DALLAS, Nov. 10, 2014 /PRNewswire/ -- RSP Permian,
Inc. ("RSP" or the "Company") (NYSE: RSPP) today announced
financial and operating results for the quarter ended September 30, 2014. In addition, the
Company filed its Form 10-Q for the period ended September 30, 2014 with the United States
Securities and Exchange Commission ("SEC") and posted a third
quarter earnings presentation on its website at
www.rsppermian.com.
Certain information presented in this release is on a pro forma
basis, giving effect to the completion of the corporate
reorganization and acquisitions in connection with the Company's
initial public offering (the "IPO") and adjusted to eliminate
certain items associated with the IPO.
Highlights
- 3Q14 production increased by 5% to 11,217 Boe/d as compared to
2Q14 production and by 38% as compared to pro forma production
during the same period in 2013
- Exit production rate at the end of 3Q14 was approximately
14,600 Boe/d, a 30% increase over 3Q14 average and 78% above 4Q13
exit rate
- Annual production and capex guidance reaffirmed at
11,500-12,000 Boe/d and $425 million,
respectively for CY14
- Pro forma net income of $34.6
million, $0.46 per diluted
share. Includes $23.7 million
non-cash gain on derivatives. Pro forma adjusted net income,
excluding derivatives, was $19.4
million, $0.26 per diluted
share. Pro forma adjusted EBITDAX was $53.4
million
- Net income of $32.3 million,
$0.43 per diluted share. Includes
$23.7 million non-cash gain on
derivatives. Adjusted net income, excluding derivatives, was
$17.8 million, $0.24 per diluted share.
- Total cash costs, excluding interest, were $15.09 per Boe, a 22% decrease compared to
$19.30 per Boe in 2Q14
- Increased commodity price hedges, over 50% of production hedged
through the end of 2015
- Closed previously announced acquisitions in Glasscock County for $257 million
- Completed $295 million follow-on
equity offering. Net proceeds from the primary shares sold were
approximately $118 million to
RSP
- Increased revolving credit facility borrowing base to
$500 million from $375 million, increased lenders' maximum facility
commitments to $1.0 billion, extended
maturity date to August 2019
- Issued $500 million of 6.625%
senior unsecured notes maturing 2022. After repaying all
outstanding amounts on revolver, ended 3Q14 with approximately
$151 million of cash on hand and
$651 million of liquidity
- RSP's first two operated horizontal wells in our Spanish Trail
leasehold, targeting the Lower Spraberry and Wolfcamp B, generated
peak 30-day IP rates of 1,217 Boe/d (82% oil) and 1,211 Boe/d (78%
oil), respectively, and follow on 60-day IP rates of 1,145 and
1,022 Boe/d, respectively
- Similar to RSP's first Wolfcamp A well, the Company's second
and third Wolfcamp A wells are performing above expectations. The
Cross Bar Ranch 2017WA had a peak 30-day IP rate of 887 Boe/d (83%
oil) and the Johnson Ranch 1018WA is still cleaning up but has
produced at an average rate of 1,059 Boe/d over the last 7
days
- Received microseismic and 3-D seismic data providing
encouraging preliminary assessment of spacing and development plans
and possible increase in well density in the Spraberry zones and
additional horizontal target in the Jo Mill formation
Steve Gray, Chief Executive
Officer, stated, "I am pleased to report continued strong results
from our drilling program. Our recent wells have continued to
outperform our type curves as we continue to refine our techniques
in our multi-zone, multi-well pad completions. As a result of
our successful pilot programs, we believe we have gained additional
knowledge to implement our multi-zone horizontal drilling program
to optimize our returns for our shareholders as we move into
2015. With our recent equity and debt capital market
transactions, we are well positioned financially with ample
liquidity and a strong balance sheet. In addition, we have
flexibility in our drilling program to allow us to adjust our capex
plans with changing market conditions."
Operational Update
During the third quarter of 2014, RSP drilled 23 horizontal
wells (13 operated) and completed 19 horizontal wells (11
operated). Of the 11 operated completed horizontal wells, RSP
had three wells targeting the Middle Spraberry, three wells
targeting the Lower Spraberry, one well targeting the Wolfcamp A,
and four wells targeting the Wolfcamp B. Of the 11 operated
wells, nine were in our Focus Area (counties of Midland, Martin, Andrews, Ector and Glasscock) and two were in our Dawson area. In our vertical drilling
program, RSP completed 18 vertical wells (12 operated).
