Post Tagged with: "BOEPD"

OXY’s New Mexico Permian Wells Coming in with IP-30s of 3,100 BOEPD

OXY’s New Mexico Permian Wells Coming in with IP-30s of 3,100 BOEPD

Occidental Petroleum Corporation (ticker: OXY) reported a core income of $708 million for the first quarter of 2018, or $0.92 per diluted share. Total average daily production volumes were 609,000 BOE for the first quarter of 2018, compared to 621,000 BOE in the fourth quarter of 2017. Permian average daily production volumes improved from the prior quarter by 18,000 BOE, or 11%, to 177,000 BOE in the first quarter of 2018. Occidental said that better than expected results from the Greater Sand Dunes contributed to the improved volumes – 16 wells reported 30-day production rates averaging 3,100 BOEPD. However, international average daily volumes were lower in the first quarter of 2018 by 29,000 BOE, compared to the fourth quarter of 2017. This was due to planned maintenance related to the Al Hosn Gas and Dolphin operations, as well as the impact of higher prices on production sharing contracts. “We are[Read More…]

Courtesy of EQT

Cardinal Energy, Now with Apache’s Conventional Light Oil Assets, Produces 21 MBOEPD in Q4 2017

It was in July 2017 that Apache Corp. (ticker: APA) announced it was selling its conventional light oil production to Cardinal Energy Ltd. (ticker: CJ). At that time, Cardinal estimated that the properties would add about 5,000 BOEPD of production, with oil and NGLs making up all production. In Q4 2017, Cardinal’s average daily production was 20,948 BOEPD, and for 2017 overall, the company produced on average 18,707 BOEPD. This was a year-over-year increase of 28% – Cardinal’s 2016 production values were 11,042 BOEPD. Cardinal reported a net loss of $54.3 million, or $(0.49) per share for Q4 2017. For the full year 2017, the company had a net loss of $57.6 million, or $(0.61) per share. Apache sold it, Cardinal bought it Cardinal bought Apache’s Midale and House Mountain conventional light oil assets back in July 2017 for $224 million. The company said its focus for 2017 was to[Read More…]

Rosehill Resources Drilling, Completing White Wolf in 2018

Rosehill Resources Drilling, Completing White Wolf in 2018

Rosehill Resources Inc. (ticker: ROSE) expects to drill 16 to 22 new wells in the White Wolf area in 2018 and expects to complete 12 to 16 of those wells. While most of these wells will have lateral lengths of approximately 5,000 feet, the company is projecting four to eight extended lateral wells greater than 7,000 feet in 2018. Rosehill did not acquire any additional acreage under the White Wolf purchase agreement. Rosehill’s total acreage position in this area stands at 6,505 net acres. The company is surveying, staking and permitting the first four White Wolf well locations, with the first well expected to spud in April, with early well results expected this summer. All four initial wells will target the Wolfcamp B. Operational update In late December, the company’s net daily production exceeded 10,000 net BOE. However, Rosehill said, due to severe cold weather, simultaneous operations downtime from Rosehill[Read More…]

DCIM101MEDIADJI_0116.JPG rig

Lilis Energy Firing on all Cylinders

Lilis Energy, Inc. (ticker: LLEX) produced 575,229 net BOE in 2017, or 1,575 BOEPD on average. These production numbers represent an increase of 350% year-over-year. Average Q4 2017 production increased 206% to 1,925 BOEPD. “The last year in 2017 has been a very transformational one for Lilis. We positioned ourselves as a pure play Delaware Basin operator with a substantial, contiguous net acreage base currently with ~16,000 net acres. We expect to be at ~19,000 net acres by the end of the first quarter in 2018, upon completion of our announced acquisition. More importantly, our acreage has been acquired at very attractive acreage costs, substantially below implied acreage valuations in the public market for comparable companies,” Lilis Executive Chairman Ron Ormand said in a statement. “Our midstream system is expected to be fully operational in March 2018, which will allow us to flow our wells unconstrained and accelerate our completions[Read More…]

