OTCQX: JONE December 10, 2018
$ 1.04
+0.04 +4%

Jones Energy, Inc. Announces 2018 First Quarter Financial and Operating Results

May 02, 2018

AUSTIN, Texas, May 02, 2018 (GLOBE NEWSWIRE) -- Jones Energy, Inc. (NYSE:JONE) (“Jones Energy” or “the Company”) today announced financial and operating results for the quarter ended March 31, 2018.   

Highlights

  • Net loss for the first quarter of 2018 of $28.9 million, or a loss of $0.30 per share, non-GAAP adjusted net loss of $30.3 million, or $0.32 per share, and EBITDAX of $29.8 million.1
  • Management and the Board of Directors are reevaluating the Company’s financial, operating and drilling plans for 2018 and beyond.

Financial Results

Total operating revenues for the three months ended March 31, 2018 were $57.5 million as compared to $41.2 million for the three months ended March 31, 2017.  Total revenues including the impact of current period settlements of matured derivative contracts were $48.5 million for the three months ended March 31, 2018 as compared to $67.6 million for the three months ended March 31, 2017.  

Total operating expenses for the three months ended March 31, 2018 were $66.2 million as compared to $54.7 million for the three months ended March 31, 2017. 

For the three months ended March 31, 2018, the Company reported a net loss of $28.9 million, or a loss of $0.30 per share attributable to common shareholders as compared to net loss of $3.5 million, or $0.05 per share attributable to common shareholders for the three months ended March 31, 2017. Excluding, on a tax-adjusted basis, certain items that the Company does not view as indicative of its ongoing financial performance, and adjusting for non-controlling interest, the Company had adjusted net loss for three months ended March 31, 2018 of $30.3 million, or adjusted net loss of $0.32 per share, as compared to adjusted net income of $3.9 million, or of $0.01 per share for the three months ended March 31, 2017.

Earnings before interest, income taxes, depreciation, amortization, and exploration expense (“EBITDAX”) for the first quarter 2018 was $29.8 million. This compares to first quarter 2017 EBITDAX of $53.3 million and fourth quarter 2017 EBITDAX of $37.7 million.  

First quarter 2018 lease operating expense (“LOE”) was $10.2 million as compared to first quarter 2017 LOE of $8.8 million. On a dollar per boe basis, first quarter 2018 LOE was $5.12 per boe, compared to first quarter 2017 LOE which was $5.18 per boe.

Due to newly adopted revenue recognition accounting standards, the Company will present certain oil and gas transportation costs as a separate expense item in its operating costs on a go forward basis. Historically, these costs were netted against revenue. For the first quarter ended March 31, 2018 the Company had $0.7 million of related oil and gas transportation costs.

Preferred Dividend Update

On April 17, 2018 the Company’s Board of Directors declared a contingent dividend on the Company’s 8.0% Series A Perpetual Convertible Preferred Stock (“Preferred Stock”), payable on May 15, 2017 to holders of record as of May 1, 2018. As a reminder, the Company is currently prohibited from paying cash dividends on the Preferred Stock under the terms of its indebtedness; however, it may choose to issue dividends in Class A Common Stock, which it has done for the past several payment periods. In order for the Company to pay the dividend in full, the price per share of Class A Common Stock, as determined and adjusted pursuant to the Certificate of Designations, must be at or above $0.76 (the “Floor Price”)2. The Board of Directors has determined that the dividend on the Preferred Stock payable May 15, 2018 will not be paid if the price per share of Class A Common Stock is below the Floor Price, and the right to receive those dividends will accrue for holders of Preferred Stock.

Operating Results

During the first quarter of 2018 Jones Energy produced 1,998 MBoe, or 2,198 Boe/d. Merge production represented approximately 30% of total Company production for the first quarter of 2018. A breakout of first quarter production is shown in the table below.

  Three months ended March 31, 2018: 
  Oil
(MBbls)
 Natural Gas
(MMcf)
 NGLs
(MBbls)
 Total
(MBoe)
 % of
Total
Cleveland 373  3,117  399  1,292 65%
Merge  221  1,412  152  608 30%
Other  7  378  28  98 5%
Total  601  4,907  579  1,998 100%

Eastern Anadarko (Merge)

During the first quarter, the Company spud eight wells and completed nine wells in the Merge, of which four completed wells were Woodford and five completed wells were Meramec targets. Merge production for the first quarter 2018 of 6.8 MBoe/d grew 36% over fourth quarter 2017 production of 5.0 Mboe/d.

