Jones Energy, Inc. Announces Consolidated Earnings and Operating Results for the Second Quarter and Six Months Ended June 30, 2016; Provides Production Guidance for the Third Quarter and Full Year 2016; Provides Capital Expenditure Guidance for the Full Year 2016
For the six months, the company's total operating revenues were $55.002 million compared with $112.013 million a year ago. Operating loss was $60.846 million compared with $45.369 million a year ago. Loss before income tax was $11.817 million compared with $56.593 million a year ago. Net loss was $10.13 million compared with $45.48 million a year ago. Basic and diluted net loss was $0.14 per share compared with $0.70 a year ago. Net loss attributable to controlling interests was $4.334 million compared with $16.255 million a year ago. Net cash provided by operations was $6.0 million compared with $73.34 million a year ago. Additions to oil and gas properties were $27.592 million compared with $229.060 million a year ago. Acquisition of other property, plant and equipment was $12,000 compared with $0.382 million a year ago. EBITDAX was $97.317 million compared with $135.832 million a year ago. Adjusted net loss was $9.175 million compared with income of $3.264 million a year ago. Basic and diluted adjusted loss per share were $0.12 compared with earnings per share were $0.04.
For the quarter, the company's oil production was 396 MBbls compared with 644 MBbls a year ago. Natural gas production was 4,608 MMcf compared with 6,139 MMcf a year ago. NGLs production was 529 MBbls compared with 637 MBbls a year ago.
For the six months, the company's oil production was 875 MBbls compared with 1,400 MBbls a year ago. Natural gas production was 9,528 MMcf compared with 12,103 MMcf a year ago. NGLs production was 1,084 MBbls compared with 1,264 MBbls a year ago.
For the third quarter of 2016, the company expects total production in the range of 1.6 MMBoe to 1.7 MMBoe, average daily production in the range of 17.5 MBoe/d to 18.5 MBoe/d.
For the full year 2016, the company expects total production in the range of 6.6 MMBoe to 7.1 MMBoe compared to previous guidance of 6.2 MMBoe to 6.8 MMBoe, average daily production in the range Of 17.9 MBoe/d to 19.4 MBoe/d compared to previous guidance of 16.8 MBoe/d to 18.7 MBoe/d.
The company expects full year 2016 capital spending of $90 million compared to previous guidance of $100 million.