Quarterly / Earnings Reports | Production | Third Quarter (3Q) Update | Capital Markets | Capital Expenditure
Crew Spends 44.9% of Capital Budget in Third Quarter
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Crew Energy released its Q3 results and its intent to release its 2018 budget in mid-December. Highlights include:
- Produced 23,251 boe/d in Q3 and is expecting to exit the year with average daily production of 31,000 boe/d
- Drilled 13 (12.3 net) wells, completed 16 (16.0 net) wells in the Montney in Q3
- Capital expenditures were $89.9 million
Crew produced 23,251 boe/d in Q3, which was slightly more than 23,211 boe/d from Q3 2016. Light crude oil was 553 bbl/d, heavy crude oil was 1,902 bbl/d, condensate production was 2,102 bbl/d, and natural gas production was 102,046 mcf/d in Q3. The company anticipates to exit the year with average daily production of 31,000 boe/d and has not indicated what it expects to produce in Q3.
Capital expenditures were $89.9 million during Q3, which is 44.9% of the expected $200 capex for 2017. Crew's capex for drilling and completions in NE BC totaled $65.3 million in Q3. The company attributed this higher than expected Q3 capex to favorable weather conditions allowing the Company to complete more projects at a lower price cycle.
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