SilverBow Resources Announces First Quarter 2017 Operational and Financial Results
SilverBow Resources, Inc. (NYSE: SBOW) (“SilverBow” or the “Company”)
today announced operating and financial results for the first quarter
2017. Highlights include:
-
1Q17 production of 135.6 million cubic feet of natural gas equivalent
per day (“Mmcfe/d”);
-
New drilling records set in Fasken;
-
Significant improvements to cost structure;
-
Oil and gas revenues of $42.4 million;
-
Net income of $17.7 million and adjusted EBITDA (a non-GAAP financial
measure) of $21.5 million;
-
Recently amended RBL provides $80 million increase to liquidity; and
-
Total liquidity of approximately $145 million as of May 1, 2017.
Management Comments
“We achieved excellent operating results in the first quarter,” said
Sean Woolverton, Chief Executive Officer of SilverBow. “The combination
of low cost and efficient drilling operations coupled with enhanced well
performance continues to allow us to unlock significant value throughout
our Eagle Ford position. We significantly reduced our cost structure in
the quarter, including streamlining our workforce to be Eagle Ford
focused and relocating our headquarters to West Houston to accommodate
our smaller footprint at a much more favorable rate. Additionally, our
strong liquidity position, augmented by a hedge book that extends into
2019, provided us the financial flexibility to expand our capital budget
in 2017. As we recently announced, we are now guiding for capital
expenditures in 2017 of $190 to $200 million which provides for twenty
six completed wells compared to twelve wells in our previous budget.”
Woolverton added, “Our current focus is to concentrate our efforts
within our portfolio where we see considerable growth potential and
impressive returns. With our drilling results yielding attractive rates
of return, we believe the incremental funds associated with our expanded
drilling budget are an excellent use of our capital in 2017. Our
accelerated budget will deliver 20 – 25% production growth through the
course of the year and provide the platform necessary to generate
meaningful growth thereafter.”
OPERATIONS HIGHLIGHTS & UPDATE
The Company’s total net production for the first quarter 2017 averaged
approximately 135.6 Mmcfe/d. The Company remains on track to deliver its
recently revised full year 2017 production guidance of 145 – 155
Mmcfe/d. The Company’s production mix during the first quarter consisted
of approximately 83% natural gas, 10% natural gas liquids, and 7% oil.
First quarter 2017 development activity was primarily focused in Webb
County where the Company continues to drill some of the best gas wells
in the Eagle Ford. The Company is currently evaluating development
options in the Upper Eagle Ford and Austin Chalk zones in Fasken.
First quarter 2017 net production from Fasken was approximately 89.0
Mmcfe/d which is almost 100% dry gas. The Company has completed nine
wells in Fasken thus far in 2017.
The Company’s drilling and completion well costs in Fasken, excluding
location, tubing, and facilities, decreased 25% to $4.3 million compared
to $5.7 million per well for the prior drilling campaign in the same
area. A significant amount of the Company's recent well cost reductions
are attributable to process and design improvements, resulting in a new
technical limit set in Fasken as the 57H was drilled in a record 5.7
days spud to total depth.
First quarter 2017 net production from AWP totaled approximately 35.0
Mmcfe/d where the Company recently completed two gas wells in southern
McMullen County. The production mix from AWP consisted of approximately
51% natural gas, 27% natural gas liquids and 22% oil. The Company
intends to drill six additional wells in AWP in 2017, all targeting the
oil window of the lower Eagle Ford in northern McMullen County.
Drilling and completions costs in AWP, excluding location, tubing, and
facilities, decreased 16% to average $6.4 million for the last two wells
compared to an average of $7.6 million associated with the last drilling
campaign in the same area.
In Artesia, the Company produced 11.3 Mmcfe/d of net production in the
first quarter. Production mix consisted of approximately 46% natural
gas, 38% natural gas liquids, and 16% oil. The Company intends to drill
seven wells in Artesia in 2017.
The Company’s average realized natural gas price excluding the effect of
hedging was $3.07 per Mcf compared with $2.86 per Mcf in the fourth
quarter of 2016. The average realized crude oil selling price excluding
the effect of hedging was $49.26 per barrel in the first quarter of
2017, up from $47.10 per barrel in the fourth quarter of 2016. The
average realized natural gas liquids selling price in the first quarter
of 2017 was $20.33 per barrel versus $18.84 per barrel in the fourth
quarter of 2016.
