Resolute Energy Corporation (REN) saw its loss narrow to $18.86 million, or $1.24 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $182.77 million, or $12.20 a share.
Revenue during the quarter grew 29.50 percent to $47.42 million from $36.62 million in the previous year period. Gross margin for the quarter expanded 2558 basis points over the previous year period to 54.85 percent.
Operating loss for the quarter was $9.67 million, compared with an operating loss of $216.87 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $40.31 million compared with $30.80 million in the prior year period. At the same time, adjusted EBITDA margin improved 90 basis points in the quarter to 85 percent from 84.10 percent in the last year period.
Nicholas J. Sutton, Resolute’s Chief Executive Officer, said: "The third quarter of 2016 was quite strong for Resolute. Sequential average daily production for the quarter increased 36 percent to 16,085 barrels of oil equivalent ("Boe") per day, almost 10,000 Boe per day of which came from our Permian Basin operations. In addition, we reduced our lease operating expense ("LOE") to $11.20 per Boe, a 37 percent reduction compared to the prior year period and a 23 percent reduction from the prior quarter.
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