Lonestar Resources US Inc. Announces Unaudited Consolidated Earnings and Operating Results for the Second Quarter and Six Months Ended June 30, 2017; Announces Impairment of Oil and Gas Properties for the Second Quarter and Six Months Ended June 30, 2017; Provides Production Guidance for the Third Quarter and Fourth Quarter of 2017
For the six months, the company reported total revenues of $35,751,000 against $28,999,000 a year ago. Loss from operations was $33,912,000 against $18,814,000 a year ago. Loss before income taxes was $30,717,000 against $36,182,000 a year ago. Net loss attributable to common stockholders was $20,392,000 or $0.93 basic and diluted per share against $24,142,000 or $3.21 basic and diluted per share a year ago. Net cash provided by operating activities was $17,112,000 against $7,533,000 a year ago. Acquisition of oil and gas properties was $108,179,000 against $2,717,000 a year ago. Development of oil and gas properties was $37,750,000 against $19,003,000 a year ago. Purchases of other property and equipment were $1,522,000 against $177,000 a year ago. EBITDAX was $8,032,000 against $3,862,000 a year ago. Adjusted EBITDAX was $24,184,000 against $29,630,000 a year ago. Income before income taxes, as adjusted was $3,381,000 against loss before income taxes, as adjusted of $31,513,000 a year ago. Net income after preferred dividends excluding certain items, a non-GAAP measure was $1,911,000 or $0.09 basic and diluted per share against net loss after preferred dividends excluding certain items, a non-GAAP measure of $20,861,000 or $2.77 basic and diluted per share a year ago.
For the quarter, the company reported impairment of oil and gas properties of $27,081,000 against $1,938,000 a year ago.
For the quarter, the company reported total barrels of oil equivalent of 5,635 Boe/d against 6,573 Boe/d a year ago.
For the six months, the company reported total barrels of oil equivalent of 5,452 Boe/d against 6,564 Boe/d a year ago.
The company estimates that net oil and gas production for the third quarter will average between 7,600 and 8,100 BOE a day, which would represent a sequential increase of 35% to 44% over second quarter of 2017 production and will keep getting oilier as the table suggests.
For the fourth quarter of 2017, the company expects production could range from 8,000 BOE a day to 9,500 BOE a day.