Endeavor Reports First-Quarter 2018 Result
Endeavor Energy Resources, LP (“Endeavor”, or the “Company”) announces the following results for the quarter ended March 31st, 2018 (1Q18).
- Net production averaged a company record 46.3 MBoe per day (74% oil) in 1Q 2018, a 28% increase year-over-year.
- Lease operating expense (“LOE”) per Boe in the 1Q 2018 decreased to $12.46, a 13% year-over-year decrease.
- Entered into a new bank credit agreement with elected commitments of $500 million.
- Closed on multiple bolt-on acreage and minerals acquisitions in the Midland Basin for an aggregate purchase price of $77.7 million.
- Currently operating ten horizontal rigs versus an average of six during 2017.
Production for first-quarter 2018 was 4.2 million barrels of oil equivalent, or an average of 46.3 thousand Boe per day, an increase of approximately 28% from first-quarter 2017. Production in 1Q18 was affected by weather, interference of offset completing wells and back-end weighted quarter completions sequencing.
Endeavor placed on production 19 gross (17 net) wells of which 15 were horizontal completions with an average lateral length of 9,199 feet (2 Spraberry, 5 Wolfcamp A and 8 Wolfcamp B horizontals). Endeavor has continued to delineate large areas of the extensive leasehold as it spudded 35 gross horizontal wells across the Midland Basin portfolio.
Average IP 30 days rates for the first quarter completed horizontal wells was approximately 916 Boepd (88% oil). Cycle time continues to improve in the Midland Basin where Endeavor managed to reduce spud to rig release drill time on horizontal wells on average to 23.6 days in 1Q18 which also included a Company record Lower Spraberry horizontal well which was spud to rig released in 13 days.