At the end of the first quarter, the Company dropped one of its two rigs in the Merge. The Company currently plans to drill all nine wells remaining on the 2018 drilling schedule with the one remaining rig in the Merge.

Western Anadarko (Cleveland)

During the first quarter of 2018, the Company activated a rig in the Western Anadarko, spudding and completing one well, in order to satisfy the Company’s drilling obligations. Average daily net production in the Cleveland was 14.4 MBoe/d, which represented 65% of total production in the first quarter of 2018. 

Capital Expenditures
During the first quarter of 2018, the Company made $63.4 million in capital expenditures, of which $11.6 million was related to spending on non-op wells spud in both the fourth quarter of 2017 and first quarter 2018. Operated drilling and completion capital accounted for $49.7 million, 94% of which was spent in the Company’s operated Merge program. Maintenance and leasing capital expenditures for the first quarter 2018 totaled $2.1 million.

Updated Operating Plan
Jones Energy is reevaluating its financial, drilling and operating plan for 2018 and beyond. At this time, there are no changes to the previously announced 2018 capital plan. Jones Energy continues to budget $150 million in full year 2018 capital expenditures, but now expects to drill 17 gross (11 net) wells in the Merge, down from the 20 gross (13 net) wells previously announced, two-thirds of which will now be single section laterals and the remainder a mix of 10,000’ and 7,500’ laterals. Jones Energy expects to complete the HBP program of its operated Merge position in November 2018.

The Company is suspending guidance until the review of its operating and financial plan is complete.

Liquidity and Hedging

As of March 31, 2018, the Company had $231 million of cash and $25 million outstanding on its revolver. The following table summarizes the Company’s net commodity derivative contracts outstanding as of May 2, 2018:

   2Q183Q184Q18   2018 2019 2020
Oil Hedges         
Swaps Sold (MBbl)   607  630  620    1,857  1,020  660
Price ($/Bbl) $51.10$50.94$50.92  $50.99$50.04$50.00
           
Collars (MBbl)  - - -   -  810 -
Floor ($/Bbl)  - - -   -$48.52 -
Ceiling ($/Bbl)  - - -   -$59.64 -
           
Gas Hedges         
           
Swaps Sold (MMcf)   4,400  4,800  4,800    14,000  7,260  8,400
Price ($/Mcf) $2.99$2.98$2.97  $2.98$2.84$2.79
           
Collars (MMcf)  - - -   -  11,890 -
Floor ($/Mcf)  - - -   -$2.55 -
Ceiling ($/Mcf)  - - -   -$3.19 -
           
NGL Swaps (MBbl)         
Ethane   - - -   - - -
Propane    225  205  195    625 - -
Iso Butane    30  30  30    90 - -
Butane    90  80  75    245 - -
Natural Gasoline   90  90  90    270 - -
Total NGLs   435  405  390    1,230 - -
           
NGL Swap Prices ($/Gal)        
Ethane   - - -   - - -
Propane  $0.57$0.57$0.57  $0.57 - -
Iso Butane    0.72  0.72  0.72    0.72 - -
Butane    0.69  0.69  0.69    0.69 - -
Natural Gasoline   1.05  1.05  1.05    1.05 - -
                

The Company will not hold a conference call in conjunction with its first quarter 2018 earnings release and expects to file its 10-Q with the SEC on Friday, May 4, 2018.

About Jones Energy

Jones Energy, Inc. is an independent oil and natural gas company engaged in the development and acquisition of oil and natural gas properties in the Anadarko basin of Oklahoma and Texas.  Additional information about Jones Energy may be found on the Company’s website at: www.jonesenergy.com.

Investor Contact:
Page Portas, 512-493-4834
Investor Relations Associate
Or
Robert Brooks, 512-328-2953
Executive Vice President & CFO

ir@jonesenergy.com

______________________________
1Adjusted net loss, adjusted net loss per share and EBITDAX are supplemental non-GAAP financial measures that are used by management and external users of our consolidated financial statements, such as industry analysts, investors, lenders and rating agencies. For additional information, including reconciliations to the most comparable GAAP financial measures, please see “Non-GAAP Financial Measures and Reconciliations” below.

