Seeking Alpha
We cover over 5K calls/quarter
Profile| Send Message|
( followers)  

Jones Energy, Inc. (NYSE:JONE)

Q2 2013 Earnings Call

September 4, 2013 10:00 AM ET

Executives

Robert Brooks – EVP & CFO

Jonny Jones - Chairman and CEO

Mike McConnell – President

Eric Niccum – EVP and COO

Todd Wehner – SVP & Chief Accounting Officer

Analysts

Joseph Allman - JP Morgan

Jeff Robertson - Barclays Capital

Brad Carpenter - Wells Fargo

Biju Perincheril - Jefferies & Company

Richard Tullis - Capital One Southcoast

Neal Dingmann - SunTrust Robinson Humphrey

Operator

Ladies and gentlemen thank you for standing by. Welcome to the Jones Energy 2013 Second Quarter Earnings Conference Call. The company’s news release announcing its second quarter results was circulated yesterday and is also available on its website at www.jonesenergy.com. During the presentation, all participants will be in listen only mode. (Operator Instructions) As a reminder, this call is being recorded. An audio replay of this call will be available through 9 AM Eastern Time December 4, 2013 by dialling 877-344-7529 for callers in the US, or for 412-317-0088 for international callers and entering conference code 10033052. An archive of this call will also be made available on the Jones Energy website at www.jonesenergy.com.

I would now like to turn the call over to Robert Brooks, Jones Energy’s Executive Vice President and Chief Financial Officer. Please go ahead sir.

Robert Brooks

Thank you and good morning everyone. Participating with me this morning are Jonny Jones, Chairman and CEO; Mike McConnell, President; Eric Niccum , Executive Vice President and Chief Operating Officer and Todd Wehner, Senior Vice President and Chief Accounting Officer. After our formal remarks, we will open the call for questions.

Let me remind everyone that today’s conference call contains forward looking statements. These statements, including those describing management’s beliefs, goals, expectations, forecasts and assumptions are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The company’s actual results may differ from these forward looking statements for a variety of reasons, many of which are beyond the company’s control. Additional information concerning certain risks and uncertainties relating to the company’s business prospects and results are available in the company’s filings with the SEC. During the call, management will refer to certain non-GAAP financial measures. Reconciliations to these measures are provided in the full second quarter 2013 earnings release and quarterly report on Form 10-Q filed yesterday.

I would now like to turn the call over to Jonny Jones, Chairman and CEO.

Jonny Jones

Thanks Bob. Good morning everyone and thank you for joining us today to discuss our second quarter 2013 results. This is Jones Energy’s inaugural earnings call as a public company. But I think it’s worth reminding everyone that Jones is a 25-year old company that has been focused in the Mid-Continent since its founding. Our operating team drilled one of the first horizontal wells in the Anadarko basin 17 years ago and has drilled over 400 horizontal wells since that time.

By way of background, the company seeks areas where it can be one of the best operators and generate high well level returns and over the past 25 years the company has drilled over 580 wells in 12 different zones, nine of them horizontal all within the Mid-Continent. Today we are focused on drilling in the oil and liquids rich Cleveland formation in the Anadarko basin and the liquids rich fairway of the Woodford formation in the Arkoma basin. Combined with our low drilling and completion costs, this allows us to generate solid returns.

In the Anadarko, we have over 1500 identified drilling locations and in the Woodford we have over 900 drilling locations providing over 20 years of drilling inventory at our current drilling pace. Over 80% of our acreage is held by production, so we are not under any pressure to drill to hold acreage. The plays we are currently drilling are highly delineated. In the Cleveland, for instance, there are over 3600 vertical penetrations and more than 1500 horizontal wells and in the Woodford, there are over 1300 horizontal wells. As a result, we had a good understanding of our likely drilling results and can spend much of our time working to reduce our costs to drill and complete wells. Low-costs are the single biggest driver of our returns and we are constantly striving to reduce drilling time and drilling and completion costs.

