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Roan Resources reports YOY rise in 2018 adjusted net income

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Roan Resources reports YOY rise in 2018 adjusted net income

Roan Resources Inc. on March 18 reported adjusted net income of $140.4 million, or 92 cents per share, for the year ended Dec. 31, 2018, up from $49.0 million, or 49 cents per share, in 2017.

The company's GAAP net loss amounted to $140.7 million for the full-year 2018 compared to net income of $18.5 million a year earlier. An income tax expense amounting to $356.9 million was included in the result for 2018.

Total revenues for the year was $517.82 million, up significantly from $159.59 million in 2017.

Total operating income for the year was pegged at $224.5 million, rising from the $19.9 million reported in 2017.

Total daily volumes for 2018 averaged 43,700 barrels of oil equivalent per day compared to 16,200 boe/d a year earlier. However, there was a slight decrease in prices, as average prices of $27.59/boe for 2018 were down slightly from $28.16/boe in 2017.