Finance & Investing | Rig Count | General News | Forecast - Production | Capital Markets | Drilling Contractor
Abraxas Baffled by Weak Stock Price; Reiterates Guidance
Abraxas Petroleum Corporation commented on recent market conditions.
Aside from weakness in the general commodity markets, Abraxas is unaware of any fundamental reason for the Company’s recent stock price underperformance. Abraxas notes that the Company exited June 30, 2015 $108 million borrowed on the Company’s $165 million borrowing base. With an additional nine well completions during the quarter, and only bank debt (as well as nominal amounts for a building mortgage and rig loan) in the Company’s capital structure, the Company is very comfortable with its asset coverage. Additionally, with a $55 million capital program that approximates forecasted cash flow, the Company remains comfortable this strong financial positioning should continue through 2015.
Moreover, the Company reiterates that in outer years, it currently forecasts it can hold production at over 7,000 boepd running a one rig Bakken program, which approximates a $50-$60 million capital program. Abraxas also reiterates the Company’s 2015 production guidance of 6,500-7,000 boepd.
Abraxas plans to close out the Company’s second quarter production and financial results the week of July 27, 2015. In the coming week Abraxas will also have 30 day rates for the Company’s four Bakken and two Eagle Ford completions.
Related Categories :
Finance & Investing
More Finance & Investing News
-
Baytex Energy Corp. First Quarter 2023 Results
-
Silverbow Resources Board Adopts 'Poison Pill' Strategy
-
Bonterra Energy Second Quarter 2022 Results
-
Range Resources Second Quarter 2022 Results
-
Liberty Energy Inc. Second Quarter 2022 Results
Gulf Coast - South Texas News >>>
-
Large Permian E&P Cuts Capex;Outlines New D&C Plans, 2024
-
Bonterra Eneergy Corporation First Quarter 2023 Results
-
Hammerhead Energy Inc. First Quarter 2023 Results
-
Spartan Delta Corp. First Quarter 2023 Results -
-
Empire Petroleum First Quarter 2023 Results