Jagged Peak Energy Inc. Announces Unaudited Consolidated Earnings and Operating Results for the First Quarter Ended March 31, 2017; Provides Capital Expenditure for the Full Year of 2017 and Operating Guidance for Second Quarter, Second Half, Fourth Quarter and Full Year of 2017
For the quarter, the company reported oil production of 745 MBbls against 311 MBbls a year ago. Natural gas production was 370 MMcf against 158 MMcf a year ago. NGLs production was 74 MBbls against 36 MBbls a year ago. Combined volumes production was 881 MBoe against 373 MBoe a year ago. Daily combined volumes production was 9,785 Boe/d against 4,102 Boe/d a year ago. Average sales prices (after the effects of realized hedges) of oil was $49.33 per Bbl, natural gas was $2.4 per Mcf, NGLs was $29.81 per Bbl, Combined was $44.52 per Boe against average sales prices (after the effects of realized hedges) of oil was $29.81 per Bbl, natural gas was $1.78 per Mcf, NGLs was $11.92 per Bbl, Combined was $26.74 per Boe a year ago.
The company provided capital expenditure for the full year of 2017 and operating guidance for second quarter, second half, fourth quarter and full year of 2017. For the year, the company expects capital expenditures for development of oil and gas properties and infrastructure of approximately $525 to $570 million, excluding leasehold additions.
The company expects second quarter 2017 production to average 14,000 to 15,000 Boe/d, an increase of 4,715 Boe/d, or 48%, at the mid-point compared to first quarter production.
Production volumes continue to be weighted to the second half of 2017 as they realize the full benefit of the increased drilling program, with projected fourth quarter 2017 exit production of 26,000 to 28,000 Boe/d.
For the year, the company expects production of 17,000 to 19,000 Boe/d. 50 to 55 gross operated horizontal completions with an approximate average lateral length of 7,800' and an approximate average working interest of 94%.