The Company is projecting fourth quarter 2018 production to range between 52 and 56 MBoe/d, with total liquids at approximately 57% and the fourth quarter exit rate between 58 and 62 MBoe/d. Full-year 2018 production is expected to be between 43 and 44 MBoe/d, in-line with previous guidance. Fourth quarter 2018 operating expenses are projected to be lower than the third quarter results. LOE is expected to be between $2.60 and $2.90 per Boe and cash G&A (non-GAAP) is expected to be between $2.10 and $2.40 per Boe. Fourth quarter capital expenditures are expected to be between $200 million and $225 million. Therefore, total capital expenditures for 2018 are now expected to be between $760 million and $785 million, which includes $110 million to $115 million in other capital expenditures. This is an increase to previously provided guidance due to costs attributable to wells drilled and completed from the predecessor companies, adding an eighth rig earlier than originally planned and higher completion costs as the company tests different completion designs.
Roan Resources initiated with a Buy at Stifel. Stifel analyst Derrick Whitfield initiated Roan Resources with a Buy rating and a $25 price target, calling it an "under-followed stock in an oversold basin." Roan has "Permian-quality assets that trade at a non-Permian valuation" given the broad overhang currently over Anadarko stocks, Whitfield tells investors.