Current PQ Stock Info

PetroQuest Energy (ticker: PQ) will be presenting at EnerCom’s The Oil & Gas Conference® 21 in Denver, on Tuesday, August 16, 2016. The company operates in the Woodford, East Texas Cotton Valley, and Gulf Coast regions.

Over the past year, PetroQuest has worked to divest the company’s Oklahoma assets to focus on projects in the other three basins. In June 2015, the company sold the majority of Oklahoma assets, and completed the divestiture of the remainder of Oklahoma assets in April 2016 for roughly $18 million. The divestitures have increased PetroQuest’s liquidity and elongated the horizon for debt maturities. PetroQuest was able to extinguish or extend the maturity on 70% of 12/31/2014 debt.


The move away from the company’s Oklahoma assets has allowed PQ to focus on the Cotton Valley trend in the Woodford and the Gulf Coast locations, specifically the Thunder Bayou/La Cantera acreage. The Cotton Valley position is comprised of 52,000 gross acres with approximately 600 future drilling locations. The company has assessed multiple benches of stacked pay in the Cotton Valley trend and has decreased drilling and completion costs from $6.9 million in 2013 to $3.9 million in 2016, while simultaneously increasing IP rates. Discussion have been ongoing to find a joint venture partner in Cotton Valley.

The Thunder Bayou asset of Louisiana is currently flowing from the lowest interval at a gross rate of about 30 MMcfe/d, comprised of about 600 Bbl/d of oil, 900 Bbl/d of natural gas liquids, and 21,000 Mcf/d of natural gas. The company has scheduled a recompletion of the well for the second half of 2016 and is expected to provide a significant increase in the wells production rate.

In the company’s most recent earnings call in March, Charles Goodson, the company’s chairman, CEO, and President, said, “Our 2016 plan is centered around controlling the things we can control; mainly continuing to drive down costs and striving to keep our production profile relatively stable, only spending $10 million in direct Capex. In addition, we will seek additional liquidity building opportunities such as non-core asset sales and joint ventures and believe all of these aforementioned goals are achievable given the quality of our asset base and team.”

During the first quarter 2016, the company produced 7,634 MMcfe of oil, gas and NGLs. The production mix is 73% natural gas, and 27% oil and NGLs. The company has locked in hedges for Q2 2016 that account for approximately 12% of production. For the remainder of 2016, approximately 6% of production is hedged. Chief Financial Officer J. Bond Clement asserted, “We will look for future opportunities to build the hedge book… We feel there is more upside potential and don’t want to lock in low prices at this time.”

EnerCom’s The Oil & Gas Conference® Denver – August 14-18, 2016

PetroQuest Energy (ticker: PQ) will be presenting at EnerCom’s The Oil & Gas Conference® 21 in Denver on Tuesday, August 16, 2016 at 12:10 EDT. Conference information and registration for this year’s EnerCom conference may be accessed here.

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