Oklahoma City-based Equal Energy Ltd. (NYSE: EQU) detailed its year-end 2013 financial results, the company said March 17.
Capex had been between $38 million-$41 million at original guidance. But for the year, capex was $35.6 million, below guidance due to unexpectedly low drilling costs, the company said. Due to the low costs, 12 wells were drilled for the original budgeted cost of 10, the company noted.
Cash flow was $30 million, Equal Energy said, noting that cash flow would have been stronger due to higher revenues, which resulted from improved commodity prices and unexpectedly low field level costs.
Additionally, the company said that full-year 2013 production was within guidance at 6,448 barrels of oil equivalent per day (boe/d), the company said, noting that throughout the year production centered on Oklahoma properties only, and that proceeds from the 2012 northern Oklahoma asset sale repaid outstanding debt.
Equal Energy Ltd. is an oil and natural gas exploration and production (E&P) company with assets in the Hunton property.
Recommended Reading
Chevron Hunts Upside for Oil Recovery, D&C Savings with Permian Pilots
2024-02-06 - New techniques and technologies being piloted by Chevron in the Permian Basin are improving drilling and completed cycle times. Executives at the California-based major hope to eventually improve overall resource recovery from its shale portfolio.
CEO: Continental Adds Midland Basin Acreage, Explores Woodford, Barnett
2024-04-11 - Continental Resources is adding leases in Midland and Ector counties, Texas, as the private E&P hunts for drilling locations to explore. Continental is also testing deeper Barnett and Woodford intervals across its Permian footprint, CEO Doug Lawler said in an exclusive interview.
TPH: Lower 48 to Shed Rigs Through 3Q Before Gas Plays Rebound
2024-03-13 - TPH&Co. analysis shows the Permian Basin will lose rigs near term, but as activity in gassy plays ticks up later this year, the Permian may be headed towards muted activity into 2025.
For Sale, Again: Oily Northern Midland’s HighPeak Energy
2024-03-08 - The E&P is looking to hitch a ride on heated, renewed Permian Basin M&A.
Texas Earthquake Could Further Restrict Oil Companies' Saltwater Disposal Options
2024-04-12 - The quake was the largest yet in the Stanton Seismic Response Area in the Permian Basin, where regulators were already monitoring seismic activity linked to disposal of saltwater, a natural byproduct of oil and gas production.