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Despite Lower Q2 Production, Abraxas Increases Production Guidance 13% to 10,750 BOEPD

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Despite Lower Q2 Production, Abraxas Increases Production Guidance 13% to 10,750 BOEPD

Abraxas released its Q2 results. Highlights include:

Total production in Q2 was 471 mboe, or 5,172 boe/d Abraxas increased its production guidance from 9,500 boe/d to 10,750 boe/d, or about 13% Abraxas reported cumulative production from Q2 of 471 mboe, or daily production of 5,172 boe/d. Production was lower than anticipated in Q2 because of downtime in the Bakken from shutting in wells and lower volumes in South Texas and the Permian. Although the company used a controlled flowback protocol on its recent Caprito completions, production as of the release of the Q2 results averaged 9,000 boe/d, which is only slightly lower than the original guidance of 9,500 boe/d. Since the company expects to reach the original guidance number in the next few weeks, Abraxas increased its guidance 13%…
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