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Sanchez Reduces Drilling Activity to Preserve Capital; One Rig
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Sanchez Energy Corporation announced operating and financial results for the first quarter 2016.
Key Points: As a result of design and process improvements, we are currently averaging 8 days spud to total depth at Catarina and 6 days at Cotulla. The 15 total wells brought on-line as of March 31, 2016 in South-Central Catarina have averaged 30-day production rates of greater than 1,300 Boe/d. Highlights include: Total production of 5.1 million barrels of oil equivalent (MMBoe) during the first quarter 2016, up approximately 26% over the first quarter 2015 Average production of approximately 56,500 barrels of oil equivalent per day (Boe/d), which exceeded the high end of the Company's guidance of 48,000 to 52,000 Boe/d for the first quarter 2016 by over 8.5% Revenues of $79.8 million…- ✓ Full news archive — U.S., Canada & international coverage
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