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Abraxas Adds to Hedge Book; Reports 4Q, Full Year 2015 Results
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Abraxas Petroleum Corporation reported financial and operating results for the three and twelve months ended December 31, 2015.
Hedge UpdateAbraxas recently took advantage of recent increases in oil futures to restructure and add to the company’s hedge book. These transactions were entered into in an effort to reduce the impact of commodity price volatility on the company’s cash flows and crystallize a portion of the company’s fourth quarter 2016 hedge value. Abraxas’ updated hedge book is as follows:
Bob Watson, Abraxas' President and CEO commented, “Despite a 64% drop in our capital expenditures from 2014, we were still able to grow production volumes 4% in 2015. We continue to focus our attention on our most capital efficient assets, primarily in the Bakken. Even with another drop in…
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