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Chaparral Talks 2014 Changes; Plans CapEx Cut, Production Upswing

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   |    Monday,February 24,2014

Chaparral Energy, Inc. today announced year-end 2013 results as well as 2014 guidance.

2013 Results

Production -- Chaparral anticipates 2013 production to be approximately 9.75 million barrels of oil equivalent.

Adjusted EBITDA -- Chaparral expects 2013 adjusted EBITDA to be in the range of $385 to $390 million.

Capital Expenditures -- Total capital expenditures for 2013 is expected to be approximately $670 million.

Reserves -- Chaparral reported total proved reserves as of December 31, 2013 of 158.5 million barrels of oil equivalent with a PV-10 value of $2.3 billion.

The present value of our total proved reserves discounted at 10% is based on SEC prices of $96.78 per Bbl for oil and $3.67 per Mcf for natural gas.

2014 Guidance

Capital Expenditures -- Chaparral forecasts total capital expenditures in 2014 to be between $625 million and $650 million.

Production -- Chaparral expects total oil and natural gas production for 2014 to be between 10.4 million and 10.8 million barrels of oil equivalent.

Lease Operating Expense -- In 2014, Chaparral forecasts lease operating expenses per barrel equivalent to be in the range of $13.00 to $13.50.

General and Administrative Expense -- Chaparral expects general and administrative expenses to range from $5.25 to $5.75 per barrel of oil equivalent in 2014.