RSP Permian Inc (NYSE:RSPP) posted operating and financial report for the quarter and year closed December 31, 2017 and 2018 guidance. In addition, the firm submitted its Annual Report for the year closed December 31, 2017 with the “SEC” and published a presentation that supports the information in this press release to its website.
For the quarter closed December 31, 2017, total revenues, discounting the revenue impact from recorded derivative instruments, came at $249 million, a jump of 103% over the preceding quarter. The production jumped 74% to 62.4 MBoe/d over Q4 2016 and full year 2017 production surged 89% to 55.3 MBoe/d versus 2016. Net income in Q4 2017 came at $140.8 million while adjusted net income, which does not comprise certain items, was $50.1 million. For FY2017 net income stood at $232.1 million while adjusted net income, which does not comprise certain items, came at $128.6 million.
Steve Gray, the CEO of RSP Permian, expressed that they are delighted of their firm’s accomplishments in 2017. They delivered on their yearly guidance objectives while almost doubling the size of the firm, integrating a new operating region in the Delaware Basin and establishing the team and infrastructure to accommodate their growing activity levels and production increase in 2018. They continue to witness impressive well outcomes in both their Delaware Basin and Midland assets and this improved well productivity allowed them to meet the mid-point of their production guidance irrespective of completing 20 fewer horizontal wells than they originally budgeted.
The CEO of RSP Permian added that they are well positioned for remarkable returns in 2018 as they continue to increase their capital efficiency levels and advance the completion of their drilled but uncompleted wells taken over from last year’s drilling plan. They also anticipate to generate cash flow in surplus of their development spending by Q4 2018 while increasing production 35% at the mid-point of their projection.