Vermilion Energy Increases Dividend, Reduces Debt

Vermilion Energy Increases Dividend, Reduces Debt

International producer Vermilion Energy Inc. (ticker: VET) increased production by 8% from Q3 2017, reaching an average of 72,821 BOEPD in Q4 2017. For Q4 2017, Vermilion Energy reported net earnings of $8.645 million, or $0.07 per share. This compares to a net loss of $4.032 million, or $(0.03) per share in Q4 2016. Vermilion’s 2017 annual production volumes increased by 7% to 68,021 BOEPD. For 2017, the company earned $62.258 million, or $0.52 per share. This compares to a net loss of $160.051 million, or $1.38 per share in 2016. Capital expenditures in 2017 were $320 million, resulting in $282 million of free cash flow, Vermilion said. This has allowed the company to fund its increased dividend and reduce debt. The board of directors has approved a 7% increase to the monthly dividend to $0.23 per share from $0.215 per share, effective with the April 2018 dividend to be[Read More…]

Centennial Resource Development Equity Private Placements Now Total $910 Million

Centennial Resource Development Plans ~$1 Billion 2018 CapEx

Delaware Basin producer Centennial Resource Development, Inc. (ticker: CDEV) had average daily oil and total equivalent production volumes of 19,161 Bbls/d and 31,864 BOEPD, respectively. Centennial said that these production volumes represent an increase of 233% for daily oil and an increase of 278% for equivalents year-over-year. “In our first full year of operation, Centennial delivered on the 2017 goals we articulated last March. After raising production targets three times during the year, the company delivered oil production that ultimately exceeded the high-end of our 2017 guidance range. Within a short period of time, we assembled one of the highest quality technical teams in the industry,” said Mark G. Papa, chairman and CEO. “Based on the company’s strong operational outperformance in 2017 and the continued confidence in our technical capability, we are increasing our 2020 oil production target to 65,000 barrels per day, which is likely one of the highest[Read More…]

Unit Corporation Produces 4.3 MMBOE in 2017

Unit Corporation Produces 4.3 MMBOE in 2017

In the fourth quarter of 2017, Unit Corporation (ticker: UNT) recorded a net income of $89.2 million, this compares to a net income of $1.7 million for Q4 2016. $81.3 million of the net income was accounted for as a tax benefit associated with the Tax Cuts and Jobs Act enacted during the quarter. Total revenues for the quarter were $204.8 million, compared to $174.3 million for Q4 2016. Adjusted EBITA for the quarter was $91.2 million. For all of 2017, Unit recorded a net income of $117.8 million, compared to a net loss of $135.6 million for 2016. Total revenues for 2017 were $739.6 million, compared to $602.2 million for 2016. Adjusted EBITA for the year was $315.7 million. Production In Q4 2017, Unit’s total equivalent production was 4.3 MMBOE, which was a 6% increase compared to Q3 2017. The total production can be broken down into 7,877 BOPD,[Read More…]

WPX Grows Oil Production 47% in Q4, Forecasts $1 Billion 2018 Drilling CapEx

WPX Grows Oil Production 47% in Q4, Forecasts $1 Billion 2018 Drilling CapEx

WPX Energy (ticker: WPX) reported Q4 2017 oil volumes of 75,200 BOPD, which was 68% higher than a year ago, and 16% higher than Q3 2017. WPX’s first two North Sunday Island wells in the Williston Basin have 120-day cumulative production of more than 576,000 BOE (81% oil), consisting of 298,000 BOE from the Hidatsa North 14-23HX well and 278,000 BOE from the Mandan North 13-24HW well. According to internal and public data, WPX’s North Sunday Island wells have the highest cumulative oil production over 90-day and 120-day periods for individual horizontal wells in the history of the Williston Basin, WPX said. “Our disciplined execution against our multi-year plan continues to deliver new catalysts for long-term value creation. These drivers include transitioning to longer laterals in the Delaware Basin, the incredible performance from our Williston wells, our forward-looking approach to midstream infrastructure and a fast track to dramatically reduced leverage,”[Read More…]

