LONDON, UK / ACCESSWIRE / December 22, 2017 / Active-Investors.com has just released a free earnings report on Extraction Oil & Gas, Inc. (NASDAQ: XOG) ("Extraction"). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=XOG . The Company reported its third quarter fiscal 2017 operating results on November 08, 2017. The Oil & Gas Company surpassed revenue estimates. Register today and get access to over 1000 Free Research Reports by joining our site below:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Extraction Oil & Gas most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
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Earnings Highlights and Summary
For Q3 2017, Extraction reported total revenues of $180.86 million compared to $72.90 million in Q3 2016, exceeding analysts' estimates by $8.73 million. For Q3 2017, Extraction reported oil, natural gas, and NGL revenues of $180.9 million compared to $72.9 million during Q3 2016, representing an increase of 148%.
During Q3 2017, Extraction's average net sales volumes were 62,884 barrels of oil equivalent per day (BOE/d), reflecting an increase of 117% on a y-o-y basis, and 42% sequentially. The Company's crude oil volumes of 34,607 barrels per day (Bbl/d) increased 147% y-o-y, and 50% sequentially. Extraction stated that both crude oil and total equivalent volumes exceeded the high-end of the Company's previously disclosed guidance ranges, while crude oil accounted for approximately 73% of the Company's total revenues recorded during Q3 2017.
For Q3 2017, Extraction's lease operating expenses (LOE), excluding transportation and gathering expenses, were in-line with the Company's guidance range and totaled $15.5 million, or $2.67 per BOE. The Company's general and administrative (G&A) expenses of $10.6 million, or $1.84 per BOE, came in below the low-end of its previous guidance range. The Company's transportation and gathering expenses related to natural gas and NGL sales was $13.8 million, or $2.39 per BOE, for Q3 2017.
Extraction reported a net loss of $29.8 million, or $0.20 per basic and diluted share, for Q3 2017 compared to a net loss of $37.3 million for Q3 2016. The net loss was driven predominately by a $40.7 million unrealized loss on commodity derivatives. The Company's loss was more than Wall Street's estimates for a loss of $0.04 per share.
During Q3 2017, Extraction's adjusted earnings before interest, taxes, depreciation, depletion, amortization, and exploration expenses (EBITDAX), unhedged, was $125.6 million, up 189% on a y-o-y basis and, up 68% sequentially.
Operational Results
During Q3 2017, Extraction's aggregate drilling, completion, leasehold, and midstream capital expenditure totaled approximately $302 million; $252 million of which was for drilling and completion; $47 million for leasehold; and $3 million for midstream. Extraction's total drilling and completion capital expenditure was approximately $701 million for the first three quarters of 2017, including $31 million for non-operated activity.
During Q3 2017, Extraction reached a total depth on 53 gross (35 net) wells with an average lateral length of approximately 8,300 feet; completed 51 gross (34 net) wells with an average lateral length of approximately 10,300 feet; and turned to sales 30 gross (27 net) wells with an average lateral length of approximately 7,900 feet. The Company completed 3,053 total stages during the reported quarter, while pumping approximately 965 million pounds of proppant.
Fourth Quarter and Full Year 2017 Outlook
For the fourth quarter of 2017, Extraction expects its average net sales volumes to be 65 MBoe/d - 67 MBoe/d, which represents a 5% growth on a q-o-q basis at the midpoint. The Company's crude oil production is expected to average 32 MBbl/d - 34 MBbl/d in Q4 2017.
For the full year 2017, Extraction revised its expected crude oil production guidance to 25.5 MBbl/d - 26.5 MBbl/d from its previously revised guidance range of 24 MBbl/d - 27 MBbl/d. The Company is forecasting net sales to average between 51.5 MBoe/d - 52.0 MBoe/d for the full year 2017.
Extraction is projecting operated and non-operated drilling and completion forecasts to be between $865 million and $885 million for the full year 2017, which represents an $80 million increase from the midpoint of its previous budget of $735 million - $855 million.
Stock Performance Snapshot
December 21, 2017 - At Thursday's closing bell, Extraction Oil & Gas' stock was slightly up 0.81%, ending the trading session at $14.95.
Volume traded for the day: 1.93 million shares, which was above the 3-month average volume of 1.36 million shares.
Stock performance in the last three-month period – up 4.33%; and past six-month period – up 10.33%
After yesterday's close, Extraction Oil & Gas' market cap was at $2.62 billion.
The stock is part of the Basic Materials sector, categorized under the Independent Oil & Gas industry. This sector was up 1.5% at the end of the session.
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