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Jagged Peak reports lower Q2 results, misses Street expectations

Jagged Peak Energy Inc. on Aug. 8 reported an adjusted second-quarter net income of $21.3 million, or 10 cents per share, down from the $43.3 million, or 20 cents per share, posted during the second quarter of 2018.

The S&P Global Market Intelligence normalized earnings estimate for the quarter was a net income of 12 cents per share.

The independent oil and natural gas company's GAAP net income was pegged at $41.9 million, down from the $45.1 million seen a year ago. Revenue came in at $146.8 million compared to the $158.7 million posted during the corresponding quarter in 2018.

Average daily production was reported at 38,259 barrels of oil equivalent per day in the second quarter, increasing from the 34,562 boe/d seen a year ago. Average realized prices, including realized hedging settlements, were $39.65/boe during the quarter, down from $46.63/boe for the same quarter in 2018.

Jagged Peak provided production guidance for the third quarter with average daily equivalent production expected at 38,600 boe/d to 40,200 boe/d, while average daily oil production is forecast at 29,400 barrels per day to 30,600 bbl/d.