Quarterly / Earnings Reports | Second Quarter (2Q) Update | Drilling Activity
Pengrowth Grows Output +16% from 1Q18 at 22.6 MBOEPD; Updates Ops
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Pengrowth Energy reported its Q2 2018 results.
- Q2 2018 production of 22.6 MBOEPD (up +16% from 1Q18 and down -54% YOY due to asset sales)
| Three months ended | |||||||||
| PRODUCTION | Jun 30, 2018 | Mar 31, 2018 | % Change | Jun 30, 2017 | % Change | ||||
| Bitumen (bbl/d) | 15,876 | 15,118 | 5 | 13,657 | 16 | ||||
| Natural gas (Mcf/d) | 34,064 | 20,040 | 70 | 118,939 | (71) | ||||
| Light oil (bbl/d) | 769 | 798 | (4) | 9,322 | (92) | ||||
| Natural gas liquids (NGL) (bbl/d) | 278 | 285 | (2) | 6,547 | (96) | ||||
| Total boe/d | 22,600 | 19,541 | 16 | 49,349 | (54) | ||||
Lindbergh Ops 'Meeting Expectations'
Lindbergh was responsible for 70% of second quarter consolidated production with a 5% increase in average daily production to 15,876 bbl/d compared with 15,118 bbl/d in the prior quarter. The steam-oil ratio for the second quarter increased 4.3% to 3.12 compared with 2.99 in the prior quarter as new well pairs were being stimulated and brought online. As the steam chambers are fully developed for these new producers, we anticipate that the SOR will decrease. The cumulative SOR as at June 30, 2018 was 2.64.
Production at Lindbergh is currently meeting expectations at 16,700 bbl/d, but is down from the previously reported 17,500 bbl/d as a result of planned maintenance activities and steam being allocated to stimulate the eight infill producing wells which were completed during the second quarter.
The three wells completed at Groundbirch brought total production to 28 million cubic feet per day before production was curtailed to approximately 20 MMcf/d due to low gas prices.
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