Roan Resources, Inc. announced unaudited consolidated earnings and operating results for the third quarter and earnings results for the nine months ended September 30, 2018. For the quarter, the company reported total revenue of $83,448,000 against $39,751,000 a year ago. Total operating income was $514,000 against $10,974,000 a year ago. Net loss before income taxes was was $1,578,000 against income of $10,710,000 a year ago. Net loss was $301,240,000 or $1.97 per basic and diluted share against income of $10,710,000 or $0.11 per basic and diluted share a year ago. Adjusted net income was $32,175,000 or $0.21 per basic and diluted share against $13,970,000 or $0.14 per basic and diluted share a year ago. Adjusted EBITDAX was $75,410,000 against $25,896,000 a year ago. Non-acquisition capital expenditures for third quarter 2018 totaled approximately $244.2 million, including $226.5 million for drilling and completions and $17.7 million for other capital expenditures. Capital expenditures for the quarter were higher due to increased activity with adding an eighth rig and ramp in completion activity, as well as costs attributable to wells drilled and completed by Roan's predecessors.

For the nine months, the company reported total revenue of $210,769,000 against $101,020,000 a year ago. Total operating income was $15,724,000 against $29,278,000 a year ago. Net income before income taxes was was $10,746,000 against $28,837,000 a year ago. Net loss was $288,916,000 or $1.90 per basic and diluted share against income of $28,837,000 or $0.35 per basic and diluted share a year ago. Net cash provided by operating activities was $2016,644,000 against $59,248,000 a year ago. Acquisition of oil and natural gas properties were $22,935,000 against $42,701,000 a year ago. Capital expenditures for oil and natural gas properties were $485,580,000 against $138,152,000 a year ago. Acquisition of other property and equipment was $2,353,000 against $153,000 a year ago. Adjusted net income was $108,898,000 or $0.72 per basic and diluted share against $30,219,000 or $0.36 per basic and diluted share a year ago. Adjusted EBITDAX was $210,624,000 against $53,674,000 a year ago. ROE was 10.8% and ROCE was 9.8%. Net debt was $390.7 million. Adjusted EBIT was $127.0 million. Annualized EBIT was $169.3 million. Annualized Adjusted Net Income was $145.2 million.

For the quarter, oil production was 1,089 MBbls against 348 MBbls a year ago. Natural gas production was 11,417 MMcf against 4,709 MMcf a year ago. Natural gas liquids production was 1,286 MBbls against 405 MBbls a year ago. Total volumes were 4,278 MBoe against 1,538 MBoe a year ago.

The Company is projecting fourth quarter 2018 production to range between 52 and 56 MBoe/d, with total liquids at approximately 57% and the fourth quarter exit rate between 58 and 62 MBoe/d. Fourth quarter 2018 operating expenses are projected to be lower than the third quarter results. LOE is expected to be between $2.60 and $2.90 per Boe and cash G&A (non-GAAP) is expected to be between $2.10 and $2.40 per Boe.

Fourth quarter capital expenditures are expected to be between $200 million and $225 million.

Full-year 2018 production is expected to be between 43 and 44 MBoe/d, in-line with previous guidance.

Full-year 2018, total capital expenditures for 2018 are now expected to be between $760 million and $785 million, which includes $110 million to $115 million in other capital expenditures. This is an increase to previously provided guidance due to costs attributable to wells drilled and completed from the predecessor companies, adding an eighth rig earlier than originally planned and higher completion costs as the Company tests different completion designs.