Capital expenditures incurred during the first quarter 2017 totaled
approximately $32.8 million.
2017 GUIDANCE
The Company reiterated its 2017 capital spending guidance of $190
million to $200 million, with approximately 73% of the capital earmarked
for drilling and completions expenditures. At this level of capital
spending, the Company anticipates it will be able to achieve average
full year production of 145 – 155 Mmcfe/d. The Company also reiterated
its second quarter production guidance of 138 – 144 Mmcfe/d. Additional
detail concerning the Company's second quarter 2017 and full year
financial and operational guidance can be found in the table included
with today’s news release. Additional details concerning the Company’s
capital program can be found in the Corporate Presentation which will be
uploaded to the Investor Relations section of the Company’s website
before the conference call.
FINANCIAL RESULTS
The Company reported total oil and gas revenues of $42.4 million for the
first quarter 2017 which was relatively flat with fourth quarter 2016
levels. The Company reported net income of $17.7 million for the
quarter. Additionally, the Company reported adjusted EBITDA of $21.5
million. Adjusted EBITDA is a non-GAAP financial measure. Please see the
tables included with today's news release for a reconciliation of net
income to adjusted EBITDA.
On a GAAP basis, the Company reported net income of $17.7 million for
the first quarter 2017, which includes a gain on the value of the
Company's hedge portfolio of $10.9 million.
HEDGING UPDATE
Hedging continues to be an important element of the Company’s strategy.
The Company maintains an active hedging philosophy to provide
predictable cash flows while still allowing for flexibility in capturing
increases in prices.
For the remainder of 2017, the Company has swaps and collars covering
approximately 90 MMBtu/d of natural gas at an average fixed price of
$3.01 and 990 Bbls/d of crude oil at an average fixed price of $48.15.
For 2018, the Company has swaps covering approximately 48 MMBtu/d of
natural gas at an average fixed price of $3.08 and 427 Bbls/d of crude
oil at an average fixed price of $51.29. Additionally, the Company has
36 MMBtu/d of natural gas at an average fixed price of $3.12 for the
first quarter of 2019. Please see the Company’s Form 10-Q filing, which
we expect to be filed on Monday, May 8, 2017, for a detailed summary of
derivative contracts.
LIQUIDITY AND CREDIT FACILITY
The Company had liquidity of approximately $145 million as of May 1,
2017, primarily consisting of availability on the Company’s bank credit
facility, which was recently increased to $330 million from $250 million
on April 19, 2017. The Company's bank credit facility is expected to
remain at $330 million until the next semi-annual redetermination of the
borrowing base by the lenders which is anticipated in the fourth quarter
2017.
SHARE COUNT
As of May 1, 2017, the Company had 11.5 million total common shares
outstanding which includes the common shares issued for the private
placement that closed in January 2017.
CONFERENCE CALL & UPDATED INVESTOR PRESENTATION
SilverBow Resources will host a conference call for investors on Monday,
May 8, 2017, at 1:00 p.m. Central Time (2:00 p.m. Eastern Time).
Interested investors can listen to the call by dialing 1-877-420-2751
(U.S.) or 1-442-275-1680 (International) and requesting SilverBow
Resources 1Q 2017 Conference Call or by visiting our website.
A simultaneous webcast of the call may be accessed over the internet by
visiting our website at www.sbow.com,
clicking on “Investor Relations” and “Events and Presentations” and then
clicking on the “First Quarter 2017 Earnings Conference Call” link. The
webcast will be archived for replay on the SilverBow website for 14 days.
Additionally, an updated Corporate Presentation will be uploaded to the
Investor Relations section of the Company's website before the
conference call.
ABOUT SILVERBOW RESOURCES, INC.
Headquartered in Houston, SilverBow Resources (NYSE: SBOW) develops,
explores and acquires oil and gas properties in the Eagle Ford trend of
South Texas. For more information about SilverBow Resources, Inc.,
please visit our website: www.sbow.com.
Forward-Looking Statements
This release includes “forward-looking statements” within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E
of the Securities Exchange Act of 1934, as amended. The opinions,
forecasts, projections, or other statements other than statements of
historical fact, are forward-looking statements. Although the Company
believes that the expectations reflected in such forward-looking
statements are reasonable, no assurances can be given that such
expectations will prove to have been correct. Certain risks and
uncertainties inherent in the company’s business are set forth in the
filings of SilverBow Resources, Inc. with the Securities and Exchange
Commission.
