Exploration & Production | Drilling / Well Results | Key Wells | Hedging | Capital Markets | Capital Expenditure
Approach Axes Budget for 2015; Oil Projects Hedged 64%
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Approach Resources Inc. announced its capital budget plans for 2015.
Highlights: Estimated capital spending of $180 million in 2015 Projected year-over-year production growth of 10% to 14% in 2015 Estimated operating cash flow to exceed capital expenditures by 4Q 2015 New Baker well continues to expand development of eastern Pangea Projected 2015 oil volumes 64% hedged at a weighted average floor price of $82.38Approach’s Chairman and CEO Ross Craft commented, "We believe Approach is very well-positioned to endure a period of low crude oil prices, given our peer-leading drilling and completion costs, strong balance sheet, balanced commodity mix and hedges in place. Our solid liquidity position and core acreage, which is substantially held by production, give us the flexibility to adapt…
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