Sanchez Energy Corporation announced results for the second quarter 2015. Revenues were $141.1 million, $169.3 million inclusive of hedge settlements.
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Net loss attributable to common stockholders was $566.9 million and Adjusted EBITDA was $111.9 million.
Other highlights:
Record total production of 4,907 thousand barrels of oil equivalent (MBOE) during the second quarter 2015, up 164% over the second quarter 2014;
Average production of 53,923 barrels of oil equivalent per day ("BOE/D"), which significantly exceeded the high end of the Company's second quarter 2015 production guidance of 42,000 to 46,000 BOE/D;
2015 capital spending guidance reduced 8% to $550 million to $600 million (as compared to previous guidance of $600 million to $650 million), due to improved operating efficiencies and lower overall well costs;
Preliminary 2016 capital guidance of $250 million to $300 million, a reduction of $300 million (or ~50%) from 2015 capital spending, while maintaining an expected significant backlog of banked wells at Catarina;
Increased full year 2015 production guidance by 4% to 46,000 to 50,000 BOE/D;
2016 capital budget expected to generate flat to moderate production growth in 2016 as compared to 2015, and to satisfy all significant lease obligations;
Liquidity of $572 million as of June 30, 2015, which consisted of $272 million in cash and cash equivalents and an undrawn bank credit facility, which has a $550 million borrowing base and an elected commitment of $300 million;
A total of 35 gross wells (31 net wells) brought online during the second quarter 2015, which includes several wells outside the Company's core Western Catarina acreage that have performed significantly better than expectations; and
A total of 68 wells drilled toward the Company's 50 well annual drilling commitment at Catarina for the period July 2014 to June 2015 -- as a result, the Company has banked 18 wells toward its next annual 50 well drilling commitment. ■