Drilling & Completions | Quarterly / Earnings Reports | First Quarter (1Q) Update | Drilling Activity
Amplify Talks Disappointing Q1 Well Results; Begins Cotton Valley Drilling Program
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Amplify Energy reported its Q1 2018 results.
Highlights:
- Daily production of 174.0 MMcfe/d, in-line with quarterly guidance
- Generated net cash provided by operating activities of $42 million for the quarter, exceeding the midpoint of guidance of $35 million
- Generated Adjusted EBITDA of $43 million that was at the high end of the guidance range of $37 million to $43 million
- Generated $23 million of free cash flow that was at the high end of the guidance range of $19 million to $24 million
Q1 Wells 'Below Expectations'
During the first quarter of 2018, Amplify produced 174 MMcfe/d, in-line with quarterly guidance. During the quarter, Amplify completed two wells that were drilled in 2017. Initial production rates from these two wells were below expectations due to higher than anticipated water saturation. While the wells are at a very early juncture in their respective lifecycles and decline rates on both wells appear to be lower than normal, it is too early to project ultimate recoveries. The Company will continue to monitor the performance of these wells and provide updates at a later date, if appropriate.
The Company also initiated its 2018 drilling program in the first quarter of 2018, with the expectation of drilling an additional seven horizontal wells targeting the Cotton Valley formation, four of which are expected to be online prior to year-end.
Amplify also expects first production from 10 gross (0.5 net) new non-operated Eagle Ford shale wells in the second quarter of 2018.
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