Extraction Oil & Gas Inc. on Aug. 1 reported a GAAP second-quarter net income of $43.4 million, or 22 cents per share, up from the $8.8 million, or 3 cents per share, posted for the second quarter of 2018.
The S&P Global Market Intelligence GAAP earnings estimate for the quarter was a net loss of 8 cents per share.
The company attributed the increase to a $73.5 million gain on commodity derivatives.
Revenue for the quarter came in at $222.1 million, down from the $260.2 million seen a year ago. Total operating expenses were pegged at $219.3 million compared to the $139.4 million posted during the same quarter a year ago.
Sales for the quarter came in at 82,856 barrels of oil equivalent per day, up from the 73,563 boe/d seen a year ago.
Average price per barrel of oil equivalent with derivative settlements was reported at $26.30/boe compared to the $33.53/boe noted a year prior.