Quarterly / Earnings Reports | Second Quarter (2Q) Update | Drilling Activity | Drilling Program-Rig Count
Approach's Production Remains Stagnant in Q2; Only One Rig Running for 2H18
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Approach Resources reported its Q2 2018 results.
Production Still Down YOY
- Q2 production of 11.6 MBOEPD (up +2% from 1Q18 and down -3% YOY)
- Revenues of $30.3 million, a 21% increase over the prior year quarter
- Net loss was $9.1 million or $0.10 per diluted share, adjusted net loss (non-GAAP) was $6.8 million, or $0.07 per diluted share
Operations Update - Only One Rig for 2H18
During the second half of the second quarter 2018, we completed three horizontal wells. One in Pangea West in the Wolfcamp A bench and two wells in Baker, one well in the Wolfcamp B bench and one well in the Wolfcamp C bench. At June 30, 2018, we had three horizontal wells waiting on completion.
We plan to have one rig running intermittently during the second half of 2018.
Capital expenditures incurred during second quarter 2018 totaled $13.5 million, consisting of $11.2 million for drilling and completion activities, $2 million for infrastructure projects and equipment and $0.3 million for lease acquisitions. For the six months ended June 30, 2018, our capital expenditures totaled $27.2 million, consisting of $23.6 million for completion activities, $3.3 million for infrastructure projects and equipment and $0.3 million for lease acquisitions.
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