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Vanguard Using Cash from SCOOP Sale to Fund Pinedale Drilling Ops
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Vanguard Natural Resources, LLC reported financial and operational results for the quarter ended June 30, 2016.
Key Points: Implemented a hedging program for approximately 94% and 24% of our anticipated crude oil production for the balance of 2016 and 2017, respectively, with 47% in the form of fixed-price swaps for the balance of 2016. Completed the sale of our natural gas, oil and natural gas liquids assets in the SCOOP/STACK area in Oklahoma Total capital expenditures for the drilling, capital workover and recompletion of oil and natural gas properties were approximately $15.2 million in the second quarter of 2016 compared to $27.0 million for the comparable quarter of 2015 and $20.3 million for the first quarter of 2016.Increase of capex by approximately $6.0 million to fund…
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