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For Immediate Release
WildHorse Resource Development Corporation Announces Second Quarter Results
HOUSTON, August 9, 2017 WildHorse Resource Development Corporation (NYSE: WRD) announced today its operating and financial results for the three months ended June 30, 2017.
Operational highlights from the second quarter 2017 include:
Increased average daily production by 55% to 22.6 Mboe/d for the second quarter 2017 compared to 14.6 Mboe/d for the second quarter 2016
Brought online 18 gross (17.4 net) Eagle Ford wells, 1 gross (1.0 net) Austin Chalk well, and 2 gross (1.1 net) North Louisiana wells in the second quarter of 2017
Total of 41 gross Gen 3 Eagle Ford wells are now online averaging a 101 boe per foot EUR(1) which is 11% above WRDs Eagle Ford type curve of 91 boe per foot
Brought online 9 gross Eagle Ford wells on the Clayton Williams acquisition acreage with the average of wells exceeding our 91 boe per foot type curve(2)
Brought online WRDs first Austin Chalk well in Washington County at an IP-30(3) of 2,387 boe/d (26% oil, 38% natural gas, and 36% natural gas liquids (NGLs))
Brought online 6 gross Eagle Ford wells adjacent to the recently acquired Anadarko/KKR acreage with the average of wells exceeding our 91 boe per foot type curve
Brought online 2 gross Eagle Ford wells on acreage without assigned locations
Achieved an average drilling time of 13.2 days from spud to rig release on all Eagle Ford rigs in the second quarter with the fastest well to date drilled in 8.9 days
Continued success testing Eagle Ford refracs with three additional tests online
Reduced lease operating expense (LOE) in the second quarter to $3.33 per boe compared to $4.37 per boe in the first quarter of 2017
Financial highlights from second quarter 2017 include:
Reported Net Income available to common stockholders of $25.9 million or $0.28 per share for the second quarter 2017. Reported Adjusted Net Income available to common stockholders(4) of $5.5 million or $0.06 per share for the second quarter 2017
Reported Adjusted EBITDAX(4) of $52.4 million for the second quarter 2017 compared to $21.7 million for the second quarter 2016
The following information was filed by Wildhorse Resource Development Corp (WRD) on Wednesday, August 9, 2017 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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