In its second quarter, PetroQuest Energy (ticker: PQ) produced a total of 6.3 Bcfe up from 6.0 Bcfe produced in Q2, 2016. PetroQuest had a loss of $3,385,000 for Q2, 2017, down significantly from a Q2, 2016 loss of $24,143,000. The company’s production for the first half of the year was 11.5 Bcfe. The company reported lease operating costs of $1.12 per Mcfe, a decrease of $0.02 since Q2 2016.
The company’s average daily production was 69.5 Mmcfe per day during Q2. The company is waiting to restore production from its recompleted Ship Shoal 72 well, which it believes will add another 6 Mmcfe per day of net production. PetroQuest has set a guidance of between 85 and 90 Mmcfe per day.
PetroQuest has—as of the end of Q2—begun completions operations on a two well pad in which it holds an average of 76% working interest in its northern Cotton Valley acreage. It is utilizing a completions strategy that is similar to the strategy that yielded record production of 18.3 Mmcfe per day out of its PQ#25 well.
PetroQuest is also almost finished with drilling operations in its PQ#28, and expects to begin completions operations in four to five weeks.
The company reinitiated its Cotton Valley drilling program in late 2016. In the time since, PetroQuest has experienced a growth of 50% in its revenues, and a doubling of its cash flow, as well as a 38% increase in production. PetroQuest’s first multi-well pad in the Cotton Valley started with strong production, reaching a total initial production rate of approximately 38 Mmcfe per day.
PetroQuest Energy is presenting at EnerCom’s The Oil & Gas Conference® 22
PetroQuest will be a presenting company at the upcoming EnerCom conference in Denver, Colorado—The Oil & Gas Conference® 22.
The conference is EnerCom’s 22nd Denver-based oil and gas focused investor conference, bringing together publicly traded E&Ps and oilfield service and technology companies with institutional investors. The conference will be at the Denver Downtown Westin Hotel, August 13-17, 2017. To register for The Oil & Gas Conference® 22 please visit the conference website.
