Jones Energy -15% despite 30% 2014 production growth guidance


Jones Energy (JONE -15.3%) is one of the day's largest NYSE decliners after providing an operations update and 2014 guidance.

Q4 production rose to a record 1.7M boe (~18.2K boe/day) despite severe weather; FY 2013 production of 6.2M boe (~17K boe/day) was within the previously announced guidance range.

Says 2013 year-end proved reserves rose 23% Y/Y, and increased 42% in the core Cleveland area; oil and natural gas liquids rose to 56% of the proved reserve base.

Projecting 2014 average daily production of 22K-23K boe/day, which would mean ~30% Y/Y production growth; plans ~$350M capex for the year.

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