- exceeded crude oil production target range
- raised full-year 2019 crude oil growth target from fourteen to fifteen percent
- CAPEX near low end of target range
- generated "significant" net cash from operating activities and free cash flow
- reduced year-to-date well costs by five percent
- added 1,700 net premium locations to inventory now totaling 10,500 locations
- net premium locations now total over fourteen years of drilling inventory
- new Delaware Basin Wolfcamp M and Third Bone Spring plays add 1.6 billion boe net resource potential
- "highly economic" at $40 oil and flat $2.50 natural gas price (company's definition of premium inventory)
- Wolfcamp M: an initial 855 net premium drilling locations; net resource of 1.0 billion boe across its 193,000 net acre position
- Third Bone Spring:
- 585 million boe across its 200,000 net acre position
- net income for 3Q19:
- $615 million vs $1.2 billion one year ago
- $1.06/share vs $2.05/share one year ago
- adjusted: $1.13/share vs $1.75/share a year ago
- the Bakken was not mentioned in the press release except in the financial tables (mentioned once)
- brought 15 gross wells on line in the quarter
- brought 13 net wells on line in the quarter
- lateral length: 10,600 feet (longer than any other play)
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Coloring Inside The Lines
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