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SRC Energy Increases 2017 Capex; Talks Q1 Drilling Activity
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SRC Energy has detailed its preliminary Q1 2017 results as well as increased its 2017 budget.
Guidance Capex of $320-340 million (up ~10% from $300MM) Drill 116 gross wells (up 14% from 102) Complete 104 gross wells (up 10% from 95) SRC Energy continues to operate two drilling rigs and intends to utilize both rigs throughout 2017.The Company now expects to drill 116 gross wells in 2017 versus the original guidance of 102 gross. Likewise, SRC now expects to complete 104 gross wells this year versus the original expectation of 95 gross completions. Production guidance has also been adjusted upward due to the operational pace, earlier contributions from the Evans and Wiedeman wells and the continued strong performance from our production base.
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