Exploration & Production | Top Story | Quarterly / Earnings Reports
Approach Tags 20% Drop in Well Costs; Outlines Wolfcamp Results
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Approach Resources Inc. reported results for third quarter 2013.
Highlights include: Production of 8.8 MBoe/d Exit rate production of 11.1 MBoe/d Revenues increased 34% year-over-year to $44.2 million Net income of $0.01 per diluted share Adjusted net income (non-GAAP) of $0.07 per diluted share Record EBITDAX (non-GAAP) increased 47% year-over-year to $31.6 million, or $0.81 per diluted shareJ. Ross Craft, President and Chief Executive Officer, commented, "Third quarter 2013 was a significant quarter for the company. We accelerated our drilling and completion pace while driving down costs below our target. Estimated drilling and completion costs for the 14 horizontal wells we completed during the third quarter averaged approximately $5.4 million per well, which reflects a 12% decline…
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