Endeavor Reports Second Quarter 2019 Operating Results
MIDLAND, Texas, August 08, 2019
Endeavor Energy Resources, LP (“Endeavor”, or the “Company”) announces operating results for the quarter ended June 30, 2019.
Second Quarter 2019 Highlights
- Average daily net production of approximately 111.8 MBoe per day (73% oil) during the three months ended June 30, 2019, a 60% increase from the average daily net production volume of approximately 69.8 MBoe per day (70% oil) for the three months ended June 30, 2018.
- Placed on production 38 gross operated horizontal wells during the three months ended June 30, 2019, achieving an average 30-day IP rate of over 1,141 Boepd (78% oil).
- Lease operating expense per Boe decreased to $8.21, an 18% decrease as compared to the same period in the prior year.
- Improved cycle times across the Midland Basin. Spud to rig release cycle time decreased by 24% and the number of stages completed per day improved by 34%, in each case, as compared to the three months ended June 30, 2018.
Operational Update
For the three months ended June 30, 2019, total net production was 10.2 MMBoe, a 60% increase from 6.3 MMBoe for the three months ended June 30, 2018. Lease operating expense per Boe decreased by 18% to $8.21 per Boe for the three months ended June 30, 2019 from $9.99 per Boe for the three months ended June 30, 2018.
During the second quarter of 2019, the Company spudded 42 and placed on production 38 gross operated horizontal wells. Endeavor’s working interest on operated horizontal wells placed on production was approximately 93%, with an average completed lateral length of approximately 10,270 feet including the Company’s first 2 ½ mile lateral drilling units.
Wells placed on production during the three months ended June 30, 2019 were among the best to date achieving an average 30-day IP rate of over 1,141 Boepd (78% oil). As of August 08, 2019, the Company is operating 9 horizontal drilling rigs and has 3 dedicated frac crews.
Forward Looking Statements
Certain statements contained in this document constitute “forward-looking statements” within the meaning of the federal securities laws. These forward-looking statements represent Endeavor’s expectations or beliefs concerning future events, and it is possible that the results described will not be achieved and Endeavor can give no assurance that such expectations will prove to have been correct. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of Endeavor’s control, which could cause actual results to differ materially from the results discussed in the forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and Endeavor does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for Endeavor to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements found in our Offering Circular dated November 28, 2017 circulated in connection with the offering of our 5.500% senior unsecured notes due 2026 in the aggregate principal amount of $500 million and our 5.750% senior unsecured notes due 2028 in the aggregate principal amount of $500 million, and those risk factors and other cautionary statements found in our Annual Report for the year ended December 31, 2018. The risk factors and other factors noted could cause our actual results and outcomes to differ materially from those contained in any forward-looking statement.
