Extraction Oil & Gas, Inc. (XOG), an energy company yesterday reported their second quarter 2017 financial results. Extraction Oil & Gas reported second quarter net income of $7.2 million and earnings of $0.02 per share.
Extraction Oil & Gas reported second quarter revenues of $119.8 million which was higher than the same period last year of $65.4 million.
Extraction Oil & Gas, Inc. CEO’s Comments
Mark Erickson, Extraction’s Chairman and CEO, said, “While the second quarter was one characterized by significant production growth, we expect third-quarter production growth to be even greater. We are achieving this while maintaining our capital discipline and sticking to the development budget we outlined at the end of last year. Our second quarter results demonstrated that our enhanced Niobrara wells produce a much higher percentage of oil at the beginning of their life cycle. Our third-quarter guidance continues to reinforce this as we again expect oil production to grow more than our total equivalent production.” Globe Newswire
XOG Technical Analysis
(Click on image to enlarge)
XOT 5-Minute Chart
XOG opened trading yesterday at $11.68 which was up from the previous day’s trading close of $11.65. XOG closed trading yesterday at $11.80 and spiked up after market to $14.00, equivalent to a 19% increase from the closing price. Taking a look at the daily chart we can see the last time XOG traded above these levels we have to go back to June 13th when it traded at $15.15.
Taking a closer look at the daily chart we can see that before the spike up XOG had been in an overall downward trend dating back to April 10th when it traded at $18.62. XOG has a float of 130.83 million shares and traded 1.11 times the normal daily trading volume on Wednesday.
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