SRC Energy Oil, Natural Gas and Liquids Revenues Soar 236%

Independant Energy group SRC Energy reported higher first quarter earnings after the close Wednesday. $SRCI results were boosted by oil and natural gas production in the Wattenberg Field, Colorado.

Independant Energy group SRC Energy reported higher first quarter earnings after the close Wednesday. $SRCI results were boosted by oil and natural gas production in the Wattenberg Field, Colorado.

 SRC Energy

 Earnings: 

Profit of $65.8 million or EPS of 27 cents beating Wall Street expectations of 25 cents per share. Revenue was $147.2 million beating forecasts of $146.4 million.

SRC Energy Inc NYSEAMERICAN: $SRCI

Market Reaction > After hours 11.03 0.00 (0.00%)

Highlights

  • Oil, natural gas, and natural gas liquids revenues for the three months ended March 31, 2018 increased 236% compared to the three months ended March 31, 2017.
  • This was due to a 156% increase in sales volumes combined with a 30% improvement in average realized sales price per BOE.
  • Adjusted EBITDA was $115.7 million for the three months ended March 31, 2018 (see further discussion regarding the presentation of adjusted EBITDA
  • Drilling and completion capital expenditures of $111.0 million for the three months ended March 31, 2018 were funded from EBITDA

 SRC Energy Production

 About SRC Energy

SRC Energy commenced operations in 2008 and is based in Denver, Colorado. The Company engages in the acquisition, exploitation, exploration, development, and production of oil and natural gas assets primarily located in the Wattenberg Field in the Denver-Julesburg Basin in northeast Colorado.

Source: SRC Energy

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