Chaparral Energy, Inc. (CHAP) 10-Q Quarterly Report November 2018

- Chaparral Energy, Inc. (NYSE: CHAP) today announced its third quarter 2018 financial and operational results with the filing of its form 10-Q. The company will hold its quarterly financial and operating results conference call this morning, November 13, at 10 a.m. Central.

Third Quarter Highlights and Recent Key Items


•	Grew STACK production 53% on a year-over-year basis and 19% on a quarter-over-quarter basis to 15,663 barrels of oil equivalent per day (Boe/d)


•	Increased full year STACK production guidance by 7% to 14,250 - 14,750 Boe/d


•	Reported a net loss of $12.1 million, driven by a $16.8 million non-cash loss associated with commodity derivatives


•	Generated adjusted EBITDA, as defined below, of $34.3 million, an increase of 27% on a quarter-over-quarter basis


•	Decreased STACK lease operating expense per barrel of oil equivalent (LOE/Boe) by 18% on a quarter-over-quarter basis to $4.34


•	Reduced full year total company LOE/Boe guidance to $7.25 - $7.65


•	Uplisted to the New York Stock Exchange (NYSE), under the new symbol “CHAP”

“Chaparral continued to deliver strong operational and financial results in the third quarter,” said Chief Executive Officer Earl Reynolds. “Our STACK wells on average continued to outperform type curve expectations and drove considerable STACK production growth of almost 20% quarter-over-quarter. In addition, we saw extremely encouraging early results from our initial Canadian County Merge Miss partial section spacing test. The three-well Denali pad, which came online in August, had an average 30-day peak initial production rate of more than 1,200 Boe/d per well, with 75% liquids. Based on these results we believe our Canadian County Merge Miss acreage could have as many as eight to nine wells per section. We will continue to conduct more spacing tests, which in the near-term includes a Kingfisher County partial section, five-well test scheduled to come online during the fourth quarter and an 11-well spacing test in Canadian County. Our 11-well spacing test, which includes a nine-well Merge Miss full section test and a two-well Woodford partial section test, is slated to come online in early 2019. As a result of our consistent STACK drilling success and our strong balance sheet, we added a fourth drilling rig in October and increased our full year guidance for both total company and STACK production.”

“In addition, we also saw continued improvement in our STACK LOE/Boe during the quarter, with costs below $4.50 per barrel,” said Reynolds. “We expect to sustain these lower LOE costs moving forward and, as such, are lowering our full year total company LOE/Boe guidance to a range of $7.25 - $7.65. For the quarter, we also saw significant growth in our adjusted EBITDA, which was driven by our production growth, cost management and higher realized pricing. Adjusted EBITDA for the third quarter rose 27% quarter-over-quarter to $34.3 million, and we now have delivered $90.6 million of adjusted EBITDA year-to-date.”

“Finally, the company achieved a significant milestone during the early part of the third quarter with the uplisting of our common stock in July from the OTCQB market to the NYSE. This move provides us access to a much larger potential investor base and should ultimately generate more liquidity for our stock as we work to create long-term value for our stockholders,” concluded Reynolds.

The following information was filed by Chaparral Energy, Inc. (CHAP) on Tuesday, November 13, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

Please wait while we load the requested 10-Q report or click the link below:

https://last10k.com/sec-filings/report/1346980/000134698018000007/chaparralenergy2018q310-q.htm

View differences made from one quarter to another to evaluate Chaparral Energy, Inc.'s financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ) — *Sample 10-K Year-over-Year (YoY) Comparison*

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were ~~removed~~ , added and changed by Chaparral Energy, Inc..

Continue

Assess how Chaparral Energy, Inc.'s management team is paid from their Annual Proxy

Chaparral Energy, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:

Voting Procedures
Board Members
Executive Team
Salaries, Bonuses, Perks
Peers / Competitors

Continue

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Chaparral Energy, Inc. provided additional information to their SEC Filing as exhibits

Exhibit 10.2: Material Contract

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: CHAP
CIK: 1346980
Form Type: 10-Q Quarterly Report
Accession Number: 0001346980-18-000007
Submitted to the SEC: Tue Nov 13 2018 8:49:57 AM EST
Accepted by the SEC: Tue Nov 13 2018
Period: Sunday, September 30, 2018
Industry: Crude Petroleum And Natural Gas

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/chap/0001346980-18-000007.htm

Chaparral Energy, Inc. (CHAP) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

SEC Filings

CHAP Valuations

CHAP Annual Reports

CHAP Quarterly Reports

CHAP Corporate News