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Vanguard Ups Production 21% in 1Q; Shrinks Spending Plans
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Vanguard Natural Resources, LLC reported financial and operational results for the quarter ended March 31, 2016.
Key Points: We have significantly reduced our capital expenditures budget for 2016. We currently anticipate a total capital expenditures budget for the remainder of 2016 to range between $54.0 million and $58.0 million or a range between $74.0 million and $78.0 million for the full year of 2016 (compared to ~$114 million in 2015). Reported average production of 473,198 Mcfe per day in the first quarter of 2016 was up 21% compared to 394,317 Mcfe per day produced in the first quarter of 2015 and an 8% decrease compared to the fourth quarter of 2015.Mr. Scott W. Smith, President and CEO, commented, "We are very pleased to have announced the agreement to sell our SCOOP/STACK…
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