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Chaparral Energy, Inc. (CHAP) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

Chaparral Energy, Inc.

CIK: 1346980 Ticker: CHAP


Exhibit 99.1

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Chaparral Energy Announces Fourth Quarter and Full Year 2018 Financial and Operational Results

Oklahoma City, March 14, 2019
- Chaparral Energy, Inc. (NYSE: CHAP) announced today its fourth quarter and full year 2018 financial and operational results with the filing of its form 10-K. The company will hold its financial and operating results call this morning, March 14 at 9 a.m. Central.

2018 Highlights
Recorded 2018 full year STACK production of 14.5 thousand barrels of oil equivalent per day (MBoe/d), representing a 52% year-over-year increase
Achieved 2018 full year total company production of 20.5 MBoe/d
Reported full year 2018 net income of $33.4 million, or 73 cents per diluted share
Achieved full year 2018 adjusted EBITDA, as defined below, of $125 million
Grew 2018 total proved reserves to 94.8 million barrels of oil equivalent (MMBoe), which adjusted for 2018 divestitures marks a 35% year-over-year increase, and represents a PV-10 value of $686 million
Increased STACK proved reserves by 50% year-over-year to 74.1 MMBoe, while replacing 519% of STACK production
Invested $194.7 million in STACK drilling and completion (D&C) activities in 2018
Reduced total company lease operating expense per barrel of oil equivalent (LOE/Boe) almost $4 from $10.96 in 2017 to $7.24 in 2018
Strengthened the balance sheet by issuing $300 million of unsecured senior notes and increasing the borrowing base to $325 million in 2018

“Our team is extremely proud of all we accomplished in 2018,” said Chief Executive Officer Earl Reynolds. “From strategically adding to our STACK acreage position to uplisting to the New York Stock Exchange to successfully completing a $300 million senior notes offering and increasing our borrowing base, we were able to increase the value of our assets while also strengthening our balance sheet. In addition, our outstanding operational and drilling results allowed us to significantly grow production and reserves in 2018.”

“While we continue to monitor market conditions and plan to be flexible with our capital expenditures, our current plan for 2019 is to invest $275 to $300 million in capital, more than 80% of which is dedicated to low-cost, high-return STACK/Merge D&C activity. Chaparral remains committed to low-cost operations, as is evident in our cost per lateral drilling foot, efficient frac designs and systematic development approach. This focus will continue to drive our efforts as we move toward partial and full section development, with additional spacing tests throughout the first half of 2019 across Canadian and Kingfisher counties. We are extremely proud of the differentiated STACK position we have built. We will continue to prudently manage our capital and protect our balance sheet as we grow production and reserves, work to become cash flow neutral and deliver long-term value for our shareholders.”

Operational Update - STACK Production Soars in 2018
Chaparral increased its STACK production to 16.6 MBoe/d during the fourth quarter, which is up 6% as compared to the previous quarter. Full year STACK production grew by 52% to 14.5 MBoe/d compared to the previous year. Total company production was 21.7 MBoe/d during the fourth quarter, which is a 2% quarter-over-quarter increase. Total company production for the full year was 20.5 MBoe/d, which represents an 11% decrease from the previous year. Excluding production from divested EOR assets in 2017, total company production increased by 13% on a year-over-year basis. Total company production for 2018 was 36% oil, 25% natural gas liquids (NGLs) and 39% natural gas.

Chaparral operated four drilling rigs during the fourth quarter of 2018. The company brought 13 new gross operated STACK wells on production during the quarter, two of which were part of its drilling joint venture. For the full year 2018, Chaparral brought 48 gross operated STACK wells online, of which 20 were in Garfield County, 18 in



