Quarterly / Earnings Reports | First Quarter (1Q) Update | Drilling Activity
Approach's Output Remains Flat from Prior Year at 11.3 MBOEPD; Talks Drilling Ops
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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.
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