2 As defined in the Certificate of Designations for the Company’s Preferred Stock and as adjusted in accordance with the terms of the Certificate of Designations.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this press release specifically include the expectations of plans, strategies, objectives and anticipated financial and operating results of the Company, continuing guidance regarding the number of rigs that will be running in 2018, the timing of the development of, and the length of laterals in, the Merge acreage, expectations regarding the Company’s HBP program in the Merge, and the cost to drill and complete wells and the resultant impact on the 2018 capital budget.  These statements are based on certain assumptions made by the Company based on management’s experience and perception of historical trends, current economic and market conditions, anticipated future developments and other factors believed to be appropriate.  Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements.  These include, but are not limited to, changes in oil and natural gas prices, weather and environmental conditions, the timing and amount of planned capital expenditures, availability and method of funding of acquisitions and divestitures, or the ability to integrate any acquisitions, uncertainties in estimating proved reserves and forecasting production results, operational factors affecting the commencement or maintenance of producing wells, the condition of the capital markets generally, as well as the Company’s ability to access them, the proximity to and capacity of transportation facilities, and uncertainties regarding environmental regulations or litigation and other legal or regulatory developments affecting the Company’s business and other important factors that could cause actual results to differ materially from those projected as described in the Company’s reports filed with the SEC.

Any forward-looking statement speaks only as of the date on which such statement is made and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.

Jones Energy, Inc.
Consolidated Statement of Operations (Unaudited)

  Three months ended March 31,  
(in thousands of dollars except per share data) 2018  2017  
Operating revenues       
Oil and gas sales $58,138  $40,677  
Other revenues  (649)  556  
Total operating revenues  57,489   41,233  
Operating costs and expenses       
Lease operating  10,229   8,806  
Production and ad valorem taxes  2,751   (906) 
Oil & gas transportation costs  706     
Exploration  3,299   2,944  
Depletion, depreciation and amortization  41,441   35,654  
Accretion of ARO liability  251   201  
General and administrative  7,570   8,041  
Total operating expenses  66,247   54,740  
Operating income (loss)  (8,758)  (13,507) 
Other income (expense)       
Interest expense  (21,862)  (12,887) 
Net gain (loss) on commodity derivatives  (9,022)  22,320  
Other income (expense)  7,730   580  
Other income (expense), net  (23,154)  10,013  
Income (loss) before income tax  (31,912)  (3,494) 
Income tax provision (benefit)  (2,992)  21  
Net income (loss)  (28,920)  (3,515) 
Net income (loss) attributable to non-controlling interests  (3,559)  (2,128) 
Net income (loss) attributable to controlling interests $(25,361) $(1,387) 
Dividends and accretion on preferred stock  (1,968)  (2,027) 
Net income (loss) attributable to common shareholders $(27,329) $(3,414) 
        
Earnings (loss) per share:       
Basic - Net income (loss) attributable to common shareholders $(0.30) $(0.05) 
Diluted - Net income (loss) attributable to common shareholders $(0.30) $(0.05) 
        
Weighted average Class A shares outstanding:       
Basic  91,064   62,197  
Diluted  91,064   62,197  


Jones Energy, Inc.

Consolidated Balance Sheet (Unaudited)

  March 31,  December 31, 
(in thousands of dollars) 2018  2017 
Assets    
Current assets      
Cash and cash equivalents $231,086  $19,472 
Accounts receivable, net      
Oil and gas sales  35,696   34,492 
Joint interest owners  40,681   31,651 
Other  1,066   1,236 
Commodity derivative assets  2,648   3,474 
Other current assets  6,717   14,376 
Total current assets  317,894   104,701 
Oil and gas properties, net, at cost under the successful efforts method  1,617,660   1,597,040 
Other property, plant and equipment, net  2,473   2,719 
Commodity derivative assets  1,261   172 
Other assets  1,895   5,431 
Total assets $1,941,183  $1,710,063 
Liabilities and Stockholders' Equity      
Current liabilities      
Trade accounts payable $69,706  $72,663 
Oil and gas sales payable  41,928   31,462 
Accrued liabilities  36,867   21,604 
Commodity derivative liabilities  35,726   36,709 
Other current liabilities  3,595   4,049 
Total current liabilities  187,822   166,487 
Long-term debt  1,002,074   759,316 
Deferred revenue  5,082   5,457 
Commodity derivative liabilities  10,117   8,788 
Asset retirement obligations  19,774   19,652 
Liability under tax receivable agreement  56,114   59,596 
Other liabilities  893   811 
Deferred tax liabilities  11,288   14,281 
Total liabilities  1,293,164   1,034,388 
       