The Company is operating four horizontal rigs and three vertical
rigs in the Focus Area. RSP has contracted for a fifth
horizontal rig scheduled to arrive in the fourth quarter of 2014
and a sixth horizontal rig scheduled to arrive by the end of the
first quarter of 2015. However, RSP has staggered its rig
contracts and has flexibility to reduce the number of rigs in 2015
depending on the price of oil and oilfield service costs.
During the fourth quarter, RSP expects to complete 13 operated
horizontal wells targeting four horizontal zones in our Focus Area
(four Middle Spraberry, five Lower Spraberry, one Wolfcamp A, and
three Wolfcamp B). In addition, the Company expects to
complete 24 vertical wells (19 operated).
Focus Area Update
In our Focus Area, the average lateral length of wells completed
in the third quarter with 30 days or more of production history was
7,213 feet. The average peak 30-day IP rate of these wells
was 924 Boe/d (82% oil) or 129 Boe/d per 1,000 feet of
lateral. Recent notable wells completed in our Focus Area are
listed in the table below:
|
|
|
|
|
|
Lateral
|
|
Peak 30-Day
IP
|
|
30-Day IP /
1000'
|
|
|
Name
|
|
Completed
|
|
Zone
|
|
Length
(ft)
|
|
(Boe/d)
|
|
(Boe/d)
|
|
%
Oil
|
Spanish Trail
217WB
|
|
Q3
|
|
Wolfcamp B
|
|
6,860
|
|
1,211
|
|
177
|
|
78%
|
Spanish Trail
217LS
|
|
Q3
|
|
Lower
Spraberry
|
|
6,853
|
|
1,217
|
|
178
|
|
82%
|
Cross Bar Ranch
2017WA
|
|
Q3
|
|
Wolfcamp A
|
|
7,074
|
|
887
|
|
125
|
|
83%
|
Cross Bar Ranch
2017LS
|
|
Q3
|
|
Lower
Spraberry
|
|
7,074
|
|
1,052
|
(1)
|
149
|
|
83%
|
Cross Bar Ranch
2017MS
|
|
Q3
|
|
Middle
Spraberry
|
|
7,074
|
|
737
|
(2)
|
104
|
|
NA
|
Johnson Ranch
1018WA
|
|
Q4
|
|
Wolfcamp B
|
|
7,392
|
|
1,059
|
(2)
|
143
|
|
NA
|
Johnson Ranch
1018WB
|
|
Q4
|
|
Wolfcamp B
|
|
7,120
|
|
640
|
(3)
|
90
|
|
NA
|
Spanish Trail
218MS
|
|
Q4
|
|
Middle
Spraberry
|
|
9,947
|
|
946
|
(2)
|
95
|
|
NA
|
Spanish Trail
218LS
|
|
Q4
|
|
Lower
Spraberry
|
|
9,947
|
|
1,278
|
(2)
|
128
|
|
NA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q3 2014
Average
|
|
9 Wells (7 wells with
30-day IP rates) (4)
|
|
7,213
|
|
924
|
|
129
|
|
82%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q2 2014
Average
|
|
6 Wells
|
|
5,904
|
|
675
|
|
112
|
|
82%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% Quarterly
Difference
|
|
|
|
|
|
+22%
|
|
+37%
|
|
+16%
|
|
|
(1)
|
Cross Bar Ranch
2017LS has 30 days of production history but is still cleaning up
and has not yet reached a peak 30-day IP rate.
|
(2)
|
Cross Bar Ranch
2017MS, Johnson Ranch 1018WA, Spanish Trail 218MS and Spanish Trail
218LS reflect last 7-day average rates; wells are on ESP lift,
still cleaning up and have not yet reached peak 30-day IP rates.
