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Jagged Peak's Q2 earnings bolstered by rising revenue, production

Jagged Peak Energy Inc. on Aug. 9 reported $43.3 million, or 20 cents per share, in adjusted net income for the second quarter, compared to $9.9 million, or 5 cents per share, in the second quarter a year ago.

The S&P Global Market Intelligence consensus normalized earnings estimate for the second quarter was 14 cents per share.

Net income totaled $45.1 million, compared to $16.4 million in the second quarter a year ago. Total revenue came in at $158.7 million, compared to $53.1 million in the second quarter a year ago.

The company's production totaled 34,562 barrels of oil equivalent per day in the second quarter, compared to 14,714 boe/d in the second quarter a year ago.

Jagged Peak revised its production guidance for the year and expects to see volumes ranging from 32,000 boe/d to 34,000 boe/d compared to the previous range of 28,000 boe/d to 31,000 boe/d.

The company also increased its borrowing base for its revolving credit facility to $825 million from $540 million and upped its elected commitments to $540 million from $475 million.