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Extraction's Well Activity Down Across the Board YOY in Q1; TILs Drop 67%
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Extraction Oil & Gas Inc. reported its Q1 2019 results. Here are the highlights.
Q1 Summary
- Well Activity (net): Drilled 21 wells / Completed 31 wells / TIL 6 wells in Q1 - down -22%, -21% and -67%, respectively
- Q1 D&C Spending: $140 million - down -38% YOY
- Q1 Production: Total equivalent production averaged 80.4 MBOEPD - up +10% from Q1 2018
- Reaffirms previously disclosed 2019 guidance including 87.5 - 93.0 MBoe/d total equivalent production and $585 - $675 million of D&C capital expenditures.
Drilling Activity
During the first quarter, Extraction drilled 31 gross (21 net) wells with an average lateral length of approximately 6,900 feet, completed 40 gross (31 net) wells with an average lateral length of approximately 7,300 feet and turned to sales 7 gross (6 net) wells with an average lateral length of approximately 9,500 feet.
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