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Centennial Ups Oil Production 28% YOY with Flat Rig Count; Touts Latest Well IPs

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Centennial Resource Development reported its Q1 2019 results. Here are the highlights from its report and presentation.

Q1 Summary

Q1 Well Highlights

In Reeves County, Texas, the Doc Martens Unit U03H, U09H and U16H (98% WI) wells were drilled using 660-foot spacing in the Upper Wolfcamp A with average 7,600-foot effective laterals.

• The wells averaged IP30s of 1,775 BOEPD (81% oil). The three-well pad delivered an average initial 30-day production rate of 190 Bbls/d of oil per 1,000 foot of lateral per well.

On the Company's Miramar acreage, the Strong Fundamental A T45H (99% WI) was completed in the Third Bone Spring Sand interval with an approximate 9,100-foot effective lateral.

• This delivered an IP30 of 2,405 Boe/d (59% oil). The well produced an initial 30-day oil rate of 157 Bbls/d per 1,000 foot of lateral.

In Lea County, New Mexico, the Airstream 24 State Com 502H (78% WI) was completed targeting the Second Bone Spring interval with an approximate 10,000-foot effective lateral.

• The well achieved an initial IP90 of 1,869 Boe/d (83% oil) and averaged 155 Bbls/d of oil per 1,000 foot of lateral, producing over 136,000 cumulative barrels of oil during this period.

Q1 Spending Comparable YOY

Total capital expenditures incurred for the quarter were $245.2 million.

• D&C capital expenditures incurred were $188.4 million - comparable to $182 million in Q1 2018

• Facilities, infrastructure and other totaled $45.6 million for Q1, which included accelerated spending to accommodate wells to be brought on production later in the year

• An additional $11.2 million was spent on land opportunities consistent with other tactical acreage additions made in 2018