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Adjusted non-GAAP net income loss is calculated by matching hedge realizations to settlement months and making certain other adjustments in order to exclude non-recurring and certain other items.
Higher commodity prices, increased production volumes, well productivity improvements and per-unit cost reductions resulted in significant increases to adjusted non-GAAP net income, discretionary cash flow and EBITDAX for the fourth quarter compared to the fourth quarter Operational Highlights Crude oil and condensate volumes in the U.
Increased development activity and well productivity improvements supported the volume increase. Transportation expenses decreased 11 percent and depreciation, depletion and amortization expenses decreased 12 percent, on a per-unit basis. Increased development activity drove substantial volume increases in the Eagle Ford and Delaware Basin during the fourth quarter.
Total company crude oil and condensate volumes increased 40, Bopd compared to the third quarter Natural gas liquids volumes grew 15 percent while natural gas volumes increased 6 percent, compared to the third quarter The company expects to grow total company crude oil volumes by 18 percent, generate double-digit ROCE and cover capital investment and dividend payments within discretionary cash flow.
The company targets lower well costs and per-unit operating expenses in despite a potentially inflationary operating environment. EOG is also focused on driving continued improvements in well productivity and pursuing exploration efforts in new plays.
EOG expects to complete approximately net wells incompared to net wells in At least 90 percent of the wells completed in are expected to be premium. Our deep inventory of premium wells across the U.
Delaware Basin crude oil and condensate volumes increased over 80 percent in and exceededBopd in the fourth quarter EOG continued active development of itsnet acre position in the Delaware Basin in the fourth quartercompleting 65 wells. Eight years after initiating development, EOG further reduced well costs and improved well performance during in itsnet acre position in the crude oil window of this world class play.
EOG also expanded its enhanced oil recovery program, adding 56 wells last year. For the full yearcrude oil production in the Eagle Ford and Austin Chalk increased one percent year-over-year despite interruption to producing volumes as a result of Hurricane Harvey.
These included 13 wells with lateral lengths of more than 10, feet. EOG continued to test its position in the South Texas Austin Chalk, a geologically complex formation which lies above the South Texas Eagle Ford, completing four net wells in the fourth quarter.
In the Powder River Basin, EOG continued exploration activity on itsnet acre position in the core of the play. The company tested the prospectivity of multiple target zones and also tested the aerial extent of various targets in the Powder River Basin during the year.
In the DJ Basin, EOG achieved significant well cost reductions during through a focus on efficiency improvements in drilling and completion operations. This included the Big Sandy H with a treated lateral length of 8, feet and day initial production rate of 1, Bopd, Bpd of NGLs and 0.
Reserves At year-endtotal company net proved reserves were 2, million barrels of oil equivalent MMBoean increase of 18 percent compared to year-end Revisions due to price increased net proved reserves by MMBoe and asset divestitures decreased net proved reserves by 21 MMBoe.
For the 30th consecutive year, internal reserves estimates were within 5 percent of estimates independently prepared by DeGolyer and MacNaughton.
Hedging Activity During the fourth quarter ended December 31,EOG entered into crude oil financial price swap contracts and differential basis swap contracts. A comprehensive summary of crude oil and natural gas derivative contracts is provided in the attached tables.
Central time 9 a. Eastern time on Wednesday, February 28, To access the live audio webcast and related presentation materials, log on to the Investors Overview page on the EOG website at http: This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act ofas amended, and Section 21E of the Securities Exchange Act ofas amended.Abraxas Petroleum Corporation is a San Antonio based crude oil and natural gas exploration and production company with operations across the Rocky Mountain, Mid-Continent, Permian Basin and Gulf Coast regions of the United States and in the province of Alberta, Canada.
Join the Nasdaq Community today and get free, instant access to portfolios, stock ratings, real-time alerts, and more! Find Companies in United States and other regions and countries for NASDAQ, NYSE, and AMEX listed companies using the Company List tool at timberdesignmag.com A History of Abraxas Petroleum Corporation in United States and Canada.
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