The second quarter of 2013 has seen significant growth for Jones coming on the heels of our Chalker acquisition in December of 2012. We increased our total production to 16,725 barrels of oil equivalent per day which is up 5% from the first quarter of 2013 and up 37% from the second quarter of 2012. In addition, we increased oil production to 4,540 barrels per day, up 31% from the first quarter of 2013 and up 147% from the second quarter of 2012 due mainly to our drilling which is focused in the liquids rich area of Cleveland. We ended the quarter with six rigs running in Cleveland and we’ve added one Woodford rig since then. Our next Woodford rig will arrive in the middle of this month. We expect to exit 2013 with 10 rigs running, eight in the Cleveland and two in the Woodford.

During the quarter we spud a total of 19 operating Cleveland wells and completed 16 of them. We continue to see excellent results from these wells. In fact, the IP30 rate for the 23 Cleveland wells completed in the first half of 2013 was 505 barrels of oil equivalent per day which exceeds our forecast made at the time of the Chalker acquisition and is at the high-end of our expectations. In addition, we achieved our first ever spud – our fastest ever spud to TD [total depth] time and highest average rate of penetration for a Cleveland well at 14.6 days and 873 feet per day respectively. Our drilling and completion costs for these wells remained in line with our $3.1 million AFE and our team continues to look for further cost reduction opportunities.

During the quarter we acquired an additional 3800 net mineral acres in Hemphill County adjacent to our Chalker acreage and we are currently drilling our first well on this newly acquired parcel. Looking forward we expect to drill about 40 additional Cleveland wells in the second half of 2013. Now over in the Woodford, we completed five wells in the second quarter that had been drilled in late 2012 and in the first quarter of 2013.

Jones drilled these wells with Vanguard Natural Resources in order to evaluate results for a potential partnership. We achieved a 40% production uplift on these wells by optimizing the stimulation design and increasing frac stages from 10 to 14. As a result of the success of this test, in April we signed a joint development agreement with Vanguard covering 360 section AMI in the Woodford. Under this partnership, Jones will drill wells on acreage that Vanguard owns. We will each pay our proportionate working interest share of drilling, completion and operating costs for each well and Jones will earn its proportionate share in the acreage upon completion of each well. In other words, this is an un-promoted deal where Vanguard is taking advantage of our best-in-class drilling and completion costs. We expect to drill five wells under this partnership in the second half of 2013.

In July, we also entered into an agreement with BP to drill up to 17 wells in the Arkoma, Woodford. This marks our fourth partnership agreement with BP and we hope to be able to announce results later in the year. Overall in the Woodford, we expect to drill nine additional wells this year. We plan to continue to test alternative completion techniques and more frac stages per well with the objective of further enhancing the well level economics in the play.

With that, I will turn the call over to Bob Brooks, our CFO who will discuss our financial results for the quarter. Bob?

Robert Brooks

Thanks Jonny. In the press release and 10-Q that we issued yesterday, we outlined our financial performance for the second quarter and first half of 2013, as well as our initial guidance for the balance of the year. You will note that the financial is presented for Jones Energy Holdings LLC, the predecessor to Jones Energy Inc., since the company's IPO occurred after the end of the second quarter. Going forward, though, we will present and file results for Jones Energy Inc.

Our second-quarter revenue increased 16% to $64.5 million and our adjusted EBITDAX increased 12% over the first quarter results to $52.7 million, driven by production increases and an increasing percentage of oil in our production mix. Our production mix in the second quarter was 27% oil, 28% NGL and 45% natural gas, although we expect oil and natural gas liquids production to increase slightly on a percentage basis in the second half of the year as we continue to drill in the liquids rich fairways of our plays.

For the second half of the year, we expect 3.1 million to 3.5 million barrel oil equivalents of total production or 17,000 to 19,200 Boe per day. In the S-1, we've noted that our capital expenditure budget for 2013 was approximately $204 million. As a result of our focus on drilling efficiency and cost reduction, the average number of days to drill our Cleveland wells has been reduced from 28.7 in 2012 to 26.6 in the first half of 2013. Looking ahead to the second half of the year then, based on our increased drilling pace, we expect to drill more wells than originally planned.

We expect to drill a total of 95 to 100 wells in 2013 which is above our earlier estimate of approximately 93 wells and we also expect to earn somewhat higher average working interest than previously projected. Our AFE for Cleveland well has not increased and remains flat at $3.1 million gross. As a result, our total capital expenditures are expected to range from $220 million and $230 million. Even given this increase in drilling pace and total capital expenditures, we still expect that the drilling and completion portion of our capital budget will be funded with the cash flow.

