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Montage Resources Q2 adjusted results jump

Montage Resources Corp. on Aug. 6 reported $14.6 million, or 41 cents per share, in adjusted net income for the second quarter, compared to $2.5 million, or 12 cents per share, in the year-ago quarter.

Net income totaled $27.5 million, compared to a loss of $19.0 million in the prior-year period. The company recorded revenue of $155.5 million, compared to $103.6 million in the second quarter a year earlier.

Montage said production totaled 536 MMcfe/d in the second quarter, compared to 306 MMcfe/d in the year-earlier quarter.

The Appalachian gas driller changed its 2019 production guidance to 535 MMcfe/d to 555 MMcfe/d, up by about 3% based on the midpoint of its previous guidance. The driller's capital expenditure guidance for the year was also revised to $345 million to $370 million, down by about 8% based on the midpoint of its prior guidance.

Montage was known as Eclipse Resources Corp. before it merged with Blue Ridge Mountain Resources Inc. in February.