On the top line, revenues rose 95.7% year/year to $246 million, also beating expectations, compared to the fourth quarter 2016 and 33% higher compared to third quarter 2017 revenues of approximately $184.8 million.
Adjusted revenues for the fourth quarter 2017, a non-GAAP financial measure that includes a $1.7 million loss in hedge settlements, were $244.3 million, 68% higher compared to the fourth quarter 2016 and 25% higher compared to third quarter 2017 Adjusted revenues of $195.3 million.
The company reported fourth quarter production of nearly 82,000 barrels of oil equivalent per day, or 7.5 million barrels of oil equivalent, which happen to come in at the midpoint of the Company's 80,000 Boe/d to 84,000 Boe/d guidance for the quarter. Full year 2017 production was approximately 25.7 MMBoe, or 70,320 Boe/d, for a year-over-year growth rate of 31%.
The year-over-year production growth rate of 31% was accentuated by an 88% increase in proved reserves at year-end 2017, leading to record proved reserves of 363 MMBoe. As a key measure of its success, the company achieved an organic reserve replacement ratio of approximately 172% in 2017, in large part due to the expansion of proved locations in Central Catarina and the identification of a second Lower Eagle Ford target at Comanche. The company continues to add drilling locations through its multi-zone development of the Lower Eagle Ford, our recently announced four-zone stack development tests at Briscoe Catarina South, and its step-out well tests at Chupadera Ranch in Comanche Area 7.
Meanwhile, proved reserves increased 88%, to a record 363 MMBoe, with a reserve replacement ratio in excess of 760% and an organic reserve replacement of approximately 172%.
The company's production mix was broken down fairly evenly. The company's production mix during the fourth quarter 2017 consisted of approximately 34% oil, 34% natural gas liquids, and 32% natural gas.
This quarter's strong operating performance, together with increases in oil and NGL prices during the latter part of the year, resulted in Adjusted EBITDAX of $137.4 million for the fourth quarter 2017, an increase of 39% compared to third quarter 2017, and full year 2017 Adjusted EBITDAX of $372 million, an increase of 27% compared to the full year 2016. Importantly, the company's operating margins continue to expand as its Eagle Ford assets realize the benefit of premium Gulf Coast pricing and increases in production are driving its per-unit operating costs lower.
Following the open, shares of SN have pulled back some with the overall market, but are still holding a nice 4% gain.