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Resolute Energy Breakout Notes

Richard Betz, director and CEO Resolute Energy Corp., (ticker: REN) presented today at EnerCom’s The Oil & Gas Conference® 22.

Resolute Energy is a Denver-based E&P with primary operations in the Delaware basin in Reeves County Texas. The company also has its foundational oil asset—known as Aneth field—in the Paradox Basin in eastern Utah. The Aneth field is currently under enhanced oil recovery.

During its second quarter, Resolute increased its average production to 24,355 BOEPD from its Q1, 2016 production of 11,865 BOEPD—an increase of 105%. In the company’s Permian assets, the production rose from 13,798 BOEPD in Q1 to 18,383 BOEPD in Q2—a sequential increase of approximately 33%. The company reported Q2 net income of $13.2 million, up from $1.5 million in Q1.

During the company’s breakout session, management was asked the following questions:

  • Can you provide production performance in the Aneth field?
  • Could you elaborate on the type curve descriptions you showed in your slides?
  • You mentioned moving up to three rigs in 2018. What will be the financial outlook for a projected $50 oil price versus $45 oil price market?
  • Out of your allocated 2017 CAPEX, how much is going into effective expenditure?
  • What happens to your inventory in the case when transitioning from three rigs to two rigs? Can you quantify the reduction?
  • Have you experienced much cost inflation this year in comparison to last year?
  • If you move up to three rigs, will you be adding on an additional frac crew?
  • Will you be using regional sand for future completion operations?
  • What is the duration/timeframe from spud to production?
  • Will you be adding on the Wolfcamp C as part of your inventory?
  • With past interference experienced in the Q2, are you confident that this occurrence is acute and wouldn’t be a recurring incident that lowers well productivity?
  • Which completion strategy do you adopt, Plug & Perf or Slide & Sleeve?
  • Have you made any developments within the southern ridge asset that you recently acquired? Are there presently any near-term drilling commitments on this asset (southern ridge asset)?

Resolute presented at EnerCom’s 2017 The Oil & Gas Conference®.

You can listen to the company’s presentation by clicking here.

You can view the company’s Q2 update by clicking here.

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