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For Immediate Release
EP Energy Reports 3Q18 Results - Drilled the Most Productive Oil Well in Company History and Demonstrated Financial Discipline
HOUSTON, TEXAS, November 7, 2018 EP Energy Corporation (NYSE:EPE) today reported third quarter 2018 financial and operational results.
3Q18 Updates - Continuing to Execute Strategy with Focus on Value Creation and De-levering the Business
· Drilled and completed most productive oil well in company history in Northeastern Utah (NEU), formerly Altamont
· Drilled most productive Eagle Ford oil well and second most productive Permian oil well in company history
· Improved capital efficiency in all three assets
· Operating cash flows $163MM, investing cash flows ($205MM), and financing cash flows of ($1MM)
· Free cash flow positive of $4MM (excluding hedges) for the first quarter in company history
· Initiated third Eagle Ford enhanced oil recovery (EOR) pilot project in October
· Drilled and completed two horizontal wells in NEU and currently have 57 horizontal permits in process
· Equivalent production of 80.4 MBoe/d
· Oil production of 46.4 MBbls/d
· Net loss of $44MM
· Adjusted EBITDAX of $214MM
· Oil and gas expenditures of $201MM including $46MM acquisition capital
· Adjusted oil and gas expenditures of $133MM
· Completed (based on wells fracture stimulated or fracd) 31 gross wells
· G&A expense of $2.91 per Boe, Adjusted G&A expense of $2.05 per Boe
The following information was filed by Ep Energy Llc on Wednesday, November 7, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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