Extraction Oil & Gas reported Q1 2020 financial results, highlighting average net sales volumes of 94,247 BOE/d and a net income of $9 million, primarily due to a $263 million gain on commodity derivatives. Revenue was $165 million, down $57 million from the previous year, attributed to lower commodity prices. The company has withdrawn its 2020 guidance amid the challenges posed by the COVID-19 pandemic and decreased oil prices. Extraction ended the quarter with $32 million in cash and $470 million drawn on its credit facility.
Extraction Oil & Gas (NASDAQ: XOG) will hold a conference call on May 11, 2020, at 2:30 PM MDT to discuss its Q1 2020 financial results. Earnings will be released after market close on the same day. The company will provide prepared remarks but will not conduct a Q&A session. Interested participants can dial in 15 minutes before the call using Conference ID 8063749. The event will be accessible via an audio webcast on the company’s website, with a replay available for 30 days.