(Financial Highlights to Follow)
|
Condensed Consolidated Balance Sheets
SilverBow Resources and Subsidiaries (in thousands, except share
amounts)
|
|
|
|
Successor
|
|
|
|
March 31, 2017
|
|
|
|
December 31, 2016
|
|
|
|
(Unaudited)
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
Current Assets:
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
|
168
|
|
|
|
|
$
|
303
|
|
Accounts receivable, net
|
|
|
19,889
|
|
|
|
|
17,490
|
|
Other current assets
|
|
|
3,282
|
|
|
|
|
3,686
|
|
Total Current Assets
|
|
|
23,339
|
|
|
|
|
21,479
|
|
|
|
|
|
|
|
|
|
Property and Equipment:
|
|
|
|
|
|
|
|
Property and Equipment, full cost method, including $34,345 and
$33,354 of unproved property costs not being amortized at the end of
each period
|
|
|
549,717
|
|
|
|
|
517,074
|
|
Less – Accumulated depreciation, depletion, amortization & impairment
|
|
|
(179,551
|
)
|
|
|
|
(169,879
|
)
|
Property and Equipment, Net
|
|
|
370,166
|
|
|
|
|
347,195
|
|
Other Long-Term Assets
|
|
|
8,394
|
|
|
|
|
8,625
|
|
Total Assets
|
|
|
$
|
401,899
|
|
|
|
|
$
|
377,299
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
Current Liabilities:
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities
|
|
|
$
|
47,555
|
|
|
|
|
$
|
56,257
|
|
Accrued capital costs
|
|
|
11,899
|
|
|
|
|
11,954
|
|
Accrued interest
|
|
|
1,367
|
|
|
|
|
1,721
|
|
Undistributed oil and gas revenues
|
|
|
11,073
|
|
|
|
|
9,192
|
|
Total Current Liabilities
|
|
|
71,894
|
|
|
|
|
79,124
|
|
|
|
|
|
|
|
|
|
Long-Term Debt
|
|
|
172,000
|
|
|
|
|
198,000
|
|
Asset Retirement Obligations
|
|
|
22,819
|
|
|
|
|
22,291
|
|
Other Long-Term Liabilities
|
|
|
804
|
|
|
|
|
1,829
|
|
Commitments and Contingencies (Note 10)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity:
|
|
|
|
|
|
|
|
Preferred stock, $.01 par value, 10,000,000 shares authorized, none
outstanding
|
|
|
-
|
|
|
|
|
-
|
|
Common stock, $.01 par value, 40,000,000 shares authorized,
11,510,067 and 10,076,059 shares issued and 11,478,709 and
10,053,574 shares outstanding, respectively
|
|
|
115
|
|
|
|
|
101
|
|
Additional paid-in capital
|
|
|
273,787
|
|
|
|
|
232,917
|
|
Treasury stock, held at cost, 31,358 and 22,485 shares
|
|
|
(942
|
)
|
|
|
|
(675
|
)
|
Accumulated deficit
|
|
|
(138,578
|
)
|
|
|
|
(156,288
|
)
|
Total Stockholders’ Equity
|
|
|
134,382
|
|
|
|
|
76,055
|
|
Total Liabilities and Stockholders’ Equity
|
|
|
$
|
401,899
|
|
|
|
|
$
|
377,299
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statements of Operations (Unaudited)
SilverBow Resources and Subsidiaries (in thousands, except
per-share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
Successor
|
|
|
|
Predecessor
|
|
|
|
Three Months Ended March 31, 2017
|
|
|
|
Three Months Ended March 31, 2016
|
Revenues:
|
|
|
|
|
|
|
|
Oil and gas sales
|
|
|
$
|
42,412
|
|
|
|
|
$
|
34,367
|
|
Price-risk management and other, net
|
|
|
10,794
|
|
|
|
|
(95
|
)
|
Total Revenues
|
|
|
53,206
|
|
|
|
|
34,272
|
|
|
|
|
|
|
|
|
|
Costs and Expenses:
|
|
|
|
|
|
|
|
General and administrative, net
|
|
|
9,834
|
|
|
|
|
8,118
|
|
Depreciation, depletion, and amortization
|
|
|
9,715
|
|
|
|
|
17,245
|
|
Accretion of asset retirement obligations
|
|
|
564
|
|
|
|
|
1,291
|
|
Lease operating costs
|
|
|
5,773
|
|
|
|
|
12,307
|
|
Transportation and gas processing
|
|
|
4,385
|
|
|
|
|
5,055
|
|
Severance and other taxes
|
|
|
1,618
|
|
|
|
|
2,332
|
|
Interest expense, net (excludes contractual interest of $17,320 on
senior notes subject to compromise for the three months ended March
31, 2016)
|
|
|
3,607
|
|
|
|
|
8,066
|
|
