Capital Markets | Capital Expenditure | Drilling Activity
Extraction Details Preliminary Q1 Results; 71.6 MBOEPD Output
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Extraction Oil & Gas, Inc. provided preliminary financial and operational results for the first quarter of 2021.
First Quarter 2021 Highlights
- Achieved average net sales volumes of 71.6 MBoe/d, including 26.0 MBbl/d of crude oil and 18.3 MBbl/d of natural gas liquids ("NGLs"), for the three months ended March 31, 2021
- Realized prices of approximately $54.61/Bbl for crude oil, $8.47/Mcf for natural gas and $24.13/Bbl for NGLs for the three months ended March 31, 2021
- Incurred approximately $31 million in capital expenditures during the quarter drilling 11 gross (6.1 net) wells with an average lateral length of 2.2 miles and completing 15 gross (10.5 net) wells with an average lateral length of 2.1 miles
- Exited the quarter with $94 million of borrowings under the Company's $500 million credit facility and $38 million in cash as of March 31, 2021
- Extraction expects to exit the second quarter of 2021 with net debt1 of $100-125 million after making a $94 million ad valorem tax payment in April 2021
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