June 15, 2018 - 7:30 AM EDT
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Free Research Report as WildHorse’s Revenues Soared 302.9%

LONDON, UK / ACCESSWIRE / June 15, 2018 / If you want access to our free earnings report on WildHorse Resource Development Corp. (NYSE: WRD) ("WRD"), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=WRD. The Company reported its first quarter fiscal 2018 operating and financial results on May 10, 2018. The oil and natural gas Company outperformed top- and bottom-line expectations. Register today and get access to over 1,000 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, WildHorse Resource Development 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 quarter ended March 31, 2018, WRD's total revenues and other income, excluding the impact of realized hedges, were $218.8 million, up 302.9% compared to $54.3 million in Q1 2017. The Company's total revenues were primarily higher as a result of an increased production and higher commodity prices. WRD's revenue numbers beat analysts' estimates by $41.05 million.

WRD reported a net loss available to common stockholders of $123.2 million, or $1.24 loss per share, in Q1 2018 compared to a net income of $20.25 million, or $0.22 per diluted share, in Q1 2017. The Company recorded an impairment charge of $214.3 million in the reported quarter to adjust the carrying amount of the divestiture to the net divestiture proceeds.

WRD's adjusted net income available to common stockholders was $44.5 million, or $0.45 per share, in Q1 2018. The Company's earnings surpassed Wall Street's estimates of $0.32 per share. WRD recorded adjusted earnings before interest, taxes, depreciation, depletion, amortization, and exploration expenses (EBITDAX) of $158.6 million in the reported quarter compared to $34.6 million in Q1 2017.

Operating Results

During Q1 2018, WRD's net production was 52.4 thousand barrels of oil equivalents per day (Mboe/d) compared to 17.6 Mboe/d in Q1 2017. The Company's net production in the reported quarter consisted of approximately 60% oil, 31% natural gas, and 9% natural gas liquids (NGLs). WRD's Eagle Ford and Austin Chalk represented 40.4 Mboe/d of total production (77% oil), and North Louisiana represented 72.2 million cubic feet equivalent (MMcfe/d) of total production (97% natural gas).

In the Austin Chalk, WRD brought online 4 wells in Q1 2018, including the Brollier AC #1H which reached its final peak 24-hour rate of 3,416 Boe/d and an IP-30 of 3,030 Boe/d, or 18.2 MMcfe/d, on a 5,684' lateral.

In the Eagle Ford, WRD brought online 3 strong wells late in Q1 2018 on the northeastern portion of its acreage in Brazos County, Texas. While still increasing production, the Irene, Inez, and Lero wells had averaged a peak 24-hour rate of 941 Boe/d at 90% oil, and an IP-30 rate of 778 Boe/d on a 6,404' lateral.

WRD's lease operating expenses (LOE) were $16.4 million, or $3.48 per Boe, in Q1 2018 compared to $6.9 million, or $4.37 per Boe, in Q1 2017. The y-o-y difference was attributable to the efficiencies gained since several acquisitions in 2017, and greater produced volumes with lower cost LOE.

During Q1 2018, WRD's gathering, processing, and transportation expenses (GP&T) were $1.4 million, or $0.29 per Boe, compared to $1.7 million, or $1.07 per Boe, in Q1 2017. The Company's GP&T for the reported quarter was significantly lower on a Boe basis due to the implementation of the new FASB revenue recognition standard (ASC 606), effective as of January 01, 2018. As a result of the new standard, the majority of WRD's GP&T will now be recognized as a deduction from natural gas and NGLs revenues rather than as an expense item.

Financial Update

In April 2018, WRD issued an additional $200 million, of 6.875% senior notes due 2025. In addition, Moody's recently increased the Company's long-term corporate family rating to B2 with a positive outlook, from B3 with a stable outlook.

As of March 31, 2018, WRD's total net debt outstanding was $802 million, including $309.0 million of debt outstanding under the Company's revolving credit facility; $500 million of senior notes due 2025; and $7.0 million in cash and cash equivalents. WRD's net debt to annualized adjusted EBITDAX ratio was 1.3 times in Q1 2018.

Stock Performance Snapshot

June 14, 2018 - At Thursday's closing bell, WildHorse Resource Development's stock fell 4.42%, ending the trading session at $25.51.

Volume traded for the day: 997.07 thousand shares.

Stock performance in the last month – up 1.35%; previous three-month period – up 54.42%; past twelve-month period – up 89.81%; and year-to-date – up 38.57%

After yesterday's close, WildHorse Resource Development's market cap was at $2.55 billion.

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


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Source: ACCESSWIRE Investor Awareness (June 15, 2018 - 7:30 AM EDT)

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