UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported): September 9, 2015
Jones Energy, Inc.
(Exact name of registrant as specified in its charter)
Delaware |
|
001-36006 |
|
80-0907968 |
(State or Other Jurisdiction of Incorporation or Organization) |
|
(Commission File |
|
(I.R.S. Employer Identification No.) |
807 Las Cimas Parkway, Suite 350 |
|
78746 |
(Address of Principal Executive Offices) |
|
(Zip Code) |
Registrants telephone number, including area code: (512) 328-2953
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 7.01. Regulation FD Disclosure.
On September 9, 2015, Jones Energy, Inc. (the Company) issued a press release announcing an operations update, a guidance update and the posting of a new investor presentation to its website at www.jonesenergy.com. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.
The information in this Item 7.01 shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or otherwise subject to the liability of such section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, regardless of the general incorporation language of such filing, except as shall be expressly set forth by specific reference in such filing. The Company does not assume any obligation to update such information in the future.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
Exhibit No. |
|
Description |
99.1 |
|
Press release, dated September 9, 2015 (Operational Update; Guidance Update; Investor Presentation) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: September 9, 2015
|
JONES ENERGY, INC. | |
|
| |
|
|
|
|
By: |
/s/ Robert J. Brooks |
|
|
Robert J. Brooks |
|
|
Executive Vice President and Chief Financial Officer |
Exhibit 99.1
JONES ENERGY, INC. PROVIDES OPERATIONAL UPDATE
Austin, TX September 9, 2015 Jones Energy, Inc. (NYSE: JONE) (Jones Energy or the Company) today provided an operational update and lowered its 2015 capital expenditure guidance while maintaining its production guidance. The Company has also posted a new investor presentation to its website for the Barclays CEO Energy-Power Conference.
Highlights
· Running three Cleveland rigs as of September 3, 2015; reduced activity from five rigs running previously
· 2015 capex guidance reduced to $220 million from $240 million; previously increased production guidance maintained
· Third quarter production ahead of plan, led by natural gas outperformance
· Expect to run cash flow neutral program in second half of 2015
· Leasing program underway; approximately 6,000 net acres acquired with more than half of $5 million budget remaining
Jones Energy Founder, Chairman, and CEO, Jonny Jones stated, In response to the current market environment, we have reduced activity to three Cleveland rigs from five rigs running previously. This reduction in activity should allow us to be cash flow neutral in the second half of 2015 while still achieving our previously increased production guidance. Results from our 33 stage open-hole wells continue to meet or beat our expectations, with natural gas production exceeding our expectations. Oil production continues to track the uplift expected from the incremental frack stages. We are beating our $2.6 million AFE, and see the potential for additional cost savings in a lower for longer scenario.
Mr. Jones went on to say, Our leasing program is off to a great start. We have already leased nearly 6,000 net acres with more than half of our $5 million budget remaining. We continue to have ample liquidity and are positioned to capture market opportunities. We remain substantially hedged and are one of only a few companies that has hedged a meaningful portion of its 2016 and 2017 production. The mark-to-market value of our hedges as of the end of August was over $230 million. Our significant hedge book provides cash flow stability and continues to be an asset in the current environment. We have not yet determined what our 2016 capital spending program will look like, but we remain nimble from an operational perspective and have the ability to generate positive cash flow through 2016 by continuing to run three rigs.
Guidance
The Company is providing updated capital expenditure guidance for the full year 2015, but maintaining all other 2015 guidance metrics. The Company is also maintaining its previous third quarter production guidance.
2015 Guidance
|
|
2015E |
|
3Q15E |
Total Production (MMBoe) |
|
8.4 - 8.9 |
|
2.0 - 2.1 |
Average Daily Production (MBoe/d) |
|
23.0 - 24.5 |
|
22.0 - 23.0 |
|
|
|
|
|
Oil (MBbls/d) |
|
6.8 - 7.3 |
|
6.3 - 6.6 |
Natural Gas (MMcf/d) |
|
58.5 - 62.5 |
|
56.5 - 59.0 |
NGLs (MBbls/d) |
|
6.4 - 6.8 |
|
6.3 - 6.6 |
|
|
|
|
|
Total Capital Expenditures ($mm) |
|
$220.0 |
|
|
2015 Capital Expenditure Summary ($mm)
|
|
1H15 |
|
2H15E |
|
2015E | |||
Total Capital Expenditures |
|
$ |
128.1 |
|
$ |
91.9 |
|
$ |
220.0 |
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 and Arkoma basins of Texas and Oklahoma. Additional information about Jones Energy may be found on the Companys website at: www.jonesenergy.com.
Investor Contact:
Mark Brewer, 512-493-4833
Investor Relations Manager
Or
Robert Brooks, 512-328-2953
Executive Vice President & CFO
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end