Approach Resources, Inc. announced unaudited consolidated earnings and operating results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company announced oil, NGLs and gas sales of $28,417,000 compared to $26,505,000 for the same period a year ago. Operating loss was $948,000 compared to $7,059,000 for the same period a year ago. Loss before income tax was $7,695,000 compared to $17,046,000 for the same period a year ago. Net income was $45,817,000 or $0.51 per basic and diluted share compared to net loss of $13,475,000 or $0.32 per basic and diluted share for the same period a year ago. Adjusted net loss was $6,066,000 compared to $9,731,000 for the same period a year ago. Adjusted net loss per diluted share was $0.07 compared to $0.23 for the same period a year ago. EBITDAX was $13,892,000 compared to $15,468,000 for the same period a year ago. Fourth quarter capital expenditures were $1.3 million.

For the full year, the company announced oil, NGLs and gas sales of $105,349,000 compared to $90,302,000 for the same period a year ago. Operating loss was $19,708,000 compared to $44,866,000 for the same period a year ago. Loss before income tax was $35,938,000 compared to $76,661,000 for the same period a year ago. Net loss was $112,359,000 or $1.35 per basic and diluted share compared to $52,243,000 or $1.26 per basic and diluted share for the same period a year ago. Net cash provided by operating activities was $37,454,000 compared to $26,081,000 for the same period a year ago. Adjusted net loss was $29,805,000 compared to $42,501,000 for the same period a year ago. Adjusted net loss per diluted share was $0.36 compared to $1.02 for the same period a year ago. EBITDAX was $54,799,000 compared to $52,023,000 for the same period a year ago. Net capital expenditures incurred during 2017 totaled $47.1 million and were attributable to drilling and development ($44.2 million), infrastructure projects and equipment ($3.6 million) and acreage extensions ($0.2 million), partially offset by a sales tax refund of $0.9 million.

For the quarter, production totaled 1,064 MBoe (11.6 MBoe/d), made up of 25% oil, 36% NGLs and 39% natural gas.

For the full year, production was 4,232 MBoe (11.6 MBoe/d), made up of 26% oil, 35% NGLs and 39% natural gas.

The company's capital budget for 2018 is a range of $50 million to $70 million, depending on commodity prices. For the full year, the company expects to report total production between 4,200 MBoe and 4,500 MBoe. Depletion, depreciation and amortization expected between $16.00 million and $17.00 million.

First quarter 2018 production is estimated to be approximately 11.3 MBoe/d. First quarter 2018 production will be affected by no new well completions in the fourth quarter of 2017 and weather.