The following information was filed by Chaparral Energy, Inc. (CHAP) on Thursday, March 14, 2019 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Operations
Consolidated Statements Of Stockholders' Equity (Deficit)
Acquisitions And Divestitures
Acquisitions And Divestitures (2017 Acquisitions And Divestitures) (Details)
Acquisitions And Divestitures (2018 Acquisitions And Divestitures) (Details)
Asset Retirement Obligations
Asset Retirement Obligations (Details)
Asset Retirement Obligations (Tables)
Chapter 11 Reorganization
Chapter 11 Reorganization (Additional Information) (Details)
Chapter 11 Reorganization (Liabilities Subject To Compromise) (Details)
Chapter 11 Reorganization (Tables)
Commitments And Contingencies
Commitments And Contingencies (Drilling Rig Commitments) (Details)
Commitments And Contingencies (Letters Of Credit) (Details)
Commitments And Contingencies (Litigation And Claims) (Details)
Commitments And Contingencies (Operating Lease Schedule) (Details)
Commitments And Contingencies (Operating Leases) (Details)
Commitments And Contingencies (Tables)
Debt
Debt (Capital Leases) (Details)
Debt (Chapter 11 Proceedings, Emergence And Successor Debt) (Details)
Debt (Components Of Debt) (Details)
Debt (Maturities Of Debt And Capital Leases Excluding Unamortized Debt Issuance Costs) (Details)
Debt (New Credit Facility) (Details)
Debt (Other Provisions) (Details)
Debt (Premiums, Discounts And Debt Issuance Costs) (Details)
Debt (Prior Credit Facility) (Details)
Debt (Prior Senior Notes) (Details)
Debt (Senior Notes) (Details)
Debt (Tables)
Deferred Compensation
Deferred Compensation (2010 Equity Incentive Plan) (Details)
Deferred Compensation (2017 Management Incentive Plan) (Details)
Deferred Compensation (Cash Incentive Plan) (Details)
Deferred Compensation (Companywide Stock Award) (Details)
Deferred Compensation (Employee Ltip) (Details)
Deferred Compensation (Phantom Stock Plan And Restricted Stock Unit Plan) (Details)
Deferred Compensation (Stock-Based Compensation Cost) (Details)
Deferred Compensation (Tables)
Deferred Compensation (Valuation Assumptions For Market Based Awards) (Details)
Derivative Instruments
Derivative Instruments (Additional Information) (Details)
Derivative Instruments (Derivative Instruments Recorded On The Balance Sheet At Fair Value) (Details)
Derivative Instruments (Non-Hedge Derivative Gains (Losses) In The Consolidated Statements Of Operations) (Details)
Derivative Instruments (Summary Of Derivatives Outstanding) (Details)
Derivative Instruments (Tables)
Disclosures About Oil And Natural Gas Activities (Unaudited)
Disclosures About Oil And Natural Gas Activities (Unaudited) (Changes In Standardized Measure Of Discounted Future Net Cash Flows) (Details)
Disclosures About Oil And Natural Gas Activities (Unaudited) (Prices Used In Determining Future Net Revenues) (Details)
Disclosures About Oil And Natural Gas Activities (Unaudited) (Standardized Measure Of Discounted Future Net Cash Flows) (Details)
Disclosures About Oil And Natural Gas Activities (Unaudited) (Summary Of Changes In Quantities Of Proved Reserves) (Details)
Disclosures About Oil And Natural Gas Activities (Unaudited) (Tables)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Fair Value Measurements
Fair Value Measurements (Concentrations Of Credit Risk) (Details)
Fair Value Measurements (Derivatives Offset In The Consolidated Balance Sheets) (Details)
Fair Value Measurements (Fair Value Of Other Financial Instruments) (Details)
Fair Value Measurements (Level 3 Rollforward) (Details)
Fair Value Measurements (Nonrecurring Fair Value Measurements) (Details)
Fair Value Measurements (Percentages Of Total Commodity Sales Excluding Effects Of Hedging Activities) (Details)
Fair Value Measurements (Recurring Fair Value Measurements) (Details)
Fair Value Measurements (Tables)
Fresh Start Accounting
Fresh Start Accounting (Additional Information) (Details)