Devon Energy Accelerates Production to 195 MBOEPD

Devon Energy Accelerates Production to 195 MBOEPD

Devon’s early ’18 production from Delaware, STACK up 20% over 2017 average Devon Energy Corp. (ticker: DVN) accelerated production growth in early 2018. The company’s Delaware Basin and STACK assets are producing approximately 195,000 BOEPD. The combined daily production rates from these two assets represent a 10% increase over the fourth quarter of 2017, and a ~20% increase compared to the full-year 2017 average. The substantial increase in daily production is driven by higher operated completion activity in the Delaware Basin and tie-in of more than 50 non-operated wells in the STACK around year-end, Devon said, and these two assets remain on track to increase oil production by greater than 35% in 2018, compared to 2017. Q4 2017 production Devon’s net production averaged 548,000 BOEPD in the fourth quarter of 2017. Of this total, oil production in the quarter totaled 246,000 BOPD, which was 14,000 BOPD below the company’s midpoint[Read More…]

Razor Energy Increases Reserves by 112% in 2017

Razor Energy Increases Reserves by 112% in 2017

Razor Energy Corp. (ticker: RZE) released a new reserves report today. Total reserve values, on a proved developed producing basis discounted at 10% before tax, were $178.3 million, which represents an increase of 112% over year-end 2016. Total PDP reserve volumes were 11,910 MBOE (90% oil and liquids), which represents an increase of 55% over year-end 2016. Total proved (1P) reserves were 15,072 MBOE and total proved plus probable (2P) reserves were 20,326 MBOE, which represent increases of 49% and 62%, respectively, over year-end 2016. The company’s reserve life index is 6.8 years for PDP, 8.6 years for 1P and 11.6 years for 2P reserves, based-on December 2017 average field-estimated production of 4,782 BOEPD. Razor’s reserve replacement was 360% of PDP, 420% of 1P and 660% of 2P. Net asset value Net asset value, including estimated January 31, 2018 cash and working capital was: $9.60/share on a PDP basis discounted[Read More…]

Occidental Petroleum Averaged 621 MBOEPD in Q4

Occidental Petroleum Averaged 621 MBOEPD in Q4

Occidental Petroleum Corporation (ticker: OXY) reported net income of $497 million, or $0.65 per diluted share, for the fourth quarter of 2017, compared with $190 million, or $0.25 per diluted share, for the third quarter of 2017. Core income for the fourth quarter of 2017 was $313 million, or $0.41 per diluted share, compared with $137 million, or $0.18 per diluted share, for the third quarter of 2017. “In 2017, our investments in people, technology and assets continued to pay off, putting us ahead of schedule on our breakeven plan. All of our segments generated significant free cash flow, and we achieved record-breaking well results in our Permian Resources business,” said Occidental President and CEO Vicki Hollub. Q4 2017 production Total average daily production volumes were 621,000 BOE for the fourth quarter of 2017, compared to 600,000 BOE in the third quarter of 2017. Permian Resources average daily production volumes improved[Read More…]

Advantage Oil & Gas Averaged Production of Nearly 40 MBOEPD in 2017

Advantage Oil & Gas Averaged Production of Nearly 40 MBOEPD in 2017

Advantage Oil & Gas Ltd. (ticker: AAV) released Q4 2017 and year-end 2017 results today. The company added reserves, increased annual production by 16% and spent $249 million in 2017. Growing reserves PDP reserves increased 27% due to the recognition of 27 new Glacier wells that were brought on production through 2017 and higher reserves assignments on historical producing wells due to stronger performance than previously forecasted by the company. 1P reserves increased 20% resulting from technical revisions which accounted for 45% of the 1P reserve additions. The remaining reserve additions resulted from the conversion of probable locations to the proved reserves category and the booking of new proven undeveloped locations. 2P reserves increased 13% through the addition of 56 new wells and locations (40 Glacier and 16 Valhalla). Of the 56 new wells and locations, 30 were proved undeveloped locations. A total of 337 undeveloped locations were booked in[Read More…]

ExxonMobil Stacks 2.7 Billion More Barrels into Reserves, Bringing 2017 Total to 21.2 Billion Barrels

ExxonMobil Stacks 2.7 Billion More Barrels into Reserves, Bringing 2017 Total to 21.2 Billion Barrels

