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SRC Energy Inc. has reported preliminary first quarter 2019 operating results, provides an operations update as well as updated its 2019 production expectations.
Increased Production Expectations
The Company's initial production guidance for 2019 included a level of conservatism, given the political environment and uncertainty on the timing of DCP Midstream's O'Connor 2 plant, which should now be on schedule.
Consequently, SRC increases the expected production range from 59-62 MBoe/d to the range 63-66 MBoe/d.
This is an increase of +7% at the midpoint.
Q1 Production Summary
Q1 production was positively impacted by the continued performance of new wells turned to production, non-operated production volumes and sustained performance from wells associated with the second closing of the GCII acquisition.
Furthermore, DCP's system has maintained consistent throughput during the winter months.
| PRELIMINARY FINANCIAL & OPERATIONS SUMMARY | |||||||||||
| Three Months Ended | |||||||||||
| 3/31/2019 | 12/31/2018 | % Chg. | 3/31/2018 | ||||||||
| Average Daily Volumes | |||||||||||
| Total Production (BOE) | 65,771 | 59,821 | 10 | % | 45,397 | ||||||
| Oil % | 50 | % | 47 | % | 50 | % | |||||
| Product Price Received | |||||||||||
| Crude Oil ($/Bbl) * | $ | 48.33 | $ | 52.56 | -8 | % | $ | 56.01 | |||
| Natural Gas Liquids ($/Bbl) | $ | 12.59 | $ | 19.66 | -36 | % | $ | 19.15 | |||
| Natural Gas ($/Mcf) * | $ | 2.52 | $ | 2.68 | -6 | % | $ | 2.14 | |||
| Differentials | |||||||||||
| NYMEX WTI * | $ | (6.50 | ) | $ | (6.52 | ) | -nil- | $ | (6.88 | ) | |
| NYMEX Henry Hub * | $ | (0.63 | ) | $ | (0.96 | ) | -34 | % | $ | (0.86 | ) |
| Unit Costs | |||||||||||
| Lease Operating Expense ($/BOE) | $ | 2.93 | $ | 2.44 | 20 | % | $ | 1.93 | |||
| Activity Summary | |||||||||||
| D&C Capital Expenditures ($MM) | $ | 110 | $ | 175 | -37 | % | $ | 111 | |||
| Operated Wells drilled (gross/net) | 28/24 | 28/25 | 28/24 | ||||||||
| Operated Wells Completed (gross/net) | 18/16 | 38/31 | 12/11 | ||||||||
| * Includes transportation and gathering expense | |||||||||||
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