Chaparral Energy, Inc. reported earnings and operating results for the full year ended December 31, 2017. The company had a full year 2017 net income of $923.1 million, which included a net loss of $119 million and net income of $1.04 billion during the successor and predecessor periods of 2017. Its 2017 adjusted EBITDA was $158 million, which marks a 31% decrease compared to $228 million in 2016. The primary driver of the year-over-year decrease in adjusted EBITDA was a decrease in hedge settlements combined with higher operating expenses, partially offset by higher revenues.

For the year, the company had achieved full year 2017 production of 8,399 MBoe.

The company's 2018 capital budget is expected to be between $250 million and $275 million, of which $135 million to $155 million is dedicated to D&C activities and $55 million is associated with its previously announced 7,000-acre Kingfisher County STACK acquisition.