Exxon Mobil Corporation (ticker: XOM) added 2.7 billion oil-equivalent barrels of proved oil and gas reserves in 2017, replacing 183% of 2017 production. ExxonMobil’s proved reserves totaled 21.2 billion oil-equivalent barrels at year-end 2017. Liquids represented 57% of the reserves, up from 53% in 2016. According to the company, ExxonMobil’s reserves life at current production rates is 14 years. During 2017, proved additions at Upper Zakum in Abu Dhabi totaled more than 800 million barrels of crude oil. Additions from liquids-rich unconventional plays in the United States, mainly in the Permian Basin, totaled approximately 800 million oil-equivalent barrels. Additions in the Permian are expected to increase daily production in that basin to more than 600,000 oil-equivalent barrels by 2025. The company recently announced its intentions to triple its Permian production. Offshore Guyana, ExxonMobil has discovered recoverable resources, including current proved reserves and additional resources, estimated to be 3.2 billion gross[Read More…]

Anadarko Petroleum Rakes in $976 Million in Q4

Anadarko Petroleum Rakes in $976 Million in Q4

Anadarko Petroleum Corporation (ticker: APC) reported fourth quarter of 2017 net income attributable to common stockholders of $976 million, or $1.80 per share (diluted). Net cash provided by operating activities in the fourth quarter of 2017 was $1.4 billion. For the year ended December 31, 2017, Anadarko reported a net loss attributable to common stockholders of $456 million, or ($0.85) per share (diluted). Full-year 2017 net cash provided by operating activities totaled $4.0 billion. “Given the significant volatility the energy sector faced in 2017, we continued to focus on capital efficiency throughout the year by investing upstream capital within discretionary cash flow, while materially improving margins per barrel – an approach that produced very encouraging results as we concluded the year,” said Anadarko Chairman, President and CEO Al Walker. 245 MMBOE sold in 2017, updated reserves Anadarko’s full-year sales volumes of oil, natural gas and NGLs totaled 245 MMBOE, or[Read More…]

Pioneer Natural Resources on a Permian Tear: 224 Wells Drilled in 2017, 20 Rigs Operating in 2018

Pioneer Natural Resources on a Permian Tear: 224 Wells Drilled in 2017, 20 Rigs Operating in 2018

250-275 gross wells expected to be on production in the Permian Basin in 2018 $2.6 billion 2018 Permian-focused CapEx Pioneer Natural Resources (ticker: PXD) placed 64 horizontal wells on production in the fourth quarter of 2017. In the Permian, 43 wells were in the northern area and 21 wells were in the southern Wolfcamp joint venture area. For the full year, 224 wells were placed on production, of which 184 were in the northern area and 40 wells were in the southern Wolfcamp joint venture area. Pioneer produced 305 MBOEPD in the fourth quarter of 2017, an increase of 29 MBOEPD, or 11%, compared to the third quarter of 2017. Fourth quarter production was above the top end of Pioneer’s production guidance range of 292 MBOEPD to 302 MBOEPD. As for fourth quarter oil production, it was up 18 MBOPD, or 11%, compared to the third quarter of 2017. The[Read More…]

Jones Energy Spends $248 Million in 2017, Prepares Merge Play CapEx

Jones Energy Spends $248 Million in 2017, Prepares Merge Play CapEx

Jones Energy, Inc. (ticker: JONE) produced 21,207 BOEPD in Q4 2017, 6.5% above the company’s midpoint guidance. Oil volumes made up 29% of total production at 6,217 BOPD and NGL volumes represented 30% of Q4 production. For the full year of 2017, Jones produced 21,332 BOEPD. Average oil volumes of 5,378 BOPD comprised 25% of production and NGL volumes accounted for 31% of full year production. For the full year of 2017, the company’s production grew 11% as compared to 2016’s production. Q4/FY 2017 CapEx During Q4 2017, the company’s capital expenditures totaled $63.3 million, of which $57.3 million, or 91%, was related to drilling and completing operated wells. The remaining $6.0 million was primarily related to participation in non-op drilling. For the full year 2017, total capital expenditures were $248.0 million, of which $205.7 million (or 83%) was related to drilling and completing wells. Total Merge play spending was $126 million for the full year.[Read More…]

