Endeavor Announces Second Quarter 2018 Results
Endeavor Energy Resources, LP (“Endeavor, or the “Company”) announces the following results for the quarter ended June 20, 2018 (2Q18).
- Net production averaged a company record 64.3 MBoe per day (76% oil), an increase of 64% year over year.
- Production growth driven by 40 new company operated horizontal wells to sales during the quarter, which compares to 38 new horizontal wells for all of 2017.
- Lease operating expense (“LOE”) per BOE in 2Q 2018 decreased to $10.84, a 19% year over year improvement.
- Contracted for 30,000 barrels of firm volume on the Gray Oak pipeline from Permian to Corpus Christi, expected to be available in 4Q 2019
- Continue to develop with 10 horizontal rigs in the 2Q and up to 4 frac fleets
Endeavor placed on production 41 gross company operated wells (of which 40 were horizontal wells). Included in this total are 22 two-mile Company operated drill fund wells on 4 different pads in Martin and Midland counties with these wells averaging 30 day peak IP rates of over 900 Boepd (87% oil). Overall 30 day IP rates for the 2Q period of 40 wells was 924 Boepd. The table below outlines a diverse group of these wells from Midland, Martin, and Reagan counties comprising the Middle Spraberry, Lower Spraberry, Wolfcamp A, Wolfcamp B and Wolfcamp C intervals.
Efficiency in execution continued to improve across drilling and completions activities. In the 2Q period, average ft/day drilled improved 30% from the same period in 2017 and improved 10% from Q1 2018 sequentially. A total of 32 wells were drilled and rig released during the quarter and a new company record well was drilled to 17,000 ft measured depth in 13.1 days.
Similarly, completion execution efficiency continues to improve with Q2 2018 stages pumped per day improving 20% from the 1Q 2018. This trend is enabled by our transition to pad development where our stimulation operations will have the opportunity to execute multi-well pads. In addition, we are in transition to primarily all regional sand sourcing by the end of 2018.