Sanchez Energy misses by $0.18, misses on revs :
- Reports Q1 (Mar) loss of $0.30 per share, $0.18 worse than the Capital IQ Consensus of ($0.12); revenues fell 28.1% year/year to $79.52 mln vs the $91.62 mln Capital IQ Consensus.
- Total production of 5.1 million barrels of oil equivalent during the first quarter 2016, up approximately 26% over the first quarter 2015
- The Company reiterated its 2016 upstream capital spending guidance of $200 million to $250 million, with approximately 70% of the capital expected to be incurred in the first half of the year. At this level of capital spending, the Company anticipates it will be able to maintain production consistent with 2015 levels.
- The Company had liquidity of approximately $662 million as of March 31, 2016, which consisted of $362 million in cash and cash equivalents and an undrawn bank credit facility with an elected commitment amount of $300 million and a borrowing base of $350 million. The Company's elected commitment amount on the bank credit facility is expected to remain at $300 million until the next semi-annual redetermination of the borrowing base by the lenders, which is anticipated in the fourth quarter 2016.
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