JAG - Jagged Peak - 2Q19 - Essentially In Line Development Mode Ramp At Hand

This is a Z4 Research Pre Call Note

JAG Reported Essentially In Line 2Q19 Results (price based slight miss on EBITDA line); Reaffirms Volume Guidance though shape is a little more back end loaded as oil jumps in 4Q; Good News on Drilling Efficiency, Big Tex News Mildly Interesting As Well But Development Program is On Track is the main headline

The 2Q19 Numbers:

• Total volumes were above the upper end of guidance; oil volumes were essentially at the top end of guidance,
• Oil Differential: Pre hedge oil prices were $5.01 below WTI
• NGL pricing