Resolute Energy Corp (REN) 10-Q Quarterly Report Mon May 07 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:

Revenue - Product Highlight
As a result, when commodity prices increase above the fixed price in the derivative contacts, we will be required to pay the derivative counterparty the difference between the fixed price in the derivative contract and the market price before receiving the proceeds from the sale of the hedged production.

Financial - Expense Highlight
Our management uses a variety of financial and operational measurements to analyze our operating performance, including but not limited to, production levels, pricing and cost trends, reserve trends, operating and general and administrative expenses, cash-based general and administrative expense, operating cash flow, Adjusted net income loss, Adjusted EBITDA and Credit facility EBITDA defined below
Other - Other Highlight
Adjusted EBITDA and Credit facility EBITDA as we calculate those numbers may not be comparable to EBITDA measures of any other company because other entities may not calculate those measures in the same manner.
Financial - Expense Highlight
General and administrative expense include the costs of employees and executive officers, related benefits, stock-based compensation, office leases, professional fees, general corporate overhead and other costs not directly associated with field operations.
Financial - Expense Highlight
On a per-unit basis, lease operating expense decreased 47% to $5.52 per Boe in 2018 compared to $10.35 per Boe in 2017.
Revenue - Product
Revenue, cash flow from operations...Read more
Other - Other
In addition the Company has...Read more
Financial - Expense
Lease operating expense decreased 36%...Read more
Other - Other
The increase on a per-unit...Read more
Financial - Expense
On a per-unit basis, depreciation...Read more
Other - Other
As of March 31, 2018,...Read more
Financial - Expense
Interest expense in 2018 decreased...Read more
Financial - Earnings
Adjusted EBITDA and Credit facility...Read more
Financial - Income
The primary financing activities in...Read more
Revenue - Product
In November 2017 we completed...Read more
Financial - Expense
Cash-settled incentive award expense increased...Read more
Other - Other
In January 2017, we paid...Read more
Other - Other
Adjusted EBITDA is used as...Read more
Financial - Expense
The net proceeds of the...Read more
Financial - Expense
The net proceeds of the...Read more
Financial - Income
Changes in the price of...Read more
Financial - Expense
If in future periods a...Read more
Financial - Expense
If in future periods a...Read more
Other - Other
Resolutes 2018 development plan includes...Read more
Other - Other
Upon occurrence of events of...Read more
M & A - Other
The Company acquired these properties...Read more
Financial - Debt
The Senior Notes rank equally...Read more
Financial - Earnings
Adjusted EBITDA and Credit facility...Read more
Financial - Expense
Positive results from 2018 development...Read more
Other - Other
Sustained periods of low prices...Read more
Other - Other
With the first nine pack...Read more
Other - Other
Total consideration will be up...Read more
Revenue - Product
All revenue in 2018 was...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

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

Exhibit 10.5: 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

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

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