Roan Resources moves to major stock exchange
Another Oklahoma-based oil and gas company is getting traded on a major exchange. Roan Resources Inc., based in Oklahoma City, began trading Nov. 9 on the New York Stock Exchange under the “ROAN” ticker, company officials said. Previously, the company’s stock had been traded over the counter. The company also posted its third quarter results Monday after markets closed for the day, recording a net loss of about $301 million, or $1.97 a share, compared to a net income of $10.7 million the same time a year ago. Still, its leader was upbeat Monday. “This marks another momentous occasion for Roan and its shareholders,” CEO Tony Maranto said of the trading upgrade. Maranto said getting its shares on the New York Stock Exchange had been a goal for Roan “from Day One.” “We look forward to the visibility and liquidity that comes with trading on this premier exchange,” he said. As for its earnings data, Roan reported its total production climbed by 30 percent and its liquids production increased by 35 percent in the third quarter, compared to the previous quarter. The company drilled 27 wells during the quarter after adding an eighth rig and brought online another 26 wells. Executives said 23 wells that have produced for at least 90 days have an average daily peak production rate of 1,560 barrels of oil equivalent, consisting of 35 percent oil and 67 percent total liquids, normalized to a 10,000 foot lateral. Roan officials attributed that strength to better targeting efforts.
“Third quarter 2018 was a very successful quarter for Roan,” Maranto said, noting both the trade upgrade and its operational results.
“Performance from our Merge asset was impressive, with 30-percent production growth over second quarter 2018 and more than 100-percent production growth over third quarter 2017. I am tremendously proud of our team’s accomplishments.”
Also Monday, Roan directors said they elected Joseph A. Mills to the board as a ninth, independent
member.
Mills, who is the president and CEO of Tulsabased Samson Resources II, will serve on both the board’s audit and nominating and governance committees.
“He brings a high level of oil and gas expertise through both his current and previous job experience,” Maranto said. “We know he will further enhance our board and continue to keep theshareholders’ best interest in mind as the company grows.”
Traders were in a bearish mood across all markets Monday and the value of Roan’s shares were affected, closing down 38 cents for the day at $15.90.