Wells are not included in quarterly averages.
|
(3)
|
Johnson Ranch 1018WB
reflects last 7-day average rate; well is flowing naturally and has
not yet reached peak IP 30-day rate.
|
(4)
|
Q3 2014 average
includes the seven wells we completed in 3Q14 with peak 30-day IP
rates. Not all of the seven wells are included in the table
above.
|
RSP has completed 29 horizontal wells in the Focus Area that
have peak IP-30 day production history, excluding one Wolfcamp D
(Cline) well that encountered mechanical and completion
issues. The average peak 30-day IP rate of the wells located
in the Focus Area is 751 Boe/d from an average lateral length of
6,292 feet, or 122 Boe per 1,000 feet of lateral. The
breakout of these completions by zone is listed in the table
below:
|
|
|
|
Average
|
|
Average
|
|
Average
|
|
|
|
Number
|
|
Lateral
|
|
30-Day
IP
|
|
30-Day IP
/
|
|
Zone
|
of
Wells
|
|
Length
(ft)
|
|
(Boe/d)
|
|
1,000'
|
|
|
|
|
|
|
|
|
|
|
Middle
Spraberry
|
4
|
|
6,338
|
|
545
|
|
86
|
|
|
|
|
|
|
|
|
|
|
|
Lower
Spraberry
|
9
|
|
6,178
|
|
789
|
|
129
|
|
|
|
|
|
|
|
|
|
|
|
Wolfcamp
A/B
|
16
|
|
6,345
|
|
782
|
|
127
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
29
|
|
6,292
|
|
751
|
|
122
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dawson Area Update
In the third quarter, RSP completed its first two horizontal
wells off a two well pad in Dawson
County, one well targeting the Lower Spraberry and the other
targeting the Wolfcamp A/B. The Lower Spraberry well was
drilled to 7,169 lateral feet and the Wolfcamp A/B well was drilled
to 6,722 lateral feet. RSP had mixed results as the
Lower Spraberry well produced a facility constrained peak 30-day IP
rate of 311 Boe/d (90% oil) and has exhibited a shallow decline
rate while the Wolfcamp well produced less than 100 Boe/d with a
high water cut. The oil production rate of the Lower
Spraberry well would have been considerably higher if adequate
water disposal facilities had been in place. Based on these
well results, the Company is reviewing the geology and complexity
in this area before commencing further drilling on the acreage.
Quarterly Operational Results
|
RSP Permian,
Inc.
|
|
Three Months
Ended
|
|
September 30,
2014
|
|
June 30,
2014
|
|
September 30,
2013
|
Production
data:
|
|
|
|
|
|
Oil
(MBbls)
|
738
|
|
687
|
|
309
|
Natural gas
(MMcf)
|
750
|
|
712
|
|
381
|
NGLs
(MBbls)
|
169
|
|
169
|
|
60
|
Total
(MBoe)
|
1,032
|
|
975
|
|
433
|
Average Net Daily
Production (Boe/d)
|
11,217
|
|
10,714
|
|
4,707
|
|
|
|
|
|
|
Average prices
before effects of hedges(1)(2):
|
|
|
|
|
|
Oil (per
Bbl)
|
$86.88
|
|
$96.26
|
|
$107.25
|
Natural gas (per
Mcf)
|
3.06
|
|
4.38
|
|
3.67
|
NGLs (per
Bbl)
|
25.02
|
|
28.47
|
|
38.68
|
Total (per
Boe)
|
$68.45
|
|
$75.96
|
|
$85.13
|
|
|
|
|
|
Average realized
prices after effects of hedges(1)(2):
|
|
|
|
|
Oil (per
Bbl)
|
$84.59
|
|
$94.06
|
|
$106.46
|
Natural gas (per
Mcf)
|
3.13
|
|
4.38
|
|
3.67
|
NGLs (per
Bbl)
|
25.02
|
|
28.47
|
|
38.68
|
Total (per
Boe)
|
$66.86
|
|
$74.41
|
|
$84.57
|
Average costs (per
Boe):
|
|
|
|
|
|
Lease operating
expenses (excluding gathering and transportation)
|
$6.31
|
|
$8.55
|
|
$8.00
|
Gathering and
transportation
|
0.61
|
|
0.97
|
|
0.74
|
Production and ad
valorem taxes
|
4.98
|
|
6.12
|
|
5.57
|
Depreciation,
depletion and amortization
|
18.40
|
|
22.29
|
|
43.60
|
General and
administrative expenses
|
5.05
|
|
5.37
|
|
2.42
|
|
|
|
|
|
|
Components of general
and administrative expense:
|
|
|
|
|
|
General and administrative –
cash component
|
$3.19
|
|
$3.67
|
|
$2.42
|
General and administrative –
(non-IPO stock comp)
|
0.88
|
|
0.67
|
|
-
|
General and administrative –
(IPO stock comp)
|
0.98
|
|
1.03
|
|
-
|
|
|
|
|
|
|
|
|
(1)
|
Average prices shown
in the table reflect prices both before and after the effects of
our realized commodity derivative transactions. Our calculation of
such effects includes realized gains or losses on cash settlements
for commodity derivative transactions and an adjustment to reflect
premiums incurred previously or upon settlement that are
attributable to instruments settled in the period.
