Approach Resources, Inc. reported unaudited consolidated earnings and production results for the second quarter and six months ended June 30, 2018. For the quarter, the company reported total oil, NGLs and gas sales of $30,326,000 against $24,969,000 a year ago. Operating loss was $213,000 against $9,720,000 a year ago. Loss before income tax benefit was $11,294,000 against $13,405,000 a year ago. Net loss was $9,072,000 against $8,896,000 a year ago. Basic and diluted loss per share was $0.10 against $0.10 a year ago. Adjusted net loss was $6,780,000 against $9,672,000 a year ago. Adjusted net loss per diluted share was $0.07 against $0.11 a year ago. EBITDAX was $15,300,000 against $12,963,000 a year ago. Revenue for the quarter was supported by an increase in commodity prices. A strong oil price realization is a product of their existing oil transportation contract with oil sold at Cushing Benchmark price and a fixed transportation fee. Capital expenditures were $13.5 million and included $11.2 million for drilling and completion activities and $2 million for infrastructure projects and equipment and $0.3 million for lease acquisitions.

For the six months, the company reported total oil, NGLs and gas sales of $59,098,000 against $51,324,000 a year ago. Operating loss was $1,456,000 against $14,825,000 a year ago. Loss before income tax benefit was $20,350,000 against $15,473,000 a year ago. Net loss was $16,518,000 against $149,664,000 a year ago. Basic and diluted loss per share was $0.17 against $1.91 a year ago. Adjusted net loss was $13,842,000 against $17,208,000 a year ago. Adjusted net loss per diluted share was $0.15 against $0.22 a year ago. EBITDAX was $29,035,000 against $27,064,000 a year ago. Capital expenditures totaled $27.2 million in line with annual guidance.

For the quarter, the company's production totaled 1,056 Mboe, or 11.6 MBoe/d, made up of 26% oil, 36% NGLs and 38% natural gas. Average realized commodity prices for second quarter 2018, before the effect of commodity derivatives, were $65.09 per Bbl of oil, $23.49 per Bbl of NGLs and $1.40 per Mcf of natural gas. Average realized price, including the effect of commodity derivatives, was $26.85 per Boe for second quarter 2018.

For the six months, the company's production totaled 2,076 Mboe or 11.5 MBoe/d compared to 2,107 Mboe or 11.6 MBoe/d for the same period a year ago.