Bankers Petroleum announced its second quarter update. Oil sales during the quarter averaged 19,599 bopd, 3.4% lower than the previous quarter average of 20,283 bopd.
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Crude oil inventory at June 30, 2015, was 307,000 barrels, up from 270,000 barrels at March 31, 2015.
The Patos-Marinza second quarter average oil price was approximately $47.98 per barrel (representing 77% of the Brent oil price of $61.92 per barrel), as compared with the first quarter average oil price of $39.66 per barrel (representing 74% of the Brent oil price of $53.94 per barrel).
Sales to the export market during the second quarter of 2015 represented 78% of total sales, at an average export price of 80% of the Brent oil price. Domestic sales were lower in the quarter as Bankers targets the seasonally higher demand of the export market.
For the six months ended June 30, 2015, average oil sales were 19,899 bopd compared to 20,036 bopd for the first six months of 2014. The six month average oil price was approximately $43.74 per barrel (representing 75% of the Brent oil price of $57.95 per barrel) as compared to $87.00 per barrel (representing 80% of the Brent oil price of $108.93 per barrel) for the first six months of 2014.
Bankers realized $9.9 million (representing $5.53 per barrel) during the second quarter in proceeds from corporate hedge proceeds. Additionally, Bankers received $1.4 million (representing $0.76 per barrel) in legacy accounts receivable realization as part of its domestic sales program.
For the six months ended June 30, 2015, Bankers realized $24.0 million (representing $6.66 per barrel) in proceeds from corporate hedge proceeds. Additionally, Bankers received $4.9 million (representing $1.37 per barrel) in legacy accounts receivable realization as part of its domestic sales program.
Bankers has hedged 6,000 bopd at a Brent price of $80.00 per barrel for 2015. The remaining 2015 hedge program at June 30, 2015 is valued at $21.3 million. ■
A hyperactive weather pattern will bring an expansive low pressure system across mainland U.S., resulting in widespread impactful weather to progress from west to east across the country through the next few days.