Jones employs an expensive hedging program to reduce fluctuation in cash flow and reduce the variability in projected well level return. New hedges are generally added after production from new wells has come online and we hedge crude oil, NGL components and natural gas individually to the extent possible. At June 30, we had approximately 87%, 61%, 40% and 24% of our projected production from proved reserves hedged for the second half of 2013, 2014, ‘15 and ‘16 respectively.

The company’s balance sheet is very strong, and we are well-positioned to take advantage of opportunities in the market. The borrowing base on our senior credit facility is $500 million and after paying down a portion of the facility with proceeds from our recent IPO, the balance on this facility is $278 million, which together with $31 million of cash provides a total liquidity of $253 million. We believe that at LTM EBITDAX of less than 2.3 times we are conservatively capitalized and that we have room to further reduce leverage the second half of 2013.

This concludes our formal remarks. Operator, you may now open the call for questions?

Question-and-Answer Session

Operator

(Operator Instructions) Our first question is Joseph Allman, JP Morgan.

Joseph Allman - JP Morgan

Hey Jonny or Mike, could you just talk about any JDAs that you might be looking at or any opportunity you’re looking at to increase your position in the Cleveland or the Woodford?

Jonny Jones

Yes, as you know, Joe, we obviously just did two large deals in the Woodford and that’s probably where we will be. As we test the additional frac stages we will be able to see the Woodford activity increased dramatically with the 900 or so locations we have now under control through the Vanguard agreement and the BP agreement. Over in the Cleveland, as we mentioned, we bought some acreage from an owner in the Texas, Panhandle. They are already drilling a well there, as everyone is aware there is a number of deals in the market right now. We are actively participating in those but we don’t have an announcement to make at this point.

Joseph Allman - JP Morgan

And then beyond what you have done already, Jonny, anything else you are looking at except for the deals that are in the market but you’re not going to comment on?

Jonny Jones

No, there’s actually four active deals in the market that we are taking a look at but that’s it at the moment.

Operator

Our next question is Jeff Robertson, Barclays.

Jeff Robertson - Barclays Capital

A question on the IPs for the wells that you all talked about at 505 Boes per day. Are those because the wells are better than you thought they were going to be or are those wells that you – given the location you drilled this is what you expected?

Jonny Jones

It is a combination. The Chalker acquisition was interesting because we actually got to take a look at some data where they were actually using more frac stages than we were in the Cleveland. I believe previously we were at 18 stages in our open hole completions and they were using 20. And at the time we made that acquisition we converted all of our fracking whether it was in the area we acquired that and other areas to 20 and we have seen a significant uplift in [the well] [ph] production as a result of that. This is something that’s consistent with the history of the play. If you look back to the beginning of us in the Cleveland, we were actually doing four frac stages and today we are doing 20. And as that’s occurred, we have seen [inaudible] 30 particularly for oil acreage. So we are pleased with the results and they are at the high end or a little better than what we expected and it’s primarily due to the increase in frac stages. We actually completed wells, I believe, excuse me, in the 2005 in the area around the Chalker acquisition and we were not able not to make un - economic wells as we were completing seven and nine stage wells. So the increase to 20 frac stages has been a big driver of the uplift in results that we have seen in the Cleveland.

Jeff Robertson - Barclays Capital

And Jonny, that’s all in line with the $3.1 million AFE?

Jonny Jones

Yes, it is. Actually the $3.1 million AFE was what we were spending while we were doing 18 frac stages. We have been able to increase our frac stages to 20 and actually have seen our frac costs go down a little bit. Costs are flat to trending down. I think it’s safe to say that as we increase frac stages we hope to be able to keep costs flat.

Jeff Robertson - Barclays Capital

Then just to follow up on the increased capital, can you talk about the well completion schedule for the incremental wells that you plan to drill? In other words, will those have an impact on volumes in 2013 or is that going to spill over into 2014?

Jonny Jones

Primarily a spill-over into ’14, most of those completions, those wells will be drilled obviously towards the end of the year and with the way that we best frac our wells, we look to bring those wells online in the first quarter of 2014.

