Calling 2018 a “transformative year for Roan Resources,” the company released its preliminary fourth quarter and full-year 2018 operating and financial results.
Fourth quarter net income was $148.2 million or 97 cents per diluted share and the adjusted income totaled $87.8 million. But the full-year 2018 net loss was $140.7 million or 92 cents a share.
The Oklahoma City company reported a 25 percent increase in oil production in the fourth quarter compared to the third quarter of 2018. Production totaled 54.1 thousand barrels of oil equivalent a day. For all of 2018, oil production was 43.7 Mboe/d which was a 170 percent increase in total production and a 200 percent jump in oil production compared to all of 2017.
“2018 was a transformative year for Roan,” said Tony Maranto, Roan’s Chairman and Chief Executive Officer. “We achieved several corporate and operational milestones throughout the year and are an entirely different company from where we started last January.”
He said the company is well positioned to implement its 2019 plan to increase production by 30 percent over the 2018 period and generate free cash flow by the fourth quarter of the year.
The company drilled 26 gross operated wells in the fourth quarter bringing the total drilled wells for 2018 to 92. Roan Resources brought online 20 gross operated wells in the quarter while for the year, the number was 78. The company started reduction of completion activity in December and ended with 33 drilled and uncompleted wells.
Capital expenditures for fourth quarter 2018 totaled approximately $217.2 million. Full-year 2018 capital expenditures totaled $773.1 million, in-line with recent guidance.
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