On May 12, Resolute Energy Corp. (NYSE: REN) detailed its financial results for first-quarter 2014. The quarter ended March 31, the company added.

Adjusted revenue increased 20% during the quarter, the company said, noting that the total amount was $86.1 million, including derivatives losses. The increase was due to higher commodity prices and increased production, Resolute said. First-quarter 2013’s total adjusted revenue was $72 million, including derivatives losses, the company added.

Total lease operating expenses increased 14% over the quarter, to $28.7 million, the company said, noting that this percentage increase equaled an increase of $25.27 per barrel of oil equivalent (boe). First-quarter 2013’s lease operating expenses were $25.2 million, or $24.08/boe, Resolute noted. The quarter-over-quarter increase was due to more Permian Basin operations, the company added.

General and administrative expenses totaled $8.6 million, or $7.62/boe, the company said. In first-quarter 2013, the expenses totaled the same amount, but were $7.75/boe, Resolute added. The decreased price/boe resulted from lower salaries and wages that were offset by more share-based compensation, the company said.

During first-quarter 2014, the company incurred about $36 million in oil and natural gas-related capex, Resolute said. These mainly supported Aneth Field tertiary recovery projects and Permian Basin drilling and completions, the company added. Operating cash flow and revolving credit facility borrowings financed the capex, the company noted.

On March 31, the company’s outstanding debt was divided between $400 million in senior notes and $320 million in credit facility debt, Resolute said. Additionally, the company noted that the credit facility was amended and restated on March 7. In addition to other adjustments, the borrowing base was increased to $425 million, the company said. Of this amount, $400 million was in a conforming tranche and $25 million was in a nonconforming tranche, Resolute added.

Resolute hedged commodity prices for the rest of the year—barrels of oil per day had an average strike price of $92.94, an average cap of $96.09 and a weighted average floor of $82.73, the company said. Natural gas, in million British thermal units (MMBtu), had a weighted average price of $4.17/MMBtu, the company added.

Denver-based Resolute Energy Corp. acquires, explores and develops domestic oil and natural gas.