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Resolute Energy Corp (REN) SEC Filing 10-Q Quarterly report for the period ending Saturday, March 31, 2018

Resolute Energy Corp

CIK: 1469510 Ticker: REN

Exhibit 99.1

RESOLUTE ENERGY CORPORATION ANNOUNCES RESULTS

FOR THE QUARTER ENDED MARCH 31, 2018

DENVER – May 7, 2018 – Resolute Energy Corporation (“Resolute” or the “Company”) (NYSE: REN) today reported financial and operating results for the quarter ended March 31, 2018.

Highlights:

 

First quarter Permian Basin production increased 70 percent year-over-year to 23,498 Boe per day from 13,798 Boe per day in first quarter 2017.

 

First quarter 2018 Company production increased 19 percent year-over-year to 23,498 barrels of oil equivalent (“Boe”) per day, despite the loss of approximately 5,900 Boe per day from the sale of the Company’s Aneth Field properties in late 2017.

 

First quarter production exceeded the high end of the Company’s quarterly guidance.

 

First quarter net loss was $12.9 million; Adjusted net income (a non-GAAP measure as reconciled below) was $3.3 million.

 

 

Adjusted EBITDA (a non-GAAP measure as reconciled below) was $41.1 million, up 42 percent from $28.9 million in first quarter 2017.

 

 

In Appaloosa, finished drilling on first triple pad, nine-well pack in the Ranger unit; first two pads were completed in late April; the third pad is to be completed by mid-May.

 

In Mustang, completed drilling operations on five wells of the first nine-well pack in the Sandlot unit; expect to have finished drilling operations by late May.

 

Successfully completed third Wolfcamp C test, the Thunder Canyon C107SL; established a peak 24-hour rate of 3,000 Boe per day, including 804 barrels of oil per day.

 

Two additional Lower Wolfcamp wells to come on line in the second quarter, bringing the total to six wells, which could meaningfully expand inventory.

Rick Betz, Resolute’s Chief Executive Officer, said: “The first quarter of 2018 marked our shift to full development mode within our top-tier assets in the Delaware Basin. We continue to make excellent progress in the field with our operational teams delivering outstanding results as they implement our new development strategy.  The teams have effectively managed a significant acceleration in operational pace with the addition of a third drilling rig, a spudder rig and a second frac spread while keeping the program substantially on schedule and within budget. While we have experienced a short pause in our historically strong growth profile during this transition, our producing assets have continued to deliver consistently strong production complemented by exciting results from some of our newer Lower Wolfcamp wells. Everyone at Resolute continues to be fully committed to the execution of the plan with the goal of further improving well performance, reducing costs and increasing production ultimately delivering strong returns and long-term value creation for all stakeholders.”

 

The Company will post an updated investor relations presentation on www.resoluteenergy.com, which supplements the information provided in this press release.

 

 

 


The following information was filed by Resolute Energy Corp (REN) on Monday, May 7, 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.

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Inside Resolute Energy Corp's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets (unaudited)
Condensed Consolidated Balance Sheets (unaudited) (parenthetical)
Condensed Consolidated Statements Of Cash Flows (unaudited)
Condensed Consolidated Statements Of Operations (unaudited)
Condensed Consolidated Statements Of Stockholders' Deficit (unaudited)
Accounts Receivable (detail)
Acquisitions And Divestitures
Acquisitions And Divestitures (tables)
Acquisitions And Divestitures - Additional Information (detail)
Additional Basis Swap Contracts (detail)
Additional Commodity Option Contracts (detail)
Amount Of Commodity Derivative Instrument Gains (losses) (detail)
Assets And Liabilities Required To Be Measured At Fair Value On Recurring Basis (detail)
Basis Of Presentation And Summary Of Significant Accounting Policies
Basis Of Presentation And Summary Of Significant Accounting Policies (policies)
Basis Of Presentation And Summary Of Significant Accounting Policies (tables)
Basis Of Presentation And Summary Of Significant Accounting Policies - Additional Information (detail)
Basis Swap Contracts (detail)
Changes In Non-vested Time Based Restricted Stock Awards (detail)
Changes In Non-vested Tsr Awards (detail)
Commodity Collar Contracts (detail)
Commodity Option Contracts (detail)
Computation Of Basic And Diluted Net Income (loss) Per Share Of Common Stock (detail)
Derivative Instruments
Derivative Instruments (tables)
Derivative Instruments - Additional Information (detail)
Earnings Per Share
Earnings Per Share (tables)
Expense Related To Incentive Plan (detail)
Income Taxes
Income Taxes - Additional Information (detail)
Long Term Debt
Long Term Debt (tables)
Long Term Debt - Additional Information (detail)
Long Term Debt - Revolving Credit Facility - Additional Information (detail)
Long Term Debt - Secured Term Loan Agreement - Additional Information (detail)
Long Term Debt - Senior Notes - Additional Information (detail)
Long-term Debt (detail)
Long-term Debt (parenthetical) (detail)
Oil And Gas Commodity Contracts (detail)
Option Award Activity (detail)
Organization And Nature Of Business
Revenue
Revenue (tables)
Revenue - Additional Information (detail)
Schedule Of Revenue Disaggregated By Type And Geographical Area/basin (detail)
Stockholders' Equity And Long-term Employee Incentive Plan
Stockholders' Equity And Long-term Employee Incentive Plan (tables)
Stockholders' Equity And Long-term Employee Incentive Plan - Common Stock - Additional Information (detail)
Stockholders' Equity And Long-term Employee Incentive Plan - Equity Awards - Additional Information (detail)
Stockholders' Equity And Long-term Employee Incentive Plan - Liability Awards - Additional Information (detail)
Stockholders' Equity And Long-term Employee Incentive Plan - Long Term Employee Incentive Plan - Additional Information (detail)
Stockholders' Equity And Long-term Employee Incentive Plan - Preferred Stock - Additional Information (detail)
Stockholders' Equity And Long-term Employee Incentive Plan - Stock Option Awards - Additional Information (detail)
Subsequent Events
Subsequent Events - Additional Information (detail)
Unaudited Pro Forma Financial Information On Properties Sold (detail)
Unrecognized Compensation Expense And Weighted Average Period Related To Incentive Plan (detail)
Valuation Model For Tsr Awards (detail)
Weighted Average Dilutive And Anti-dilutive Securities (detail)

Material Contracts, Statements, Certifications & more

Resolute Energy Corp provided additional information to their SEC Filing as exhibits

Ticker: REN
CIK: 1469510
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-18-011263
Submitted to the SEC: Mon May 07 2018 4:27:06 PM EST
Accepted by the SEC: Mon May 07 2018
Period: Saturday, March 31, 2018
Industry: Crude Petroleum And Natural Gas

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