|
(2)
|
Average realized
prices for oil are net of transportation costs. Average realized
prices for natural gas do not include transportation costs;
instead, transportation costs related to our gas production and
sales are included in our lease operating expenses. No
transportation costs are associated with NGL production and
sales.
|
Production volumes for the quarter ended September 30, 2014 averaged 11,217 Boe/d or a
total of 1,032 MBoe, and our exit production rate at the end of the
quarter was approximately 14,600 Boe/d. RSP also reaffirms
its previously announced 2014 production guidance of 11,500-12,000
Boe/d. Production for the third quarter of 2014 was comprised
of 72% crude oil, 16% NGLs, and 12% natural gas. RSP's
average realized commodity price for the third quarter 2014, before
the effects of hedges, was $68.45. Per unit cash operating expenses
(including lease operating, gathering and transportation,
production and ad valorem taxes, and general and administrative)
were $15.09 per Boe. For the
quarter, Adjusted EBITDAX was $53.4
million, pro forma adjusted net income was $19.4 million or $0.26 per share, and adjusted net income totaled
$17.8 million or $0.24 per diluted share.
Capital Expenditures
The Company has spent approximately $293
million through the first nine months of 2014 on capital
expenditures, which included $281
million for drilling, completion and capitalized workovers
and $12 million on infrastructure.
Additionally, RSP closed on its previously disclosed
acquisitions of properties in Glasscock
County for $257 million.
RSP also reaffirms its 2014 capital expenditures budget of
$425 million, which excludes
acquisitions.
Liquidity Update
As of September 30, 2014, the
Company had no borrowings on its revolving credit facility which
has a $500 million borrowing base,
and had approximately $151 million of
cash on hand for total liquidity available of $651 million. In conjunction with our
closing of our acquisitions in Glasscock
County, lenders in the Company's revolving credit facility
increased our borrowing base to $500
million from $375 million,
increased aggregate commitments to $1.0
billion from $500 million, and
extended the maturity date two years to August 2019. On
September 23, 2014, RSP issued
$500 million of 6.625% senior
unsecured notes due 2022. The net proceeds were used to repay
amounts drawn under our revolving credit facility and the balance
for general corporate purposes.
Hedging
In the third quarter, RSP entered into additional commodity
price hedges and has more than half of its expected total oil
production hedged through the end of 2015. As of September 30, 2014, the Company had hedges in
place for the fourth quarter of 2014 for 621,000 barrels of oil at
a blended floor of $88.16 per
barrel. For 2015, the Company has hedges in place for
2,457,000 barrels of oil production at a blended floor of
$86.72. Additionally, as of
September 30, 2014, we had hedges in
place for natural gas covering 300,000 Mmbtu at a floor of
$4.00. Details of the Company's
open hedging positions can be found in the Form 10-Q that was filed
with the SEC.
Earnings Conference Call
On November 10, 2014, at
10:00 a.m. Central Time, RSP will
discuss its third quarter 2014 results. Hosting the call will
be Steven Gray, Chief Executive
Officer, Zane Arrott, Chief
Operating Officer, and Scott
McNeill, Chief Financial Officer.
The call may be accessed live over the telephone by dialing
(877) 705-6003, or for international callers, (201) 493-6725.
