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HighPoint to Switch Up Rig Placement in 2H; Cuts Drill Times in NE Wattenberg
HighPoint Resources reported its Q1 2018 results.
Highlights:
- For the first quarter of 2018, the Company reported a net loss of $24.9 million, or $0.20 per diluted share. Adjusted net income for the first quarter of 2018 was a net loss of $5.9 million, or $0.05 per diluted share.
- The Company reported oil, natural gas and natural gas liquids ("NGL") production of 1.91 MMBoe in the first quarter of 2018, which was at the mid-point of the guidance range of 1.8-2.0 MMBoe.
- Three rigs currently running (2 NE Wattenberg / 1 Hereford) and two completion crews: The three-rig program will drill approximately 120-125 gross XRL wells in 2018.
- It is anticipated that the drilling program will be adjusted in the third quarter to include two rigs in Hereford and one rig in NE Wattenberg.
Cuts Drill Times in NE Wattenberg - Tighter Frac Spacing
Reported positive results from its NE Wattenberg optimized completions targeting the Niobrara B and Niobrara C formations that included increased sand concentrations, tighter frac stage spacing, and enhanced flowback methods. The average twelve month cumulative oil production of wells in the 2017 program was 47% greater than the average for wells completed in 2015 and recent wells on average continue to meet or exceed the NE Wattenberg base XRL type-curve.
The Company continues to achieve drilling and completion efficiencies in the current operating environment as recent XRL well drilling days to rig release averaged under 7 days per well, representing a further improvement over the 2017 average. Drilling and completion cycle times improved by 7% to approximately 16 days, driven by a 14% improvement in completion times (frac and drill out days). The Company set a record during the quarter by averaging 4.2 days per well to frac a recent five-well DSU that included over 400 frac stages being completed.
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