Fresh Start Accounting (Balance Sheet) (Details)
Fresh Start Accounting (Balance Sheet, Additional Information) (Details)
Fresh Start Accounting (Enterprise Value To Estimated Reorganization Value Of The Successor's Assets) (Details)
Fresh Start Accounting (Enterprise Value To Fair Value Of The Successor's Common Stock) (Details)
Fresh Start Accounting (Reorganization Items) (Details)
Fresh Start Accounting (Tables)
Income Taxes
Income Taxes (Additional Information) (Details)
Income Taxes (Component Of Income Tax (Benefit) Expense From Continuing Operations) (Details)
Income Taxes (Components Of Deferred Tax Assets And Liabilities) (Details)
Income Taxes (Rate Reconciliation) (Details)
Income Taxes (Tables)
Nature Of Operations And Summary Of Significant Accounting Policies
Nature Of Operations And Summary Of Significant Accounting Policies (Accounts Receivable) (Details)
Nature Of Operations And Summary Of Significant Accounting Policies (Cash And Cash Equivalents) (Details)
Nature Of Operations And Summary Of Significant Accounting Policies (Cost Reduction Initiatives) (Details)
Nature Of Operations And Summary Of Significant Accounting Policies (Inventories) (Details)
Nature Of Operations And Summary Of Significant Accounting Policies (Inventory Adjustments) (Details)
Nature Of Operations And Summary Of Significant Accounting Policies (Joint Development Agreement) (Details)
Nature Of Operations And Summary Of Significant Accounting Policies (Oil And Natural Gas Properties Adjustments) (Details)
Nature Of Operations And Summary Of Significant Accounting Policies (Other Expense) (Details)
Nature Of Operations And Summary Of Significant Accounting Policies (Policies)
Nature Of Operations And Summary Of Significant Accounting Policies (Recently Issued Accounting Pronouncements) (Details)
Nature Of Operations And Summary Of Significant Accounting Policies (Stock-Based Compensation) (Details)
Nature Of Operations And Summary Of Significant Accounting Policies (Tables)
Oil And Natural Gas Activities (Unaudited)
Oil And Natural Gas Activities (Unaudited) (Additional Information) (Details)
Oil And Natural Gas Activities (Unaudited) (Costs Incurred) (Details)
Oil And Natural Gas Activities (Unaudited) (Depreciation, Depletion And Amortization) (Details)
Oil And Natural Gas Activities (Unaudited) (Oil And Natural Gas Properties Not Subject To Amortization) (Details)
Oil And Natural Gas Activities (Unaudited) (Tables)
Property And Equipment
Property And Equipment (Details)
Property And Equipment (Tables)
Retirement Benefits
Retirement Benefits (Additional Information) (Details)
Retirement Benefits (Summary Of Contribution Expense) (Details)
Retirement Benefits (Tables)
Revenue Recognition
Revenue Recognition (Additional Information) (Details)
Revenue Recognition (Impact Of Adoption) (Details)
Revenue Recognition (Revenue Disaggregated) (Details)
Revenue Recognition (Tables)
Stockholders' Equity
Stockholders' Equity (Additional Information) (Details)
Stockholders' Equity (Summary Of Changes In Common Shares Outstanding) (Details)
Stockholders' Equity (Tables)
Supplemental Disclosures To The Consolidated Statements Of Cash Flows
Supplemental Disclosures To The Consolidated Statements Of Cash Flows (Details)
Supplemental Disclosures To The Consolidated Statements Of Cash Flows (Tables)
Supplemental Quarterly Financial Information (Unaudited)
Supplemental Quarterly Financial Information (Unaudited) (Additional Information) (Details)
Supplemental Quarterly Financial Information (Unaudited) (Tables)
Supplemental Quarterly Financial Information (Unaudited) (Unaudited Interim Operations) (Details)
Ticker: CHAP
CIK: 1346980
Form Type: 10-K Annual Report
Accession Number: 0001346980-19-000016
Submitted to the SEC: Thu Mar 14 2019 8:37:53 AM EST
Accepted by the SEC: Thu Mar 14 2019
Period: Monday, December 31, 2018
Industry: Crude Petroleum And Natural Gas

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