A replay will be available shortly after the call and can be
accessed by dialing (877) 870-5176, or for international callers
(858) 384-5517. The passcode for the replay is 13593823. The
replay will be available until November 24,
2014. Interested parties may also listen to a simultaneous
webcast of the conference call by logging onto RSP's website at
www.rsppermian.com in the Investor Relations section. A replay of
the webcast will also be available for approximately 30 days
following the call.
About RSP Permian, Inc.
RSP is an independent oil and natural gas company focused on the
acquisition, exploration, development and production of
unconventional oil and associated liquids-rich natural gas reserves
in the Permian Basin of West
Texas. The vast majority of our acreage is located on large,
contiguous acreage blocks in the core of the Midland Basin, a sub-basin of the Permian
Basin, primarily in the adjacent counties of Midland, Martin, Andrews, Dawson, Ector, and Glasscock. The Company's
common stock is traded on the NYSE under the ticker symbol
"RSPP." For more information, visit www.rsppermian.com.
Forward-Looking Statements
This news release contains forward-looking statements within the
meaning of the federal securities laws. All statements, other than
historical facts, that address activities that RSP assumes, plans,
expects, believes, intends or anticipates (and other similar
expressions) will, should or may occur in the future are
forward-looking statements. Forward-looking statements are based on
management's current beliefs, based on currently available
information, as to the outcome and timing of future events. These
forward-looking statements involve certain risks and uncertainties
that could cause the results to differ materially from those
expected by the management of RSP. Information concerning these
risks and other factors can be found in RSP's filings with the SEC,
including its Form 10-K, which can be obtained free of charge on
the SEC's web site located at http://www.sec.gov. RSP undertakes no
obligation to update or revise any forward-looking statement.
RSP PERMIAN,
INC.
|
STATEMENTS OF
OPERATIONS
|
(In thousands,
except for share and per share data)
|
|
|
Actual &
Predecessor (1)
|
|
ProForma
|
|
Three Months
Ended
|
|
|
|
September 30,
2014
|
|
June 30,
2014
|
|
March 31,
2014
|
|
September 30,
2014
|
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
Oil
sales
|
|
$64,119
|
|
$66,134
|
|
$51,471
|
|
$64,119
|
Natural gas
sales
|
|
$2,297
|
|
$3,117
|
|
$2,206
|
|
$2,297
|
NGL
sales
|
|
$4,229
|
|
$4,811
|
|
$4,081
|
|
$4,229
|
|
|
|
|
|
|
|
|
|
Total revenues
|
|
$70,645
|
|
$74,062
|
|
$57,758
|
|
$70,645
|
|
|
|
|
|
|
|
|
|
Net cash from
derivative instruments
|
|
(1,641)
|
|
(1,517)
|
|
(380)
|
|
(1,641)
|
|
|
|
|
|
|
|
|
|
Adjusted Total
Revenues
|
|
$69,004
|
|
$72,545
|
|
$57,378
|
|
$69,004
|
|
|
|
|
|
|
|
|
|
Operating
Expenses:
|
|
|
|
|
|
|
|
|
Lease
operating expenses
|
|
$7,140
|
|
$9,279
|
|
$7,063
|
|
$7,140
|
Production and
ad valorem taxes
|
|
5,137
|
|
5,964
|
|
3,876
|
|
5,137
|
General and
administrative expenses
|
|
3,295
|
|
3,573
|
|
5,001
|
|
3,295
|
|
|
|
|
|
|
|
|
|
Total operating costs and expenses
|
|
$15,572
|
|
$18,816
|
|
$15,940
|
|
$15,572
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDAX,
as defined (2)
|
|
$53,432
|
|
$53,729
|
|
$41,438
|
|
$53,432
|
|
|
|
|
|
|
|
|
|
Depreciation,
depletion, and amortization
|
|
$18,991
|
|
$21,734
|
|
$16,361
|
|
$18,991
|
Asset
retirement obligation accretion
|
|
38
|
|
38
|
|
29
|
|
38
|
Exploration
|
|
967
|
|
1,233
|
|
756
|
|
967
|
Interest
expense
|
|
2,241
|
|
1,142
|
|
1,131
|
|
2,241
|
Stock-based
compensation, net
|
|
1,919
|
|
1,665
|
|
12,015
|
|
912
|
|
|
|
|
|
|
|
|
|
Adjusted income
before income taxes
|
|
$29,276
|
|
$27,917
|
