Well Cost | Well Lateral Length | Quarterly / Earnings Reports | First Quarter (1Q) Update | Drilling Activity | Well EUR
Extraction's Q1 Production Jumps Over +100% YOY; Credits Longer Laterals
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Extraction Oil & Gas reported its Q1 2018 results.
Highlights:
- First quarter average net sales volumes of 68.9 MBOEPD (up +107% YOY and relatively flat from 4Q17)
- Including 36,052 barrels per day (Bbl/d) of crude oil;
- For the first quarter, Extraction reported a net loss of $52.0 million, or $0.32 per basic and diluted share, compared to net income of $8.7 million, or $0.03 per basic and diluted share, for the same period in 2017. Adjusted EBITDAX, Unhedged was $166.7 million for the first quarter, up 224% year-over-year and up 13% sequentially. Adjusted EBITDAX was $141.0 million for the first quarter, up 232% year-over-year and up 5% sequentially
- Drilling and completion (D&C) capital expenditures for the first quarter 2018 were $226 million
- Reaffirms previously disclosed 2018 guidance.
Longer Laterals Improve Economics
During the first quarter, Extraction reached total depth on 41 gross (27 net) wells with an average lateral length of approximately 7,300 feet, completed 49 gross (39 net) wells with an average lateral length of approximately 8,700 feet and turned to sales 31 gross (18 net) wells with an average lateral length of approximately 9,000 feet.
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