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Approach's Output Dips 10% on Paused Completions; Will Resume in Q2
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Approach Resources Inc. reported results for first quarter 2016.
Highlights: Production was 12.8 MBoe/d, a 10% decrease from the prior-year quarter Revenues totaled $17.6 million, EBITDAX (non-GAAP) was $8.7 million Adjusted net loss (non-GAAP) was $13.0 million, or $0.32 per diluted share Per-unit cash operating expenses (non-GAAP) decreased 13% from the prior-year quarter to $10.74 per Boe Drilled four horizontal wells during first quarter, and plan to resume completion activities during second quarter 2016 Borrowing base set at $325 million following Spring redeterminationRoss Craft, Approach's Chairman and CEO commented, "Commodity prices continued to weigh heavily on the entire North American oil and gas sector during the first quarter, as evidenced by numerous recent bankruptcy…
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