expected to provide production volumes of 32.0 to 34.0 MBoe per day, compared to previous guidance range of 28.0 to 31.0 MBoe per day. Total development capital to be in range $668 million to $702 million. Approximately $650 million to $680 million budgeted for drilling and completion costs. Approximately $18 million to $22 million budgeted for water infrastructure construction costs.