Quarterly / Earnings Reports | First Quarter (1Q) Update | Drilling Activity
Approach's Output Remains Flat from Prior Year at 11.3 MBOEPD; Talks Drilling Ops
Approach Resources reported its Q1 2018 results.
Highlights:
- Met quarterly production guidance with 11.3 MBoe/d (flat from 4Q17 and YOY)
- increased daily crude oil production 3% over prior quarter
- Revenues of $28.8 million, a 9% increase over the prior year quarter
- Net loss was $7.4 million or $0.08 per diluted share. Adjusted net loss (non-GAAP) was $7.1 million, or $0.07 per diluted share
- Bank group unanimously reaffirmed $325 million borrowing base
- Capital expenditures incurred during first quarter 2018 totaled $13.7 million and included $12.4 million for drilling and completion activities, and $1.3 million for infrastructure projects and equipment.
Ops Update
During the second half of the first quarter 2018, we completed four horizontal wells: two wells in the Wolfcamp A bench, one well in the Wolfcamp B bench and one well in the Wolfcamp C bench.
- The two wells completed in our Pangea area are tracking above our 700 MBoe type curve.
- The two wells completed in our Pangea West area are currently in the post-frac flowback and clean up stages.
We are encouraged by the early results of these two wells. At March 31, 2018, we had six horizontal wells waiting on completion.
Related Categories :
First Quarter (1Q) Update
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