Extraction Oil & Gas, Inc. | $XOG Stock | Shares Shoot Up on Positive Q2 Earnings Results


Extraction Oil & Gas, Inc. (NASDAQ: XOG)


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

Extraction Oil & Gas
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.

For trading purposes, I would like to see XOG open trading on Thursday above $13.25 and if it does I would be looking to take a long position at the bell. My stop order would be $0.25 from my entry position fearing anything more than that and the stock would start to fill in the gap up.

Company Profile

Extraction Oil & Gas, Inc., formerly Extraction Oil & Gas, LLC, is an energy company. The Company is focused on the acquisition, development and production of oil, natural gas and natural gas liquids (NGL) reserves in the Rocky Mountains, primarily in the Wattenberg Field of the Denver-Julesburg Basin (the DJ Basin) of Colorado.

The Company focuses on the development of the Codell and Niobrara formations. The Company offers its exploration and production processes in various steps, such as seismic, site preparation, drilling the well, completing the well, monitoring the well and reclaiming the site.

The Company utilizes sound walls to mute or redirect noise caused by its operations. The Company uses an electric rig to manage its drilling operations.

The Company uses vapor recovery units to capture emissions from storage facilities. It uses lease automatic custody transfer (LACT) units to collect oil from tanks in a closed-loop system that manages air emissions associated with the oil gathering and transportation process.

It also uses pipelines to manage emissions associated with trucking and to manage the number of tanks located onsite. The Company’s Oil & Gas 101’s development process includes evaluation, development, plugging and reclamation and intermediate reclamation.

Horizontal drilling allows it to unlock millions of barrels (equivalent) of American oil and natural gas energy. Reuters



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