Email
Print 
Bookmark
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 | |||||||||||
Related Categories :
Corporate Production Rates
More Corporate Production Rates News
-
Petrus Resources Ltd. First Quarter 2023 Results
-
Cardinal Energy Ltd. First Quarter 2023 Results
-
Headwater Exploration Inc. First Quarter 2023 Results
-
Rubellite Energy Inc. First Quarter 2023 Results
-
Bonterra Eneergy Corporation First Quarter 2023 Results
Rockies News >>>
-
SM Energy Hits Record Output; Driven by Uinta
-
Large Cap E&P To Reduce Drilling & Completion Activity in 2026 -
-
Baker Hughes Solid Y/Y Performance Amidst US Frac Market Slowdown -
-
Halliburton Warns of Deepening U.S. Frac Slowdown -
-
Oilfield Service Report : 13 New Leads/Company Formation & Contacts YTD
Rockies - DJ Basin News >>>
-
PE Firm Seeds Four New E&P Startups in Strategic Push In 2025 -
-
Schlumberger Shows Steady Resilience Amid Market Volatility -
-
Civitas Provides Update on Current Rigs & Frac Crews -
-
IOG forms Partnership with PE-Firm First Reverse To Fund DrillCo's -
-
Intel Bits : E&P Operators Cut Frac Crews/ Rigs For Remainder of 2025; A Detailed Look
