Exploration & Production | Top Story | Quarterly / Earnings Reports
Approach: Wolfcamp Wells, Infrastructure Growth Key to Q2 Success
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Approach Resources Inc. has reported results for second quarter 2013.
Highlights for second quarter 2013, compared to second quarter 2012, include: Production up 16% to 9 MBoe/d, and oil production up 50% to 344 MBbls Revenues increased 41% to $42.3 million Net income of $7.8 million, or $0.20 per diluted share Adjusted net income (non-GAAP) of $5 million, or $0.13 per diluted share EBITDAX (non-GAAP) increased 53% to $30.7 million, or $0.79 per diluted shareProduction for second quarter 2013 totaled 817 MBoe (9 MBoe/d), compared to production of 702 MBoe (7.7 MBoe/d) in second quarter 2012, a 16% increase. Second quarter 2013 production increased 8%, compared to first quarter 2013 production of 754 MBoe (8.4 MBoe/d). Oil production for second quarter 2013 totaled 344 MBbls, up 50%…
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