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Approach Defers Completion in Q3; Will Spend Less than Expected in 2018

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   |    Wednesday,November 14,2018

Approach Resources reported third quarter 2018 financial and operational results.

Defers Q3 Completions; Capex Will be -21% Below Midpoint of Original Budget

- Q3 Production of 1,043 MBoe or 11.3 MBoe/day - flat YOY and from 2Q18
  • Drilled six wells and completed two horizontal Wolfcamp wells

- In light of the extreme WAHA gas discount in the basin, we deferred third quarter completions and rescheduled fourth quarter completions to preserve capital until basin gas differentials show signs of improvement.

  • The company now expect full year capital expenses to be $47 million, or 21% below the mid-point of prior guidance, and full year production to be approximately 4,100 MBoe, or 6% below the mid-point of prior guidance.

Operations Update

In the third quarter we drilled six horizontal Wolfcamp wells: four in the A bench, one in the B bench and one in the C bench. During the second half of the third quarter we completed two horizontal Wolfcamp wells, both in Project Pangea. Of the completed wells, one well was in the B bench and one well was in the C bench. At September 30, 2018, we had seven horizontal wells waiting on completion.


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