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Troubled Jones Mulling DrillCo to Enhance Value; Talks Latest Drilling Activity, Results
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Jones Energy reported its Q2 2018 results.
Financial Trouble; Pursuit of Possible DrillCoBack in Q1, after firing its CEO, Jones announced that it was 're-evaluating' its strategy. Since then, the company's credit facility was cut in half during Q2 as problems for the company persist.
In its Q2 report, the company reported that it is continuing to focus on strategic alternatives and also announced its new CEO Carl Giesler.
Pusuit of DrillCo: Jones noted that it is in pursuit of a DrillCo with an exclusive joint development partner in order to accelerate drilling and value creation.
CEO Giesler commented: "From a strategic perspective, we believe our cash position provides us a multi-year runway to drive value through executing on our core Merge and WAB assets. To extend that runway…
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