Post Tagged with: "MMboe"

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…]

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…]

CNOOC 2018: 470 MMBOE Target, $11 Billion CapEx

CNOOC 2018: 470 MMBOE Target, $11 Billion CapEx

CNOOC Limited (ticker: CEO) plans to target 470-480 MMBOE for its net production goal in 2018. The geographic production areas are split between China (64%) and overseas (36%). The company’s net production for 2017 stood at approximately 469 MMBOE. As for 2019 and 2020, projected numbers are 485 MMBOE and 500 MMBOE, respectively. A stampede of projects CNOOC has scheduled five new projects to come on-stream in 2018. The Stampede oil field is in the United States, whereas the rest are in China. The Weizhou 6-13 and the Penglai 19-3 1/3/8/9 are both oil fields, whereas the Dongfang 13-2 and the Wenchang 9-2/9-3/10-3 are both gas fields. The Stampede oil field began production on February 6, 2018. The Stampede field is located in the Gulf of Mexico, approximately 185 kilometers (115 miles) south of Fourchon, Louisiana. It is positioned in approximately 1,066 meters (3,500 feet) of water, with a reservoir depth of 9,100[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…]