Jones Energy boosts production, pushes Q2 revenue higher

Aug 8, 2014
Austin Business Journal

Jones Energy Inc. reporting surging revenue in the second quarter due to a ramp-up in oil and gas production as well as higher prices for its products


The Austin-based company reported a net loss of $9 million, or 13 cents a share, on revenue of $106.4 million for the three months ended June 30, compared to net income of $204,000 on revenue of $120 million for the year-earlier period. The results were released late Wednesday after the markets closed


Taking into account non-GAAP financials, Jones Energy reported net income of 30 cents per share, one cent better than analysts' estimates


“At this time last year, we were still celebrating the initial public offering of our common stock," said Jonny Jones, Jones Energy founder, chairman and CEO, in a statement accompanying the results. "A brief twelve months later we have seen our rig count nearly double, our EBITDAX increase 45 percent, our oil production has grown 59 percent, and our overall production has increased more than 40 percent. We are excited about our current growth trajectory and our outlook for the second half of 2014.”


The company also increased its average daily production guidance for the full year to between 23 and 24 million barrels of oil equivalent, from the previous range of 22 to 23 MBoe/d. Read the complete financial results release here


Jones Energy ranks No. 15 on the Austin Business Journal list of the area's largest publicly traded companies. CEO Jonny Jones was also the subject of a recent ABJ Profile feature



Print Article opens in new window