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Gastar Increases Capex Guidance by $45.3 Million with D&C Capex Comprising 89% of the Increase
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Gastar reported its Q2 results and highlights include:
Average daily production in Q2 was 6,100 boe/d (73% liquids), which was 2% above the high end of Q2 guidance. For the Mid-Con, Q2 2017 production was 6,100 boe/d (73% liquids - 50% oil and 23% NGL) which was a decrease of 1.6% from Q2 2016 of 6,200 boe/d and an increase of 6.5% from Q1 2017 of 5,700 boe/d. As a result of increased production, Gastar increased its production guidance to 6.2-6.8 mboe/d. Additionally, the company expects Q3 production to be between 6.3 and 6.8 mboe/d.
The company revised its capital budget of $129.2 million from $83.9 million. This is an increase of $45.3 million, or 54%, with D&C capex comprising of $40.5 million. The company increased its D&C capex as a result of the termination of a joint development…
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