Extraction posts higher revenues

DENVER — Extraction Oil & Gas Inc. (Nasdaq: XOG), a Denver-based firm with operations in Northern Colorado and Boulder Valley, posted higher revenues during the third quarter of fiscal year 2018 compared to the same period last year.

For the quarter that ended Sept. 30, Extraction reported sales revenue of $282.2 million, compared to $180.9 million in the same quarter of 2017. That’s an increase of 56 percent.

Earnings per share also were up in the most recent quarter. The posted earnings of $0.33 per share compares with a loss of $0.20 per share in the same period last year.

In a news release that accompanied the earnings report, Extraction said the quarterly success was “primarily driven by higher production and an improvement in crude oil prices.”

Extraction subsidiary 8 North LLC, along with fellow oil and gas operator Crestone Peak Resources, are currently being sued by Boulder County. The county is attempting to prohibit the companies from drilling nearly 200 proposed wells on county-owned land and private properties protected by county conservation easements.

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