Operational Updates | Quarterly / Earnings Reports | Third Quarter (3Q) Update | Forecast - Production
Delphi Lowers Capex 4.4% and Production Guidance 5.4% in Q3
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Delphi Energy released its Q3 results and discussed its intent to release its 2018 capital expenditure plans uring Q1 2018. Highlights include:
- Produced an average 9,313 bbl/d in Q3, an increase of 13% YOY
- Capital expenditures were $22.8 million, with $15.1 million spent on D&C
Operational Update
During Q3, Delphi drilled 4 delineation wells and 1 in-fill well in its Bigstone Monteney drilling program and completed 5 (3.3 net) wells. After the quarter ended, Delphi fractured its 16-12 and 13-7 wells. Both wells were fractured using the company's 4th Generation drilling and completion design which used a wine rack configuration and more than 40 stages. While 13-7 is still awaiting completion, the 16-12 well recorded an IP24 of 1,471 boe/d (59% liquids).
Delphi began drilling its 14th and 15th wells following the end of Q3. It will begin completion operations on the wells before the end of 2017. Delphi is using its 5th Generation completion design on the wells but has not discussed what that design entails.
Guidance Update
Delphi updated its production and capex guidance in its Q3 results. Its previous production guidance was 9,000 to 9,500 boe/d and the updated production guidance is 8,600 to 8,900 boe/d, a decrease of about 5.4% at the midpoint. The company also adjusted its capex guidance from $110 to $115 million to $105 to $110 million, a decrease of about 4.4% at the midpoint.
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