Operator

Our next question is Brad Carpenter, Wells Fargo.

Brad Carpenter - Wells Fargo

Just following up on that last question, what would you think your kind of normal level of backlog for completions is? What should we view going into ’14 as you are going to drill about 70 in the Cleveland to complete 60 this year, is that kind of what we should think about going forward?

Jonny Jones

Typically at any time we would probably not have more than four, five wells backlog. The Cleveland, for us, is a five-well [bench D] [ph] play. We drilled five wells per section. We have been doing that now for about eight years, I believe. And what we try to do where we have an open section is go in and drill all five wells and frac them at the same time. So we can do that in a short period of time, a week or so. So I would say you wouldn’t expect to see more than five to eight wells carried across.

Brad Carpenter - Wells Fargo

And then $3.1 million AFE for the Cleveland wells, is that your number going into ’14 or do you guys see any additional low hanging fruit to reduce that further?

Jonny Jones

No, we think what we will see is we will be able to keep it flat as we increase frac stages. That’s our goal at this point. We bring in some of the components of the well down but the increases in the frac stages that we might see our hope is to keep that flat. So we will be getting more frac stages for the same cost is the goal.

Brad Carpenter - Wells Fargo

And then one more if I could, just hoping to get a little update on Southridge, I don’t know if you guys have any remarks that you can make on the call today?

Jonny Jones

Right, as everyone knows the Southridge acquisition is something that we purchased back in 2011 and we have an exploration in October and our plan at the present unless there is a negotiation between now and then, is to not continue drilling that.

Operator

Our next question is Biju Perincheril from Jefferies.

Biju Perincheril - Jefferies & Company

A couple of questions on the Cleveland program, you talked about the well that was drilled in about 14 days. Can you talk about – and give us some more additional color there and maybe what you are [meeting at] [ph], expected TD times are?

Jonny Jones

One of the interesting things we found in the Cleveland is that because we are able to stay in zone, we actually were able to use water-based mud in the lateral and that’s what’s keeping our cost down, just to give you a concept of how we drill the wells. We drilled the horizontal well with water; we convert to oil-based mud in the curve and then go back to water based mud. And that really allows us to save a lot of cost over some of our friends that are out there in the play where they actually haven’t used oil based mud all the way through, because they are not in the zone. We actually also use PDC bits in the vertical curve and the horizontal and that’s been one of the big components is what’s happened with bit technology in the last 10 years that we have been drilling in the Cleveland has improved our costs. So we do see days trending down as we mentioned, I think we shaved over a day and half off of what we did in the previous year. As you drill as many wells in plays we have it’s hard to make big quantum leap but we do continue to see costs coming down – excuse me, drilling days coming down just through small tweaks that we are able to do.

Biju Perincheril - Jefferies & Company

So that well that you highlighted, then that’s sort of a one-off which you haven’t made a step change in any of the drilling methods that we should see a significant reduction in the 26 day number in the first half?

Jonny Jones

We don’t think there is an opportunity at the present for a step change. We think that you might see a day or two come off of that, we don’t see an opportunity to shave like 10 days off. That was a perfect well if you will and we see those periodically but there are problems in the Cleveland, it’s a difficult zone to drill, if you don’t pay a lot of attention to it, you see that in peoples’ results. So we will continue to shave days off, that will be in the one and two days type number not in the five to 10 days type number.

Biju Perincheril - Jefferies & Company

And then the six rigs in the Cleveland, how is that split between your legacy acreage and the Chalker acreage?

Jonny Jones

We have been going back and forth between and in fact, the best well we drilled in 2013 was on a legacy acreage and has the highest oil content as anywhere we drilled in the last year. We will be moving the rigs back and forth. They are proximate to each other and so close to each other that you will see a blend of well, it’s all in what I would call the southern half of Richmond county where you are in the liquids rich part of the Cleveland. So we won’t be drilling any wells in the northern half of the county, (inaudible).

Biju Perincheril - Jefferies & Company

And then one last question on this latest BP deal, can you give us some additional color as to what this could set off in the future, so it’s probably not just the 17 wells, there may be some additional opportunities there?

