Resolute Energy Q2 Profit Decreases - Quick Facts

(RTTNews) - Resolute Energy Corp. (REN) reported that its second-quarter net income decreased to $9.02 million or $0.14 per share, from $22.82 million or $0.37 per share, last year. The company noted that its results for the quarter included unrealized gains on derivative instruments of $13.7 million, compared to $38.7 million prior year.

Total revenue rose to $89.12 million, from $64.48 million, last year. Analysts polled by Thomson Reuters expected the company to report revenue of $88.94 million for the quarter.

Resolute's Chairman and CEO, Nick Sutton, said: "The solid financial and operating results for the second quarter 2013 reflect the higher production and cash flow associated with the acquisitions that we consummated in late 2012 and the first quarter of 2013, as well as continued improvement in field operations."

The company, in light of the divestiture of certain Bakken assets and the suspension of gas sales from Greater Aneth Field, reduced its 2013 production guidance range by 675 Boe per day.