Write-down of oil and gas properties
|
|
|
-
|
|
|
|
|
77,732
|
|
Reorganization items, net
|
|
|
-
|
|
|
|
|
10,429
|
|
Total Costs and Expenses
|
|
|
35,496
|
|
|
|
|
142,575
|
|
|
|
|
|
|
|
|
|
Income (Loss) Before Income Taxes
|
|
|
17,710
|
|
|
|
|
(108,303
|
)
|
|
|
|
|
|
|
|
|
Provision (Benefit) for Income Taxes
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
Net Income (Loss)
|
|
|
$
|
17,710
|
|
|
|
|
$
|
(108,303
|
)
|
|
|
|
|
|
|
|
|
Per Share Amounts-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic: Net Income (Loss)
|
|
|
$
|
1.58
|
|
|
|
|
$
|
(2.42
|
)
|
|
|
|
|
|
|
|
|
Diluted: Net Income (Loss)
|
|
|
$
|
1.57
|
|
|
|
|
$
|
(2.42
|
)
|
|
|
|
|
|
|
|
|
Weighted Average Shares Outstanding - Basic
|
|
|
11,232
|
|
|
|
|
44,672
|
|
|
|
|
|
|
|
|
|
Weighted Average Shares Outstanding - Diluted
|
|
|
11,323
|
|
|
|
|
44,672
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statements of Cash Flows (Unaudited)
SilverBow Resources and Subsidiaries (in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Successor
|
|
|
|
Predecessor
|
|
|
|
|
Three Months Ended March 31, 2017
|
|
|
|
Three Months Ended March 31, 2016
|
Cash Flows from Operating Activities:
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
|
|
$
|
17,710
|
|
|
|
|
$
|
(108,303
|
)
|
Adjustments to reconcile net income (loss) to net cash provided by
(used in) operating activities-
|
|
|
|
|
|
|
|
|
Depreciation, depletion, and amortization
|
|
|
|
9,715
|
|
|
|
|
17,245
|
|
Write-down of oil and gas properties
|
|
|
|
-
|
|
|
|
|
77,732
|
|
Accretion of asset retirement obligations
|
|
|
|
564
|
|
|
|
|
1,291
|
|
Share-based compensation expense
|
|
|
|
1,503
|
|
|
|
|
770
|
|
Loss (gain) on derivatives
|
|
|
|
(10,937
|
)
|
|
|
|
-
|
|
Cash settlements on derivatives
|
|
|
|
(811
|
)
|
|
|
|
-
|
|
Settlements of asset retirement obligations
|
|
|
|
(411
|
)
|
|
|
|
(278
|
)
|
Write-down of debt issuance cost
|
|
|
|
450
|
|
|
|
|
-
|
|
Reorganization items (non-cash)
|
|
|
|
-
|
|
|
|
|
5,422
|
|
Other
|
|
|
|
(315
|
)
|
|
|
|
2,551
|
|
Change in operating assets and liabilities-
|
|
|
|
|
|
|
|
|
(Increase) decrease in accounts receivable and other current assets
|
|
|
|
(1,942
|
)
|
|
|
|
3,167
|
|
Increase (decrease) in accounts payable and accrued liabilities
|
|
|
|
(3,436
|
)
|
|
|
|
5,185
|
|
Increase (decrease) in accrued interest
|
|
|
|
(354
|
)
|
|
|
|
(15
|
)
|
Net Cash Provided by (Used in) Operating Activities
|
|
|
|
11,736
|
|
|
|
|
4,767
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from Investing Activities:
|
|
|
|
|
|
|
|
|
Additions to property and equipment
|
|
|
|
(25,417
|
)
|
|
|
|
(36,317
|
)
|
Proceeds from the sale of property and equipment
|
|
|
|
432
|
|
|
|
|
4,876
|
|
Net Cash Provided by (Used in) Investing Activities
|
|
|
|
(24,985
|
)
|
|
|
|
(31,441
|
)
|
|
|
|
|
|
|
|
|
|
Cash Flows from Financing Activities:
|
|
|
|
|
|
|
|
|
Proceeds from bank borrowings
|
|
|
|
43,000
|
|
|
|
|
15,000
|
|
Payments of bank borrowings
|
|
|
|
(69,000
|
)
|
|
|
|
-
|
|
Net proceeds from issuances of common stock
|
|
|
|
39,381
|
|
|
|
|
-
|
|
Purchase of treasury shares
|
|
|
|
(267
|
)
|
|
|
|
(4
|
)
|
Net Cash Provided by (Used in) Financing Activities
|
|
|
|
13,114
|
|
|
|
|
14,996
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in Cash and Cash Equivalents
|
|
|
|
(135
|
)
|
|
|
|
(11,678
|
)
|
|
|
|
|
|
|
|
|
|
Cash and Cash Equivalents at Beginning of Period
|
|
|
|
303
|
|
|
|
|
29,460
|
|
|
|
|
|
|
|
|
|
|
Cash and Cash Equivalents at End of Period
|
|
|
|
$
|
168
|
|
|
|
|
$
|
17,782
|
|
|
SilverBow Resources, Inc.