|
$11,146
|
|
$30,283
|
|
|
|
|
|
|
|
|
|
Adjusted income tax
expense
|
|
11,436
|
|
10,486
|
|
4,733
|
|
10,902
|
|
|
|
|
|
|
|
|
|
Adjusted net
income, as defined (2)
|
|
$17,840
|
|
$17,431
|
|
$6,413
|
|
$19,381
|
Adjusted net
income per common share – Basic
|
|
$ 0.24
|
|
$ 0.24
|
|
$ 0.10
|
|
$ 0.26
|
Adjusted net
income per common share – Diluted
|
|
$ 0.24
|
|
$ 0.24
|
|
$ 0.10
|
|
$ 0.26
|
|
|
|
|
|
|
|
|
|
Other items
included in income before taxes:
|
|
|
|
|
|
|
|
|
Non-cash loss
(gain) on derivatives, net
|
|
(23,700)
|
|
14,441
|
|
3,773
|
|
(23,700)
|
Loss (gain) on
asset sale
|
|
(2)
|
|
–
|
|
–
|
|
(2)
|
Other expense
(income)
|
|
(23)
|
|
302
|
|
(310)
|
|
(23)
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
|
$41,565
|
|
$2,688
|
|
$2,950
|
|
$43,106
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
(9,268)
|
|
(5,538)
|
|
130,480
|
|
(8,542)
|
|
|
|
|
|
|
|
|
|
Net
Income
|
|
$32,297
|
|
$8,226
|
|
($127,530)
|
|
$34,564
|
Net income per
common share – Basic
|
|
$ 0.43
|
|
$ 0.11
|
|
$ (2.03)
|
|
$ 0.46
|
Net income per
common share – Diluted
|
|
$ 0.43
|
|
$ 0.11
|
|
$ (2.03)
|
|
$ 0.46
|
|
|
|
|
|
|
|
|
|
Weighted Average
Common Shares Outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
|
74,896
|
|
72,500
|
|
62,955
|
|
74,896
|
Diluted
|
|
74,896
|
|
72,500
|
|
62,955
|
|
74,896
|
|
|
(1)
|
Information presented
in this table reflects actual results of RSP Permian, Inc. and its
predecessor. In January 2014, RSP Permian, Inc. completed its
initial public offering (the "IPO") along with completing a
corporate reorganization and completion of several acquisitions
concurrent with the IPO. These transactions affect the
comparability of each period presented in the table
above.
|
(2)
|
Adjusted EBITDAX and
adjusted net income are non-GAAP financial measures. For a
definition of Adjusted EBITDAX and adjusted net income, see "Use of
Non-GAAP Financial Measures" below.
|
Use of Non-GAAP Financial Measures
We define Adjusted EBITDAX as oil and gas revenues including net
cash receipts (payments) on settled derivative instruments and
premiums paid on put options that settled during the period, less
lease operating expenses, production and ad valorem taxes, and
general and administrative expenses excluding stock based
compensation. Adjusted net income deducts from Adjusted
EBITDAX depreciation, depletion, and amortization, accretion on
asset retirement obligations, exploration expenses, interest
expense, stock-based compensation and adjusted income tax
expense.
Management believes Adjusted EBITDAX and adjusted net income are
useful because it allows us to more effectively evaluate our
operating performance and compare the results of our operations
from period to period without regard to our financing methods or
capital structure. We exclude the items listed above in arriving at
Adjusted EBITDAX and adjusted net income because these amounts can
vary substantially from company to company within our industry
depending upon accounting methods and book values of assets,
capital structures and the method by which the assets were
acquired. Adjusted EBITDAX and adjusted net income should not be
considered as an alternative to, or more meaningful than, net
income as determined in accordance with GAAP or as an indicator of
our operating performance or liquidity. Certain items excluded from
Adjusted EBITDAX and adjusted net income are significant components
in understanding and assessing a company's financial performance,
such as a company's cost of capital and tax structure, as well as
the historic costs of depreciable assets, none of which are
components of Adjusted EBITDAX. Our computations of Adjusted
EBITDAX and adjusted net income may not be comparable to other
similarly titled measures of other companies.
SOURCE RSP Permian, Inc.