First Quarter 2017 Highlights
- Production volumes were 9,785 Boe/d (85% oil) for the quarter, an increase of 139% compared to first quarter 2016 and an increase of 52% compared to the fourth quarter 2016
- The Company spud 12 gross operated horizontal wells and completed and put online 7 gross operated horizontal wells, with average lateral lengths of 7,403' and 7,966', respectively
- Average realized sales prices, including settlement of realized oil hedges, were $47.89 per barrel of oil, $2.48 per Mcf of natural gas and $20.61 per barrel of natural gas liquids. The total oil equivalent price, including settlement of realized oil hedges, for the quarter was $43.30 per Boe compared to the first quarter 2016 total equivalent price of $26.74 per Boe and the fourth quarter 2016 total equivalent price of $39.74 per Boe
- Lease operating expense, including workovers, ("LOE") of $1.83 per Boe was 62% less than first quarter 2016 of $4.81 per Boe, and 52% less than fourth quarter 2016 LOE of $3.80 per Boe
- Net loss for the quarter was $465.9 million, due to non-cash equity-based compensation and deferred tax expenses related to the IPO and the related corporate reorganization. Adjusted net income (a non-GAAP measure) was $10.5 million, or $0.05 per pro forma common share, after eliminating non-cash gain on commodity derivative contracts and IPO related expenses
- Adjusted EBITDAX (a non-GAAP measure) was $29.1 million, or $33.07 per Boe of production
No comments:
Post a Comment