After a weak first quarter caused in part by stretching its number of drilling rigs too far with poor production, Oklahoma City-based Roan Resources will release its second quarter 2019 results in early August.
Results will be released on Wednesday, August 7 following the close of trading. The company management will host a conference call to discuss the results on Thursday, August 8 at 10 a.m. Central Time.
Roan reported first quarter capex of nearly $173 million which was about $44 million lower than the fourth quarter of 2018.
Roan blamed lower volumes and lower overall commodity prices for the $72.8 million reported in EBITDAX.
In order to strengthen its performance, Roan announced in the first quarter that it began the year with eight rigs but dropped to four rigs by the end of January.
“Going to four rigs in the first quarter of this year was clearly the right answer to allow us to better balance our activity level, adjust our cost structure more in line with the lower commodity prices, and to optimize our drilling and completion practices based on our learnings from our 2018 drilling program,” said Joseph Mills, Executive Chairman of the Board.
He took over as Chairman and CEO following the resignation of Tony Maranto during the first quarter.
” Given Roan’s premier acreage position in the core of the basin, the Board has been less than pleased at the company’s overall performance over the past year. Management decision to ramp to eight rigs last year was far too aggressive for a company of this scale and at this stage in its lifecycle,” explained Mills.