LONDON, UK / ACCESSWIRE / April 19, 2018 / Active-Investors.com has just released a free earnings report on Approach Resources, Inc. (NASDAQ: AREX). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=AREX. The Company posted its financial results on March 08, 2018, for the fourth quarter of the fiscal year 2017 (Q4 FY17) and for the full fiscal year 2017 (FY17). The Company's oil, natural liquids (NGLs), and gas sales increased y-o-y during the reported quarter, but missed Wall Street's estimates. Register today and get access to over 1000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
During Q4 FY17, Approach Resources' oil, NGLs, and gas sales came in at $28.42 million, which were 11% higher than the $26.51 million recorded at the end of Q4 FY16. The Company's Oil, NGLs, and gas sales numbers for the reported quarter fell short of market consensus estimates of $28.7 million.
The oil and gas Company reported a net income of $45.82 million, or $0.51 per diluted share, in Q4 FY17 compared to a net loss of $13.48 million, or $0.32 loss per diluted share, in Q4 FY16. The Company's adjusted net loss narrowed to $6.07 million, or $0.07 loss per diluted share, in Q4 FY17 from an adjusted net loss of $9.73 million, or $0.23 loss per diluted share, in the prior year's same quarter. Market analysts had also forecasted the Company to report an adjusted net loss of $0.07 per diluted share in Q4 FY17.
For the full year FY17, Approach Resources' revenues stood at $105.35 million compared to $90.30 million in FY16. The Company's net loss was $112.36 million, or $1.35 loss per diluted share, in FY17 versus a net loss of $52.24 million, or $1.26 loss per diluted share, in FY16. Furthermore, the Company reported an adjusted net loss of $29.81 million, or $0.36 loss per diluted share, in FY17 compared to $42.50 million, or $1.02 loss per diluted share, in FY16.
The Fort Worth, Texas-based Company's total expenses decreased to $29.37 million during Q4 FY17 from $33.56 million in the past year's comparable quarter. The Company posted an operating loss of $0.95 million during Q4 FY17 compared to an operating loss of $7.06 million in Q4 FY16. Furthermore, the Company's earnings before interest, taxes, depreciation, depletion, amortization, and exploration expenses (EBITDAX) stood at $13.89 million in Q4 FY17 compared to $15.47 million in Q4 FY16.
For Q4 FY17, Approach Resources' oil production volume fell to 270 thousand barrels (MBbls) from 304 MBbls in Q4 FY16. The oil average realized price was $52.09 per bbl during the reported quarter, up from $46.02 per bbl in the previous year's corresponding quarter.
The Company's quarterly production volume of NGLs totaled 377 MBbls in Q4 FY17, which was lower than 380 MBbls in the prior year's same quarter. The Company's average NGLs realized price was $22.61 per bbl in Q4 FY17 compared to $15.25 per bbl in Q4 FY16.
Approach Resources' gas production volume also increased to 2,498 million cubic feet per day (MMcf/d) during Q4 FY17 from 2,530 MMcf/d in Q4 FY16. Furthermore, the Company's gas average realized was $2.32 per Mcf in Q4 FY17 compared to $2.65 per Mcf in Q4 FY16.
Approach Resources' total production was 1,064 thousand barrels of oil equivalent per day (MBOE/d) during the reported quarter compared to 1,106 MBOE in Q4 FY16. Meanwhile, the Company's total daily production was 11.6 MBOE/d during Q4 FY17 versus 12.0 MBOE/d in Q4 FY16.
Cash Matters and Balance Sheet
For the full fiscal year ended December 31, 2017, Approach Resources generated net cash provided by operating activities of $37.45 million compared to $26.08 million in the prior year. Moreover, the Company's net capital expenditure totaled $47.1 million incurred during FY17.
The Company's cash and cash equivalents balance stood flat at $0.02 million as on December 31, 2017. Furthermore, the Company's net long-term debt was down to $373.46 million as on December 31, 2017, from $498.35 million as on December 31, 2016.
Stock Performance Snapshot
April 18, 2018 - At Wednesday's closing bell, Approach Resources' stock climbed 3.68%, ending the trading session at $2.82.
Volume traded for the day: 1.92 million shares, which was above the 3-month average volume of 498.90 thousand shares.
Stock performance in the last month – up 10.59%; previous six-month period – up 21.03%; and past twelve-month period – up 24.23%
After yesterday's close, Approach Resources' market cap was at $261.39 million.
The stock is part of the Basic Materials sector, categorized under the Independent Oil & Gas industry. This sector was up 1.8% at the end of the session.
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