April 25, 2018 - 7:00 AM EDT
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Free Post Earnings Research Report: Jagged Peak’s Quarterly Revenues Soared 319%; Adjusted Earnings More than Quadrupled

LONDON, UK / ACCESSWIRE / April 25, 2018 / Active-Investors.com has just released a free earnings report on Jagged Peak Energy Inc. (NYSE: JAG). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=JAG. The Company reported its fourth quarter fiscal 2017 and full fiscal year 2017 operating and financial results on March 22, 2018. The independent oil and natural gas Company beat revenue estimates, and also provided production guidance for FY18. Register today and get access to over 1000 Free Research Reports by joining our site below:


Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Jagged Peak Energy most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:


Earnings Highlights and Summary

For the three months ended December 31, 2017, Jagged Peak generated revenues of $104.4 million, up 319% compared to $24.9 million in Q4 2016. The Company's revenue numbers beat analysts' estimates by $3.69 million.

For the full fiscal year 2017, Jagged Peak recorded revenues of $267.3 million, up 249% compared to $76.5 million in FY16.

Jagged Peak's net income was $12.8 million, or $0.06 per diluted common share, in Q4 2017 compared to a net loss of $2.0 million in Q4 2016. Eliminating certain non-cash and non-recurring items such as equity-based compensation and income tax expenses directly related to the IPO, non-cash mark-to-market gains or losses on derivatives, impairment expenses, and a one-time gain related to the recent federal tax reform legislation, the Company's non-GAAP net income was $20.2 million, or $0.09 per diluted common share, in the reported quarter compared to $3.9 million in Q4 2016. Jagged Peak's earnings fell short of Wall Street's estimates of $0.10 per share.

For FY17, Jagged Peak recorded a net loss of $451.9 million, or $0.36 loss per diluted share, compared to a net loss of $9.8 million in FY16. The Company's non-GAAP income was $55.9 million, or $0.26 per diluted share, in FY17 compared to a non-GAAP income of $4.7 million in FY17.

Operation Details

During Q4 2017, Jagged Peak's production volumes were 24,037 barrel of oil equivalent per day (Boe/d), comprised of 80% oil production; reflecting an increase of 273% compared to production volumes of 6,438 Boe/d in Q4 2016.

For Q4 2017, Jagged Peak's average realized sales prices, including the settlement of realized oil hedges, were $49.54 per barrel of oil, $2.45 per Mcf of natural gas, and $30.96 per barrel of natural gas liquids (NGLs). The total oil equivalent price was $44.15 per Boe in the reported quarter compared to $39.74 per Boe in Q4 2016. Additionally, Jagged Peak's lease operating expenses (LOE), including workovers, decreased 14% to $3.25 per Boe in Q4 2017 from $3.80 per Boe in Q4 2016.

For Q4 2017, Jagged Peak spud 14 gross operated horizontal wells, and completed and brought online 14 gross operated horizontal wells. The Company spud 54 gross operated horizontal wells, and completed and brought online 46 gross operated horizontal wells during FY17.

Proved Reserves

Jagged Peak's proved oil and gas reserves were estimated at 82.4 million barrels of oil equivalents (MMBoe) at December 31, 2017, up 118% from 37.7 MMBoe at December 31, 2016. The composition of the reserves was 79% oil, 10% NGLs, and 11% natural gas at the end of 2017.

As of December 31, 2017, Jagged Peak's total leasehold position was approximately 75,200 net acres, with approximately 2,090 future well locations identified across the Company's leasehold.

Capital Expenditure

Jagged Peak's capital expenditure for drilling and completion activities was $168.5 million in Q4 2017, which represented capital spent to drill and complete 14 gross (13.4 net) wells. Additionally, the Company had 16 gross (15.0 net) wells that were in various stages of being drilled or completed at December 31, 2017.


For its full year 2018 activities, Jagged Peak is forecasting total capital expenditure, excluding leasehold, of $560 million to $615 million. The Company is expecting LOE of $3.25 per Boe to $4.00 per Boe.

Jagged Peak's total net production is forecasted to average 28,000 Boe/d to 31,000 Boe/d in FY18, representing a growth of more than 70% at the mid-point compared to production in FY17. For Q1 2018, the Company's production is expected to range from 27,000 Boe/d to 27,300 Boe/d, reflecting an increase of more than 10% at the mid-point compared to production in Q4 2017.

Stock Performance Snapshot

April 24, 2018 - At Tuesday's closing bell, Jagged Peak Energy's stock declined 3.25%, ending the trading session at $14.00.

Volume traded for the day: 1.73 million shares, which was above the 3-month average volume of 1.45 million shares.

Stock performance in the last month–up 15.23%; previous six-month period –up 2.34%; and past twelve-month period –up 20.17%

After yesterday's close, Jagged Peak Energy's market cap was at $3.03 billion.

The stock is part of the Basic Materials sector, categorized under the Oil & Gas Drilling & Exploration industry.



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Source: ACCESSWIRE Investor Awareness (April 25, 2018 - 7:00 AM EDT)

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