PetroQuest Energy (PQ) Boosts Q1 Production Outlook
Get Alerts PQ Hot Sheet
Join SI Premium – FREE
PetroQuest Energy, Inc. (NYSE: PQ) announced that it is increasing its first quarter 2016 production guidance to approximately 81-82 MMcfe per day (73% gas, 11% oil and 16% NGLs) from its previously issued guidance of 72-76 MMcfe per day. The midpoint of the revised guidance represents an approximate 12% increase from the Company's production rate during the fourth quarter of 2015.
Management's Comment
"To be able to increase production guidance without an increase in capital investment underscores the quality of our producing assets," said Charles T. Goodson, Chairman, Chief Executive Officer and President. "Our most recent Cotton Valley wells along with Thunder Bayou continue to outperform our expectations and were the primary drivers for our better than expected first quarter production rate. We have participated in over 600 horizontal wells in a number of resource trends targeting both shales and tight sands. This experience, primarily gained in the Woodford Shale where we have been a leader with our partner, has allowed us to quickly achieve top tier results in the Cotton Valley as evidenced by the consistent improvement in EURs and rates over the last few years. Well performance improvements in the Cotton Valley have coincided with reduced costs on an absolute and a per lateral foot basis. While declining service costs and access to premium equipment have contributed to our success in lowering well costs, our team's execution, leveraging our experience as a horizontal driller, has certainly had a meaningful impact to cost reduction results."
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- IBM (IBM) announces mixed Q1 results, HashiCorp acquisition; shares down
- Boeing (BA) Statement on U.S. Air Force Collaborative Combat Aircraft Announcement
- Hempacco Co (HPCO) Receives Nasdaq Non-compliance Notice
Create E-mail Alert Related Categories
Corporate News, Guidance, Management CommentsRelated Entities
Dividend, Definitive AgreementSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!