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Sanchez to Cut Rig Fleet ~30% in Q3 to Five Rigs; Output Jumps 43% from Q1
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Sanchez reported its Q2 2017 results. Highlights from its call / release include:
- Announced a preliminary 2018 capex of $500 million (up +11% from 2017's midpoint)
- Q2 2017 production of 6.7 MMBOE, or approximately 73,341 BOEPD (up +43% over Q1 2017)
- 2017 Maverick development program delayed due to acquisition of Comanche asset
Slowing Down Drilling in 3Q
Currently running 7 gross rigs in the Eagle Ford (5 at Comanche / 2 at Catarina), however Sanchez plans to slow down drilling activity moving from 7 rigs currently to roughly 5 rigs in September.
Eagle Ford IPs
Stumberg Ranch - Four wells with 10,000' laterals hit IP30s of 1,950 Boe/d, (+20% above type curve)
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