Exploration & Production | Drilling / Well Results | Quarterly / Earnings Reports | Second Quarter (2Q) Update
Approach's Wolfcamp Ops Fuel Record Production, Revenue
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Approach Resources Inc. reported results for second quarter 2014.
Highlights for second quarter 2014 include: Production was 1,286 MBoe, or 14.1 MBoe/d, a 58% increase over the prior-year quarter and a 19% increase over first quarter 2014 Revenues were $73.4 million, a 74% increase over the prior-year quarter Net income was $3.8 million, or $0.10 per diluted share Adjusted net income was $8.7 million, or $0.22 per diluted share EBITDAX was a quarterly record of $50.6 million, or $1.29 per diluted share, and up 65% over the prior-year quarter Production outlook for 2014 increased to 4,950 MBoeJ. Ross Craft, Approach’s President and Chief Executive Officer, commented, "In the second quarter of 2014, Approach reported record production, revenue and our sixth consecutive quarter of record…
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