Mezzanine equity      
Series A preferred stock, $0.001 par value; 1,839,995 shares issued and
outstanding at March 31, 2018 and December 31, 2017
  89,667   89,539 
Stockholders' equity      
Class A common stock, $0.001 par value; 92,052,897 shares issued and
92,030,295 shares outstanding at March 31, 2018 and 90,139,840 shares issued
and 90,117,238 shares outstanding at December 31, 2017
  92   90 
Class B common stock, $0.001 par value; 9,627,821 shares issued and
outstanding at March 31, 2018 and December 31, 2017
  10   10 
Treasury stock, at cost: 22,602 shares at March 31, 2018 and December 31, 2017  (358)  (358)
Additional paid-in-capital  609,421   606,319 
Retained (deficit) / earnings  (163,603)  (136,274)
Stockholders' equity  445,562   469,787 
Non-controlling interest  112,790   116,349 
Total stockholders’ equity  558,352   586,136 
Total liabilities and stockholders' equity $1,941,183  $1,710,063 


Jones Energy, Inc.

Consolidated Statement of Cash Flow Data (Unaudited)

  Three months ended March 31,  
(in thousands of dollars) 2018  2017  
Cash flows from operating activities       
Net income (loss) $(28,920) $(3,515) 
Adjustments to reconcile net income (loss) to net cash provided by operating activities       
Depletion, depreciation, and amortization  41,441   35,654  
Exploration (dry hole and lease abandonment)  602   1,643  
Accretion of ARO liability  251   201  
Amortization of debt issuance costs  4,881   977  
Stock compensation expense  1,330   1,972  
Deferred and other non-cash compensation expense  77   136  
Amortization of deferred revenue  (374)  (458) 
(Gain) loss on commodity derivatives  9,022   (22,320) 
(Gain) loss on sales of assets  (3,124)  64  
Deferred income tax provision  (2,992)  21  
Change in liability under tax receivable agreement  (3,482)  (686) 
Other - net  351   59  
Changes in operating assets and liabilities       
Accounts receivable  (10,736)  (220) 
Other assets  7,580   (4,912) 
Accrued interest expense  8,630   3,348  
Accounts payable and accrued liabilities  15,047   1,619  
Net cash provided by operations  39,584   13,583  
Cash flows from investing activities       
Additions to oil and gas properties  (70,202)  (47,110) 
Net adjustments to purchase price of properties acquired     2,391  
Proceeds from sales of assets  7,703   144  
Acquisition of other property, plant and equipment  (31)  (192) 
Current period settlements of matured derivative contracts  (10,262)  27,854  
Net cash (used in) investing  (72,792)  (16,913) 
Cash flows from financing activities       
Proceeds from issuance of long-term debt  20,000   30,000  
Repayment of long-term debt  (206,000)  (53,000) 
Proceeds from senior notes  438,867     
Payment of debt issuance costs  (7,979)    
Payment of cash dividends on preferred stock     (1,840) 
Net distributions paid to JEH unitholders     (562) 
Net payments for share-based compensation  (66)  (31) 
Proceeds from sale of common stock     2,829  
Net cash provided / (used in) by financing  244,822   (22,604) 
Net increase (decrease) in cash  211,614   (25,934) 
Cash       
Beginning of period  19,472   34,642  
End of period $231,086  $8,708  
Supplemental disclosure of cash flow information       
Cash paid for interest, net of capitalized interest $8,644  $8,559  
Change in accrued additions to oil and gas properties  (2,586)  13,294  
Asset retirement obligations incurred, including changes in estimate  49   413  

 

Jones Energy, Inc.
Selected Financial and Operating Statistics

The following table sets forth summary data regarding revenues, production volumes, average prices and average production costs associated with our sale of oil and natural gas for the periods indicated:

  Three Months Ended March 31, 
  2018  2017  Change
Revenues (in thousands of dollars):         
Oil and gas sales $58,138  $40,677  $17,461 
Other revenues  (649)  556   (1,205)
Current period settlements of matured derivative contracts(8,940)  26,332   (35,272)
Total revenues including derivative impact $48,549  $67,565  $(19,016)
          
          
Net production volumes:         
Oil (MBbls)  601   385   216 
Natural gas (MMcf)  4,907   4,655   252 
NGLs (MBbls)  579   538   41 
Total (MBoe)  1,998   1,699   299 
Average net (Boe/d)  22,200   18,878   3,322 
Average sales price, unhedged:         
Oil (per Bbl), unhedged $61.03  $47.45  $13.58 
Natural gas (per Mcf), unhedged  1.67   2.45   (0.78)
NGLs (per Bbl), unhedged  22.93   20.41   2.52 
Combined (per Boe), unhedged  29.10   23.94   5.16 
Average sales price, hedged:         
Oil (per Bbl), hedged $51.38  $111.33  $(59.95)
Natural gas (per Mcf), hedged  1.82   3.60   (1.78)
NGLs (per Bbl), hedged  16.24   13.76   2.48 
Combined (per Boe), hedged  24.62   39.44   (14.82)
Average costs (per BOE):         
Lease operating $5.12  $5.18  $(0.06)
Production and ad valorem taxes  1.38   (0.53)  1.91 
Depletion, depreciation and amortization  20.74   20.99   (0.25)
General and administrative  3.79   4.73   (0.94)

 

Jones Energy, Inc.
Non-GAAP Financial Measures and Reconciliations

EBITDAX is a supplemental non-GAAP financial measure that is used by management and external users of our consolidated financial statements, such as industry analysts, investors, lenders and rating agencies.

We define EBITDAX as earnings before interest expense, income taxes, depreciation, depletion and amortization, exploration expense, gains and losses from derivatives less the current period settlements of matured derivative contracts, and the other items described below.  EBITDAX is not a measure of net income (loss) as determined by United States generally accepted accounting principles, or GAAP.  Management believes EBITDAX is useful because it allows them to more effectively evaluate our operating performance and compare the results of our operations from period to period and against our peers without regard to our financing methods or capital structure.  We exclude the items listed above from net income (loss) in arriving at EBITDAX because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired.  EBITDAX has limitations as an analytical tool and should not be considered as an alternative to, or more meaningful than, net income (loss) as determined in accordance with GAAP or as an indicator of our liquidity. Certain items excluded from EBITDAX are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure, as well as the historical costs of depreciable assets.  Our presentation of EBITDAX should not be construed as an inference that our results will be unaffected by unusual or non-recurring items and should not be viewed as a substitute for GAAP.  Our computations of EBITDAX may not be comparable to other similarly titled measures of other companies.

The following table sets forth a reconciliation of net income (loss) as determined in accordance with GAAP to EBITDAX for the periods indicated:

  Three Months Ended March 31, 
(in thousands of dollars) 2018  2017 
Reconciliation of net income (loss) to EBITDAX      
Net income (loss) $(28,920) $(3,515)
Interest expense  21,862   12,887 
Exploration expense  3,299   2,944 
Income taxes  (2,992)  21 
Depreciation and depletion  41,441   35,654 
Accretion of ARO liability  251   201 
Change in TRA liability  (3,482)  (668)
Other non-cash charges  351   41 
Stock compensation expense  1,330   1,972 
Deferred and other non-cash compensation expense  77   136 
Net (gain) loss on derivative contracts  9,022   (22,320)
Current period settlements of matured derivative contracts  (8,940)  26,332 
Amortization of deferred revenue  (374)  (458)
(Gain) loss on sale of assets  (3,124)  64 
Financing expenses and other loan fees  25   24 
EBITDAX $29,826  $53,315 

 

