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Centennial Resource Q2 net income sags YOY despite rising revenue

Centennial Resource Development Inc. on Aug. 5 reported a GAAP net income attributable to Class A common stock of $17.9 million, or 7 cents per share, down from the $63.5 million, or 24 cents per share, reported for the second quarter of 2018.

The independent oil and gas producer reported operating revenues of $244.2 million, up from the $217.8 million seen a year ago. Total operating expenses came in at $207.1 million up from the $141.1 million posted during the same period in 2018.

Average production was pegged at 76,122 barrels of oil equivalent per day in the second quarter, up from the 57,528 boe/d in the second quarter of 2018.

The company also increased its guidance for 2019. It expected net average daily production to range from 68,000 boe/d to 75,000 boe/d, up from the previous guidance of 61,500 boe/d to 70,500 boe/d. For the year, oil net average daily production is expected to come in between 39,500 barrels per day and 42,500 bbl/d, an increase from the previous guidance of 36,500 bbl/d to 41,500 bbl/d.