Jones Energy, Inc. reported unaudited consolidated earnings and production results for the first quarter ended March 31, 2018. For the quarter, the company reported oil and gas sales of $58,138,000 compared to $40,677,000 a year ago. Total operating revenues were $57,489,000 compared to $41,233,000 a year ago. Operating loss was $8,758,000 compared to $13,507,000 a year ago. Loss before income tax was $31,912,000 compared to $3,494,000 a year ago. Net loss attributable to common shareholders was $27,329,000 or $0.30 per basic and diluted share compared to $3,414,000 or $0.05 per basic and diluted share a year ago. Net cash provided by operations was $39,584,000 compared to $13,583,000 a year ago. Additions to oil and gas properties were $70,202,000 compared to $47,110,000 a year ago. Acquisition of other property, plant and equipment was $31,000 against $192,000 a year ago. EBITDAX was $29,826,000 compared to $53,315,000 a year ago. Adjusted net loss attributable to common shareholders was $29,508,000 or $0.32 per basic and diluted share compared to adjusted net income attributable to common shareholders of $916,000 or $0.01 per basic and diluted share a year ago.

For the quarter, the company reported total net production volumes of 1,998 MBoe compared to 1,699 MBoe a year ago.

For the full year 2018, the company continues to budget $150 million in capital expenditures, but now expects to drill 17 gross (11 net) wells in the Merge, down from the 20 gross (13 net) wells previously announced, two-thirds of which will now be single section laterals and the remainder a mix of 10,000' and 7,500' laterals. The company is suspending guidance until the review of its operating and financial plan is complete.

Jones Energy expects to complete the HBP program of its operated Merge position in November 2018.