Jonny Jones

Yes, certainly as you probably know BP picked up their position originally from Chesapeake and they own a significant part of the play. Chesapeake had to leave about six months ago and the Stat is gone and our hope is we are doing a pilot, if you want to think about that way, this is a five section where we have agreed to drill 17 drills with them, they are scattered throughout the Woodford. So we can demonstrate to BP sort of our best in class drilling capabilities and the expectation is that if we get the results that we have seen with the test that we ran with Vanguard where we increased the frac stage from 10 to 14, we will be able to do a larger deal with them. I mentioned that we have done four deals with BP and those are all in other different zones. We drilled (inaudible) wells with them, Cleveland wells with them, and Morrow wells with them. So the Woodford deal is a first Woodford deal, I want to be sure everybody was aware of that, it’s not the fourth Woodford deal, it’s the first Woodford deal.

Operator

Our next question is from Richard Tullis, Capital One Southcoast.

Richard Tullis - Capital One Southcoast

Jonny, going back to the Southridge JV question, so if the deal is not extended in October the same implications would still come in with the write-down of the PUDs somewhere around 15 million barrels if I remember correctly?

Jonny Jones

That is the right number. obviously that’s the drill R&D, we have earned all the PDP and obviously the wells that we have drilled so far, the returns there aren’t as strong as the returns we see in the Vanguard and the BP. We’ve actually picked up significantly larger number of locations that we have given out there. That yield had a spud fee which brings the rate of return on the wells below our threshold.

Richard Tullis - Capital One Southcoast

And then looking out further, toward year end reserves, how do you – do you feel that you will be able to offset the 15 million reduction with the deal adds elsewhere in the program?

Jonny Jones

Yes, it’s a classification issue. We don’t see that as a problem.

Richard Tullis - Capital One Southcoast

Looking out into 2014, given the uptick in 2013 drilling, what sort of a production guidance range are you looking at for ’14?

Jonny Jones

We are not going to provide any ’14 guidance but as you think about sort of the what the plan might look like, I mentioned this before, we see eight Cleveland rigs, will be in the best plays to be, so we continue to earn there. So the opportunity for us in ’14 is if the results are favourable in the Woodford on the testing that we are doing with Vanguard and BP that you will see us increasing Woodford rigs there. We also have the optionality to begin drilling Tonkawa and Marmaton wells, we’ve got a BP position there.

Richard Tullis - Capital One Southcoast

And then just lastly I know Vanguard has mentioned on recent call from well costs in the Woodford I guess 3.8 million to 5 million, are they just being ultra conservative there, how does that relate to your program?

Jonny Jones

Yeah I obviously don’t want to speak for Vanguard. They have other partners besides us and participating wells with others in the play. Our costs right now – let me check, 3.8 is where we are and that’s actual cost, in that number there is a little bit of a difference in the Woodford based on where you are, there are some plays you have stay in the five and adds whatever it is, $300,000. So you can see the costs creep up to 3.8, but we are still seeing Woodford costs actually coming down. We are working to get the decreased days and have high expectations as we get our program going again there with two rigs running, we will see costs at 3.5 number or below.

Richard Tullis - Capital One Southcoast

And then just on a blended basis, what do you think you will see in the Woodford for 2014 well costs?

Jonny Jones

3.5 million.

Operator

Our next question is Neal Dingmann, SunTrust.

Neal Dingmann - SunTrust Robinson Humphrey

Jonny, what do you say on – could you remind me, both on the Woodford and then over on the Cleveland, just as far as total locations, did you say something that 900 locations with the JDAs, I just want to be clear on total locations that you or Mike showing up there now?

Jonny Jones

The Woodford total location is 900 and that’s between the leasehold that we have over there and the Vanguard and the BP joint development agreement. In the Cleveland we are at 521 – 521 is Cleveland, the other locations that I mentioned 1000 is when you throw in the Granite Wash, Tonkawa, and the Marmaton. That’s 1500, I gave you the wrong number, that’s in the Anadarko. 520 of those are Cleveland.

Neal Dingmann - SunTrust Robinson Humphrey

And then it appears – it’s kind of let me show in the release, that most going forward in the Woodford you are going to be drilling, there can be a lot of these JDAs, is that just because of anything expiring or is that just because of returns, if you could kind of comment a little bit on, when you look at kind of going forward on the Woodford as far as with the number of rigs now operating, your thoughts on drilling on the JDAs, or if you have to drill at a certain time versus drilling some of your operated acreage?

