Lonestar Resources US Inc. Reports Unaudited Consolidated Earnings and Operating Results for the First Quarter Ended March 31, 2018; Provides Earnings Guidance for the Second Quarter and Full Year of 2018
For the quarter, the company reported a 48% increase in net oil and gas production to 7,777 Boe/d during the three months ended March 31, 2018 compared to 5,266 Boe/d for the three months ended March 31, 2017. The increase in production was attributable to the drilling of new Eagle Ford Shale wells and production associated with the acquisition of producing properties in June 2017. Production volumes consisted of 5,740 barrels of oil per day (74%), 965 barrels of NGLs per day (12%), and 6,435 Mcf of natural gas per day (14%). The company's production mix for the three months ended March 31, 2018 was 86% liquid hydrocarbons.
For the second quarter of 2018, the company issued production guidance of 10,000 to 10,500 Boe/d. The midpoint of guidance represents a 32% increase over the first quarter of 2018 results and is 82% higher than production reported for the three months ended June 30, 2017. The company also issued guidance for Adjusted EBITDAX of $27 to $29 million.
For the full year of 2018, the company is raising its production guidance to a range of 10,300 to 11,000 Boe/d. The company is increasing its EBITDAX guidance to $110 to $125 million, based on a $60 WTI oil price average oil price for 2018. The company expects capital spending by $5 million, to a range of $100 to $105 million.