Non-GAAP Financial Measures
Reconciliation of Net Income (GAAP) to Adjusted EBITDA
(Non-GAAP)
(In thousands)
(Unaudited)
|
|
We present adjusted EBITDA attributable to common stockholders
(“Adjusted EBITDA”) in addition to our reported net income (loss) in
accordance with U.S. GAAP. Adjusted EBITDA is a non-GAAP financial
measure that is used as a supplemental financial measure by our
management and by external users of our financial statements, such
as investors, commercial banks and others, to assess our operating
performance as compared to that of other companies in our industry,
without regard to financing methods, capital structure or historical
costs basis. It is also used to assess our ability to incur and
service debt and fund capital expenditures.
|
|
Our Adjusted EBITDA should not be considered an alternative to net
income (loss), operating income (loss), cash flows provided by (used
in) operating activities or any other measure of financial
performance or liquidity presented in accordance with U.S. GAAP. Our
Adjusted EBITDA may not be comparable to similarly titled measures
of another company because all companies may not calculate Adjusted
EBITDA in the same manner.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Successor
|
|
|
|
Predecessor
|
|
|
|
|
Three Months Ended March 31, 2017
|
|
|
|
Three Months Ended March 31, 2016
|
Net Income (Loss)
|
|
|
|
$
|
17,710
|
|
|
|
|
$
|
(108,303
|
)
|
Plus:
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization
|
|
|
|
9,715
|
|
|
|
|
17,245
|
|
Accretion of asset retirement obligations
|
|
|
|
564
|
|
|
|
|
1,291
|
|
Interest expense
|
|
|
|
3,607
|
|
|
|
|
8,066
|
|
Impairment of oil and gas properties
|
|
|
|
-
|
|
|
|
|
77,732
|
|
Reorganization items
|
|
|
|
-
|
|
|
|
|
10,429
|
|
Derivative (gain)/loss
|
|
|
|
(10,936
|
)
|
|
|
|
-
|
|
Derivative cash settlements collected/(paid) (1)
|
|
|
|
(668
|
)
|
|
|
|
-
|
|
Share-based compensation expense
|
|
|
|
1,503
|
|
|
|
|
770
|
|
Adjusted EBITDA
|
|
|
|
$
|
21,495
|
|
|
|
|
$
|
7,230
|
|
|
(1) This includes accruals for settled contracts covering commodity
deliveries during the period where the actual cash settlements occur
outside of the period.
