Quarterly / Earnings Reports | First Quarter (1Q) Update | Drilling Activity | Rig cancellation / Idle | Drilling Program-Rig Count
STACK Operator 'Reevaluating' 2018, Future Plans After Q1 Loss; Drops Half Operating Rigs
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Jones Energy reported its Q1 2018 results.
Highlights:- Net loss for the first quarter of 2018 of $28.9 million, or a loss of $0.30 per share, non-GAAP adjusted net loss of $30.3 million
Management and the Board of Directors are reevaluating the Company’s financial, operating and drilling plans for 2018 and beyond. Eastern Anadarko (Merge)- Spud 8 / Completed 9 Merge wells in Q1 (four Woodford / five Meramec)
- Production for the first quarter 2018 of 6.8 MBoe/d grew 36% over fourth quarter 2017 production of 5.0 Mboe/d.
At the end of the first quarter, the Company dropped one of its two rigs in the Merge. The Company currently plans to drill all nine wells remaining on the 2018 drilling schedule with the one remaining rig in the Merge.
Western Anadarko (Cleveland)During the first…
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