Approach Resources Inc. (NasdaqGS: AREX) detailed year-end 2013 financial results Feb. 24.
Net income was $72.3 million, at $1.85 per diluted share, the company said, noting total revenue of $181.3 million.
Costs throughout 2013 totaled $297 million, and out of that amount, $250 million went to drilling and completions, $38 million went to pipeline and infrastructure, $8.3 million went to property and acreage acquisitions and lease extensions, and $7 million went to 3D seismic data, the company said.
At year’s end, $500 million was in revolving credit, and liquidity was $408.4 million, with 26% long term debt-to-capital, the company said.
Additionally, Approach Resources detailed year-end production results, noting a total 3,424 thousand barrels of oil equivalent per day (MBOE/d). Oil made up 42%, natural gas made up 30% and natural gas liquids (NGL) made up 28% of this amount, the company added.
Commodity prices averaged $90.70 per barrel of oil, $29.57 per barrel of NGL and $3.60 per thousand cubic feet (Mcf) of natural gas, before derivatives, the company said.
Approach Resources, based in Fort Worth, explores, develops and produces unconventional oil and natural gas in West Texas’ greater Permian Basin.
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