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PetroQuest Cuts Spending 70% for 2016; Cotton Valley, GOM
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PetroQuest Energy, Inc. has reported its 2016 Guidance and year-end 2015 results.
2016 Plans Capital Expenditure: $20-25 million (down 70% over 2015) GuidanceThe following initiates guidance for the first quarter of 2016:
Charles T. Goodson, Chairman, Chief Executive Officer and President, said: "Our 2016 business plan is focused on preserving liquidity and strengthening our balance sheet. To this end we are working toward reducing 2016 cash costs by 25%, assessing additional deleveraging and maturity extension options relative to our remaining 2017 notes and evaluating additional asset sale opportunities and joint venture structures."
2015 ResultsPetroQuest announced today a net loss to common stockholders for the quarter ended December 31, 2015 of $(64,744,000), or $(0.98) per…
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