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Extraction's Q2 Output Jumps +68% YOY; Extends Lateral Length

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   |    Thursday,August 09,2018

Extraction Oil & Gas reported its Q2 2018 results.

Highlights:

- Q2 average net sales volumes of 73,563 BOEPD (up +7% from 1Q18 and up +68% YOY)

  • including 38,804 Bbl/d of crude oil (up +8% from 1Q18)

- For the second quarter, Extraction reported net income of $8.8 million, or $0.03 per basic and diluted share, compared to net income of $7.2 million, or $0.02 per basic and diluted share, for the same period in 2017.

  • Drilling and completion (D&C) capital expenditures for the second quarter 2018 were $247 million

Longer Laterals on Newly Drilled Wells

During the second quarter, Extraction reached total depth on 40 gross (29 net) wells with an average lateral length of approximately 7,725 feet and completed 61 gross (46 net) wells with an average lateral length of approximately 7,580 feet.

We turned to sales 26 gross (19 net) wells with an average lateral length of approximately 5,586 feet. We completed 2,699 total stages during the quarter while pumping approximately 674 million pounds of proppant.



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