Jones Energy, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Reports Production Results for the Fourth Quarter and Year Ended December 31, 2017
For the year, the company reported total operating revenues were $188,573,000 as compared to $127,847,000 a year ago. Operating loss was $216,806,000 as compared to $104,266,000 a year ago. Loss before income tax was $229,490,000 as compared to $108,591,000 a year ago. Net loss was $178,823,000 as compared to $84,805,000 a year ago. Net loss attributable to common shareholders was $109,416,000 or $1.51 per share basic and diluted as compared to net loss of $45,221,000 or $1.04 per share basic and diluted a year ago. EBITDAX was $186,364,000 as compared to $187,955,000 a year ago. Net cash provided by operations was $59,008,000 as compared to $25,700,000 a year ago. Additions to oil and gas properties was $245,364,000 as compared to $264,462,000 a year ago. Acquisition of other property, plant and equipment was $586,000 as compared to $310,000 a year ago. Adjusted net loss was $31,126,000 as compared to $15,528,000 a year ago. Adjusted net loss attributable to common shareholders was $30,717,000 as compared to $8,336,000 a year ago. Adjusted net loss per share basic and diluted was $0.42 against $0.19 a year ago. For the full year 2017, the company disclosed total capital expenditures of $248.0 million, of which $126 million or 51% was spent in the Merge. For the full year 2017, 83% of total capital expenditures was related to drilling and completing wells.
The company produced 1,951 MBoe, or 21,207 Boe/d during the fourth quarter of 2017 with total liquids volumes representing 59% of production. Merge production continued to increase quarter-over-quarter, representing approximately 24% of total company production for the fourth quarter of 2017 as compared to approximately 17% of total company production for the third quarter of 2017, excluding volumes related to the Arkoma divestiture in the third quarter. Quarter-over-quarter oil volumes also continued to increase. Oil production for the fourth quarter of 2017 was 29.3% of total volumes as compared to 24.6% for the third quarter of 2017, representing an increase of 4.7%.
For the full year 2017, the company produced 21,332 Boe/d with total liquids volumes of 56%. For the full year 2017, the company's production grew 22% as compared to average 2016 production, excluding production from the Arkoma from both years. The company drilled 41 gross (38.3 net) wells in the Cleveland formation and 27 gross (17.4 net) wells in the Merge.