Energen Corporation 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 revenues of $339,648,000 against $256,824,000 a year ago. Operating income was $98,427,000 against $54,598,000 a year ago. Income before income taxes was $88,089,000 against $45,614,000 a year ago. Net income was $68,274,000 or $0.70 per basic and diluted share compared to $29,481,000 or $0.30 per basic and diluted share a year ago. Capital expenditures were $334,389,000 against $336,111,000 a year ago.

For the six months, the company reported total revenues of $695,819,000 against $497,745,000 a year ago. Operating income was $263,543,000 against $115,908,000 a year ago. Income before income taxes was $243,184,000 against $98,458,000 a year ago. Net income was $187,189,000 or $1.92 per diluted share compared to $62,884,000 or $0.65 per diluted share a year ago. Capital expenditures were $594,922,000 against $720,246,000 a year ago.

For the quarter, total production volume was 8,862 MBOE compared to 6,596 MBOE a year ago. Total average daily production volumes was 97.4 MBOE/d compared to 72.5 MBOE/d a year ago.

For the six months, total production volume was 17,220 MBOE compared to 11,350 MBOE a year ago. Total average daily production volumes was 95.1 MBOE/d compared to 62.7 MBOE/d a year ago.

For the quarter, the company reported asset impairment of $73,000 against $29,000 a year ago.

For the year 2018, estimated total capital spending for drilling and development activities remains unchanged from prior guidance at $1.1 billion to $1.3 billion.

For the year 2018, the company substantially raised its guidance ranges to reflect the impact of second quarter of 2018 actual results and the expectation that Gen 3 well outperformance will continue. Production is now estimated to range from 97.0-104.0 mboepd, for a 5% increase over the midpoint of prior guidance. Oil production guidance at midpoint in 2018 increased 4% over prior guidance. Given higher expected production in 2018, year-over-year production growth from the year 2017 is now estimated to be 32% (at guidance midpoint).

For the third quarter and fourth quarter of 2018, the company raised its estimates production by approximately 6.5% and 4%, respectively, at the midpoint of each quarter's range. With fourth quarter of 2018 production of 111.5 mboepd at the guidance midpoint, Energen now estimates that its fourth quarter of 2017 to fourth quarter of 2018 exit rate will reflect an increase of 14%.