|Bill Barrett Corporation Reports Second Quarter 2017 Financial and Operating Results; Reiterates 2017 Operating Guidance|
For the second quarter of 2017, the Company reported a net loss of
Chief Executive Officer and President
OPERATING AND FINANCIAL RESULTS
The following table summarizes certain operating and financial results for the second quarters of 2017 and 2016 and the first quarter of 2017:
Oil, natural gas and natural gas liquids ("NGL") production totaled approximately 1.53 million barrels of oil equivalent ("MMBoe") in the second quarter of 2017, which was at the upper end of the guidance range of 1.45-1.55 MMBoe and represents a 6% increase in production sales volumes compared to the first quarter of 2017. Oil volumes increased 9% compared to the first quarter of 2017.
Second quarter production mix was consistent with guidance and comprised of approximately 59% oil, 21% natural gas and 20% NGLs.
Cash operating costs (LOE, gathering, transportation and processing costs and production tax expense) averaged
Higher production tax expense compared to the first quarter of 2017 was due to an annual adjustment of
Debt and Liquidity
The Company currently has
Capital expenditures for the second quarter of 2017 totaled
The Company produced an average of 14,456 Boe/d in the second quarter of 2017. The Company placed 4 XRL and 10 MRL wells on initial flowback during the second quarter and is currently operating two drilling rigs.
The following provides a synopsis of the current activity for drilling and spacing units ("DSU") that are in the drilling and completion or the initial flowback phase:
Uinta Oil Program
Production sales volumes averaged 2,296 Boe/d (89% oil) during the second quarter of 2017 compared to the second quarter of 2016 average of 2,130 Boe/d. Second quarter of 2017 production sales volumes benefited from the completion of a 9 well recompletion program. The oil price differential averaged
2017 OPERATING GUIDANCE
The Company is providing the following update to its 2017 operating guidance. See "Forward-Looking Statements" below.
COMMODITY HEDGES UPDATE
The following table summarizes our 2017 and 2018 hedge position as of
Realized sales prices will reflect basis differentials from the index prices to the sales location.
Second Quarter Conference Call and Webcast
The Company plans to host a conference call on Wednesday, August 2, 2017, to discuss the results and management's outlook. The call is scheduled at
Members of the Company's management are currently scheduled to participate in the following investor events:
All statements in this press release, other than statements of historical fact, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Words such as expects, forecast, guidance, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements herein; however, these are not the exclusive means of identifying forward-looking statements. In particular, the Company is providing "2017 Operating Guidance," which contains projections for certain 2017 operational and financial metrics. Additional forward-looking statements in this release relate to, among other things, future capital expenditures, costs, projects and opportunities.
These and other forward-looking statements in this press release are based on management's judgment as of the date of this release and are subject to numerous risks and uncertainties. Actual results may vary significantly from those indicated in the forward-looking statements. Please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2016 filed with the
View original content with multimedia:http://www.prnewswire.com/news-releases/bill-barrett-corporation-reports-second-quarter-2017-financial-and-operating-results-reiterates-2017-operating-guidance-300497724.html
Larry C. Busnardo, Vice President, Investor Relations, 303-312-8514
Vice President, Investor Relations