Sanchez Energy (NYSE: SN) reported Q4 EPS of $0.04, $0.74 better than the analyst estimate of ($0.70). Revenue for the quarter came in at $109.5 million versus the consensus estimate of $137.11 million.

"2015 was a strong year for Sanchez Energy despite the most challenging commodity environment we have faced as a Company," said Tony Sanchez, III, Chief Executive Officer of Sanchez Energy. "Our achievements in 2015 include ending the year with a strong cash position of $435 million. The Company's cash position was aided by several key divestitures with Sanchez Production Partners which generated approximately $430 million in cash proceeds without needing to issue additional equity or debt. Our balance sheet remains strong and we are well prepared to weather a prolonged down cycle."

"In addition, our operations delivered exceptional results on all fronts in terms of both increased well productivity and continued cost reductions. We improved well results in all areas through increased drilling and completion efficiencies -- notably, Catarina wells are now over 40 percent more productive than they were when we acquired them. Next, we reduced our capital cost structure considerably by more than 55 - 65 percent across our asset areas. These two accomplishments alone significantly improved our well economics throughout our portfolio and allowed us to reach our original production target range with a capital program we reduced by about 50 percent over the course of the year. Furthermore, despite our lower capital spending levels, we continued to appraise our large acreage position in the Catarina and Cotulla areas of the Eagle Ford which resulted in booking of new proven undeveloped reserves in these areas. Strong production also resulted in positive revisions to existing reserve forecasts of proven developed producing and proven undeveloped wells for Catarina and Cotulla. 2015 yearend reserves were 128 MMboe at the SEC oil price of $50.28 / Bbl, which is roughly flat year over year despite oil price falling by roughly $45/Bbl relative to yearend 2014.

"Furthermore, we closed on an innovative midstream transaction in which we invested in a new gas processing plant and gathering pipeline with our 50-50 joint venture partner, Targa. This investment is expected to further reduce our operating costs, enhance our revenues and improve our netbacks in Catarina. We also ended the year with a solid hedge position including covering approximately 100% of our oil volumes and 95% of our gas volumes, both hedged in 2016 at attractive prices. This competitive hedge position will allow us to execute our 2016 plan and build flexibility for 2017. We expect that these achievements will provide a strong foundation as we navigate through 2016 and prepare for 2017."

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