|
|
|
|
|
|
|
|
|
|
Production Volumes & Pricing (Unaudited)
|
SilverBow Resources and Subsidiaries
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2017
(Successor)
|
|
|
|
Three Months Ended March 31, 2016
(Predecessor)
|
Production volumes:
|
|
|
|
|
|
|
|
|
Oil (MBbl) (1)
|
|
|
|
146
|
|
|
|
|
427
|
Natural gas (MMcf)
|
|
|
|
10,104
|
|
|
|
|
9,197
|
Natural gas liquids (MBbl) (1)
|
|
|
|
204
|
|
|
|
|
310
|
Total (MMcfe)
|
|
|
|
12,206
|
|
|
|
|
13,614
|
|
|
|
|
|
|
|
|
|
Oil, Natural gas and Natural gas liquids sales:
|
|
|
|
|
|
|
|
|
Oil
|
|
|
|
$
|
7,201
|
|
|
|
|
$
|
12,830
|
Natural gas
|
|
|
|
31,063
|
|
|
|
|
18,185
|
Natural gas liquids
|
|
|
|
4,148
|
|
|
|
|
3,352
|
Total
|
|
|
|
$
|
42,412
|
|
|
|
|
$
|
34,367
|
|
|
|
|
|
|
|
|
|
Average realized price:
|
|
|
|
|
|
|
|
|
Oil
|
|
|
|
$
|
49.26
|
|
|
|
|
$
|
30.07
|
Natural gas
|
|
|
|
3.07
|
|
|
|
|
1.98
|
Natural gas liquids
|
|
|
|
20.33
|
|
|
|
|
10.83
|
Total
|
|
|
|
$
|
3.47
|
|
|
|
|
$
|
2.52
|
|
|
|
|
|
|
|
|
|
Price impact of cash-settled derivatives:
|
|
|
|
|
|
|
|
|
Oil
|
|
|
|
$
|
(2.82
|
)
|
|
|
|
$
|
—
|
Natural gas
|
|
|
|
(0.03
|
)
|
|
|
|
—
|
Natural gas liquids
|
|
|
|
—
|
|
|
|
|
—
|
Total
|
|
|
|
$
|
(0.05
|
)
|
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
Average realized price after cash settled derivatives:
|
|
|
|
|
|
|
|
|
Oil
|
|
|
|
$
|
46.44
|
|
|
|
|
$
|
30.07
|
Natural gas
|
|
|
|
3.05
|
|
|
|
|
1.98
|
Natural gas liquids
|
|
|
|
20.33
|
|
|
|
|
10.83
|
Total
|
|
|
|
$
|
3.42
|
|
|
|
|
$
|
2.52
|
|
|
|
|
|
|
|
|
|
(1) Oil and natural gas liquids are converted at the rate of one
barrel of oil equivalent to six Mcfe
|
|
|
|
|
|
Second Quarter & Full Year 2017 Guidance
|
|
|
|
|
|
|
|
|
|
Guidance
|
|
|
|
|
2Q 2017
|
|
|
|
FY 2017
|
Production Volumes:
|
|
|
|
|
|
|
|
|
Oil (Bbls/d)
|
|
|
|
1,150 – 1,200
|
|
|
|
2,175 – 2,325
|
NGLs (Bbls/d)
|
|
|
|
2,300 – 2,400
|
|
|
|
2,660 – 2,840
|
Natural Gas (Mmcf/d)
|
|
|
|
117.5 – 122.5
|
|
|
|
116 – 124
|
Million Cubic Feet of Gas Equivalent (Mmcfe/d)
|
|
|
|
138 – 144
|
|
|
|
145 - 155
|
|
|
|
|
|
|
|
|
|
Operating Costs & Expenses:
|
|
|
|
|
|
|
|
|
Lease Operating Expense ($/Mcfe)
|
|
|
|
$0.48 - $0.52
|
|
|
|
$0.48 - $0.54
|
Transportation & Processing Expense ($/Mcfe)
|
|
|
|
$0.36 - $0.38
|
|
|
|
$0.32 - $0.34
|
Production & Ad Val Taxes (% of O&G Revenue)
|
|
|
|
4% - 5%
|
|
|
|
4% - 5%
|
Cash G&A, net (in millions)
|
|
|
|
$4.7 – 5.1
|
|
|
|
$22.0 - $24.0
|
DD&A Expense ($/Mcfe)
|
|
|
|
$0.80 - $0.85
|
|
|
|
$0.80 - $0.90
|
Cash Interest Expense ($MM)
|
|
|
|
$2.5
|
|
|
|
N/A
|
|
|
|
|
|
|
|
|
|
Product Pricing:
|
|
|
|
|
|
|
|
|
Natural Gas NYMEX Differential (per Mcf)
|
|
|
|
($0.05 - $0.10)
|
|
|
|
N/A
|
Crude Oil NYMEX Differential (per Bbl)
|
|
|
|
($2.00 - $2.75)
|
|
|
|
N/A
|
Natural Gas Liquids (% of WTI)
|
|
|
|
33% - 35%
|
|
|
|
N/A
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20170505005816/en/ Copyright Business Wire 2017
Source: Business Wire
(May 5, 2017 - 4:03 PM EDT)
News by QuoteMedia
www.quotemedia.com
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