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Approach's Average IP Rates Fall 13% YOY Despite Longer Laterals
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Approach Resources reported results for third quarter 2016.
Key Points: IP Rates Falling Despite Longer LateralsAverage IP for three wells completed during Q3 2016 was 813 Boe/d (58% oil and 81% liquids) with an average lateral length of 7,500'
Q3 2015 - Average IP rate for all wells completed in Q3 2015 was 931 Boe/d (65% oil and 84% liquids) with an average lateral length of 6,600 feet
Well Costs / Production:Lowest well costs in company history: Third quarter well costs were below $3.5 million (down from $3.7 million in Q2 2016) Production was 12.1 MBoe/d (slightly lower from 12.6 MBoe/d in Q2 2016 and down 27% YOY from 16.6 MBoe/d in Q3 2015) Highlights: Production was 12.1 MBoe/d, exceeding prior guidance for the quarter Record low quarterly lease operating expense (LOE)…
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