Resolute Energy Corporation reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2018. For the quarter, the company reported revenue was $106,747,000 against $79,371,000 a year ago. Adjusted revenue was $100,879,000 against $81,725,000 a year ago. Net loss was $14,302,000 against $14,602,000 a year ago. Adjusted net income was $10,638,000 against $1,471,000 a year ago. Adjusted EBITDA was $67,688,000 against $42,929,000 a year ago. During the quarter ended September 30, 2018, Resolute incurred oil and gas related capital expenditures of approximately $106.2 million. Third quarter capital investment included $95.4 million of drilling, completion and well facility expenditures and approximately $3.0 million spent on field facilities and infrastructure. This significant increase in adjusted EBITDA was driven by stronger production volumes, as well as lower unit operating and overhead costs. Net loss available to common stockholders was $15,571,000 against $14,602,000 a year ago. Income from operations was $25,835,000 against $7,629,000 a year ago. Loss before income taxes was $14,302,000 against $14,630,000 a year ago.

For the nine months, the company reported revenue was $254,845,000 against $214,223,000 a year ago. Adjusted revenue was $232,357,000 against $217,983,000 a year ago. Net loss was $30,891,000 against income of $99,000 a year ago. Adjusted net income was $12,330,000 against loss of $720,000 a year ago. Adjusted EBITDA was $142,430,000 against $114,162,000 a year ago. During the first nine months of 2018, Resolute incurred oil and gas related capital expenditures of approximately $326.0 million. Capital investment for 2018 included $287.7 million of drilling, completion and well facility expenditures and $15.1 million spent on field facilities and infrastructure. Net loss available to common stockholders was $34,699,000 against $3,836,000 a year ago. Income from operations was $40,574,000 against $30,452,000 a year ago. Loss before income taxes was $30,891,000 against income of $71,000 a year ago.

Production for the quarter ended September 30, 2018 increased 22% to 3,197 MBoe, or 34,752 Boe per day, as compared to 2,628 MBoe, or 28,566 Boe per day, during the third quarter of 2017. The increase from the comparable prior year period is primarily the result of newly drilled and completed wells in the Delaware Basin. Pro forma for the 2017 Aneth Field sale, third quarter 2018 production increased 54%.

During the first nine months of 2018, production increased 13% to 7,499 MBoe, or 27,470 Boe per day, from 6,618 MBoe, or 24,240 Boe per day, during the first nine months of 2017. The increases from the comparable prior year period are primarily the result of production from newly drilled and completed wells in the Delaware Basin. Pro forma for the Aneth Field sale, production increased 50%.

For the full year 2018, the company expects annual production (MBoe) Updated to be 10,950 - 11,680; Annual average Boe per day updated to be 30,000 - 32,000. Annual oil percent updated to be 45%. Annual oil and NGL percent updated to be 72%. For the full year of 2018, company expects capital expenditure updated to be $370 million- $380 million.