Jones Energy, Inc.
Non-GAAP Financial Measures and Reconciliations

Adjusted net income (loss) is a supplemental non-GAAP financial measure that is used by management and external users of the Company’s consolidated financial statements.  We define adjusted net income (loss) as net income (loss) excluding the impact of certain non-cash items including gains or losses on commodity derivative instruments not yet settled, impairment of oil and gas properties, non-cash compensation expense, and the other items described below.  We believe adjusted net income (loss) and adjusted earnings per share are useful to investors because they provide readers with a more meaningful measure of our profitability before recording certain items for which the timing or amount cannot be reasonably determined.  However, these measures are provided in addition to, not as an alternative for, and should be read in conjunction with, the information contained in our financial statements prepared in accordance with GAAP.  The following table provides a reconciliation of net income (loss) as determined in accordance with GAAP to adjusted net income (loss) for the periods indicated:

  Three Months Ended March 31, 
(in thousands except per share data) 2018  2017 
Net income (loss) $(28,920) $(3,515)
Net (gain) loss on derivative contracts  9,022   (22,320)
Current period settlements of matured derivative contracts  (8,940)  26,332 
Exploration  3,299   2,944 
Non-cash stock compensation expense  1,330   1,972 
Deferred and other non-cash compensation expense  77   136 
Financing expenses  3,247    
Tax impact of adjusting items (1)  (1,864)  (1,877)
Change in TRA liability  (3,482)  (668)
Change in valuation allowance  (4,096)  912 
Adjusted net income (loss)  (30,327)  3,916 
Adjusted net income (loss) attributable to non-controlling interests  (2,787)  973 
Adjusted net income (loss) attributable to controlling interests  (27,540)  2,943 
Dividends and accretion on preferred stock  (1,968)  (2,027)
Adjusted net income (loss) attributable to common shareholders $(29,508) $916 
       
Weighted average Class A shares outstanding:      
Basic  91,064   62,197 
Diluted  91,064   62,197 
       
Adjusted earnings per share (basic and diluted) $(0.32) $0.01 

(1) In arriving at adjusted net income (loss), the tax impact of the adjustments to net income (loss) is determined by applying the appropriate tax rate to each adjustment and then allocating the tax impact between the controlling and non‑controlling interests.

Jones Energy, Inc.
Non-GAAP Financial Measures and Reconciliations

Adjusted earnings per share is a supplemental non-GAAP financial measure that is used by management and external users of the Company’s consolidated financial statements.  We define Adjusted earnings per share as earnings per share plus that portion of the components of adjusted net income (loss) allocated to the controlling interests divided by weighted average shares outstanding.  We believe adjusted earnings per share is useful to investors because it provides readers with a more meaningful measure of our profitability before recording certain items for which the timing or amount cannot be reasonably determined.  However, these measures are provided in addition to, not as an alternative for, and should be read in conjunction with, the information contained in our financial statements prepared in accordance with GAAP.  The following table provides a reconciliation of earnings per share to adjusted earnings per share for the period indicated:

  Three Months Ended March 31, 
  2018  2017 
Earnings per share (basic and diluted): $(0.30) $(0.05)
Net (gain) loss on derivative contracts  0.09   (0.24)
Current period settlements of matured derivative contracts  (0.09)  0.28 
Exploration  0.03   0.03 
Non-cash stock compensation expense  0.01   0.02 
Deferred and other non-cash compensation expense      
Financing expenses  0.03    
Tax impact of adjusting items (1)  (0.02)  (0.03)
Change in TRA liability  (0.03)  (0.01)
Change in valuation allowance  (0.04)  0.01 
Adjusted earnings per share (basic and diluted) $(0.32) $0.01 
       
Weighted average Class A shares outstanding:      
Basic  91,064   62,197 
Diluted  91,064   62,197 
Effective tax rate on net income (loss) attributable to controlling interests  19.9%  37.6%

(1) In arriving at adjusted net income (loss), the tax impact of the adjustments to net income (loss) is determined by applying the appropriate tax rate to each adjustment and then allocating the tax impact between the controlling and non‑controlling interests.

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About Jones Energy

Jones Energy, Inc. is an independent oil and natural gas company engaged in the development and acquisition of oil and natural gas properties in the Anadarko basin of Oklahoma and Texas. Additional information about Jones Energy may be found on the Company’s website at: www.jonesenergy.com.

Source: Jones Energy, Inc.

Investor Contact:

Jones Energy, Inc.

Page Portas, 512-328-2953
Investor Relations
ir@jonesenergy.com