Jonny Jones

Now we plan on also drilling some of our leasehold section in the Woodford. It will be blended to three, the obligations under the Vanguard agreement, to drill Honeywell is it -- it’s only eight wells in three years. So the pace there is very slow, the same thing with BP, they are both very slow pace. We will only be drilling much faster than the minimum requirement. What we will see us do is blending in leasehold wells, because we do have acreage in the north through the Vanguard and the BP joint development agreements and we have acreage as leasehold down in the southern end but it’s all within the band, the liquids fairways if you will in the Woodford. So we confine ourselves to the liquids fairways but we are scattered all the way across the play from the north to south.

Neal Dingmann - SunTrust Robinson Humphrey

And then I think you said, as far as having the rigs broken down where you think by year end and just wondering – I know at one point we have cut maybe up to 10 rigs or so next year, is that sort of still in the cards or would you have to see some of these – are you confident enough I guess in some of the Woodford results to sort of glide with that as of this time?

Jonny Jones

Yes, we have six rigs today in the Cleveland. We will be adding two more between now and the end of the year and that will take us to eight. And the plan is to stay flat at eight in the Cleveland for 2014. We have one rig in the Woodford today that’s our seventh rig and we will be adding one more. So you will see us exit the year at two in the Woodford and eight in the Cleveland, 10 is what I am saying is 14 incremental rigs will come from either the Woodford or some of our other plays not from the Cleveland.

Operator

Our next question is a follow-up Joseph Allman from JP Morgan.

Joseph Allman - JP Morgan

So a follow-up to Richard’s question, so should we assume that you are going to have an impairment in the third quarter and what should be -- the amount of that impairment would be?

Jonny Jones

We don’t expect an impairment.

Joseph Allman - JP Morgan

I am sorry, just in terms of the – because you are not going to facilitate the obligation related to the drilling at Southridge, you have a 15 plus million barrel write-down, through the recent impairment?

Robert Brooks

This is Bob. The agreement doesn’t expire until the end of October. Again we are in a dialogue around that. And so to the extent there might be a write-down we won’t know in that timeframe.

Joseph Allman - JP Morgan

So I guess it would be – and if you did have one off in the fourth quarter at the [FERC rate]?

Robert Brooks

That’s probably true again depending on the state of negotiation.

Operator

(Operator Instructions) Having no further questions, this concludes our question and answer session. I would like to turn the conference back over to management for any closing remarks.

Jonny Jones

Thank you, operator. I am very excited about the growth opportunities that we see in the Mid-Continent and the potential that exists within our asset base. We are very focused on executing our plan to drill and complete wells at low cost and are comfortable that we can continue to execute on the plan. We look forward to updating the market on our progress. Operator, you may now bring the call to a close.

Operator

As a reminder, an audio replay will be available through 9 AM Eastern Time December 4, 2013 by dialling 877-344-7529 for US callers, or 412-317-0088 for international and entering conference code 10033052. A replay of the conference call may also be found on the company’s website www.jonesenergy.com. Thank you for attending today’s presentation and you may now disconnect.

Copyright policy: All transcripts on this site are the copyright of Seeking Alpha. However, we view them as an important resource for bloggers and journalists, and are excited to contribute to the democratization of financial information on the Internet. (Until now investors have had to pay thousands of dollars in subscription fees for transcripts.) So our reproduction policy is as follows: You may quote up to 400 words of any transcript on the condition that you attribute the transcript to Seeking Alpha and either link to the original transcript or to www.SeekingAlpha.com. All other use is prohibited.

THE INFORMATION CONTAINED HERE IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL, CONFERENCE PRESENTATION OR OTHER AUDIO PRESENTATION, AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE AUDIO PRESENTATIONS. IN NO WAY DOES SEEKING ALPHA ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S AUDIO PRESENTATION ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS.

If you have any additional questions about our online transcripts, please contact us at: transcripts@seekingalpha.com. Thank you!

Source: Jones Energy's CEO Discusses Q2 2013 Results - Earnings Call Transcript

Check out Seeking Alpha’s new Earnings Center »

This Transcript
All Transcripts