Sanchez Energy Grows Proved Reserves by 88%, Sets Production Record

Sanchez Energy Grows Proved Reserves by 88%, Sets Production Record

Sanchez Energy Corporation (ticker: SN) released year-end 2017 proved reserves and operating results for the fourth quarter and full year 2017. Highlights Proved reserves increased by 88% during the year to approximately 363 MMBoe, with a reserve replacement ratio of roughly 762% in 2017 Fourth quarter 2017 production of nearly 7.5 MMBoe, or 81,977 BOEPD The company’s production mix during the fourth quarter 2017 consisted of approximately 34% oil, 34% natural gas liquids and 32% natural gas Full year 2017 production was approximately 25.7 MMBoe, or 70,320 BOEPD “Sanchez Energy showed strong reserve growth last year, with an 88 percent increase in the company’s proved reserves,” said CEO Tony Sanchez. “Through our acquisition of the Comanche properties and subsequent drilling success, the company’s proved reserves increased to a record 363 MMBoe at year-end. “Importantly, we achieved a reserve replacement ratio of 762 percent in 2017, in large part due to[Read More…]

Edelman - LNG 17 Shell speakers, participants, booths and displays, Wednesday, April 17, 2013.

Shell Earned $4.3 Billion for Q4, $15.8 Billion for 2017

Royal Dutch Shell (ticker: RDS.A) CEO Ben van Beurden had some things to celebrate in his company’s year-end reporting today. “We were able to deliver $39 billion of cash flow from operations excluding working capital movements from our upgraded portfolio. We strengthened our financial framework during the year through an $8 billion reduction in our net debt…,” the CEO said in a press release. CapEx – $20.8 billion spent in 2017   Upstream – Shell clamps down with high capacity and investments During the quarter, Shell and its partners announced the start of the extended well test at the Libra field in the Santos Basin in Brazil. Petrobras, the operator, announced that the Libra consortium had submitted the declaration of commerciality and signed a contract to charter the first production FPSO of Mero, which is the north-west block of Libra. The FPSO has a capacity of 180 thousand BOEPD and is[Read More…]

Parsley Energy Keeps the Green Coming

Parsley Energy Keeps the Green Coming

FY2017 CapEx of $1.2 billion: 40 wells to be placed on production each quarter in 2018 Parsley Energy, Inc. (ticker: PE) has released certain full-year 2017 results and an operational update for its Wolfcamp C delineation program. Q4 and FY2017 results Parsley expects full-year 2017 net production of 68 MBOEPD, up 78% relative to full-year 2016 net production. Additionally, Parsley Energy expects to report analogous growth in 2017 net oil production, up 75% versus 2016 net oil production to approximately 45 MBOPD. Full-year expected production is based on anticipated Q4 2017 net production of 80-81 MBOEPD and 51-52 MBOPD. The company completed 41 wells in Q4 2017. Parsley Energy expects Q4 capital expenditures of approximately $410-$420 million – this translates to full-year 2017 capital expenditures of about $1.2 billion. According to Parsley Energy, higher Q4 spending was caused by more completions, longer laterals and increased infrastructure/facility spending. 2018 capital program[Read More…]

Bohrung Erdpress, Österreich, 2013

Frontera Energy Exits 2017 with 71,015 BOEPD

Latin America-focused Frontera Energy Corporation (ticker: FEC) announced an exit rate production, after royalties and internal consumption, of 71,015 BOEPD as of December 31, 2017. According to a company statement, exit rate production included 8,240 bbl/d from Block 192 in Peru, which was above previous range expectations of 6,000 to 8,000 bbl/d. Company-wide average production in the fourth quarter was an estimated 64,445 BOEPD, down from 71,068 BOEPD in the third quarter of 2017 as a result of the downtime experienced in Peru during the quarter. The Alligator 1x exploration well, on the Guatiquia block, was spud on September 26, 2017 and reached total depth of 12,810 feet on November 11, 2017. The well encountered 18 feet of net pay in the Gacheta and Lower Sand 1 formations, with production testing commencing on December 27, 2017. The well has been producing between 200 and 300 bbl/d of 15° API oil[Read More…]