Midland-based Permian Resources said recently it has increased midpoint of full year production guidance by about 3 percent to 385,000 boed and 178,500 b/d of crude oil. The increase is driven by “continued strong well results and the recently closed APA bolt-on acquisition” (13,000 acres in northern Delaware Basin in June). The company also is adjusting its cash capital expenditures to a range of $1.92 billion to $2.020 billion.
Production in second quarter was 385,118 boed, 176,533 b/d of crude oil and 664.686 million cfd of natural gas. In its 2Q report Aug. 6, Permian Resources also said its team drilled 5 of the 10 fastest wells in company history, including its fastest Delaware Basin well. And the company realized the lowest cost per foot for completions in its history.
Will Hickey, co-CEO, said Aug. 6, “Our business continues to operate at a very high level as evidenced by our second quarter results. We continue to improve our low-cost leadership and high-quality asset base… During the quarter, we set new company records for the fastest well drilled, the most feet drilled per day and the lowest completions cost per foot. These results demonstrate the efficiency gains we are achieving across both legacy and recently acquired assets.”
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