Chaparral Energy Announces Year-end 2018 Reserves and Provides Operational Update
2019年1月9日 - 6:45AM
Chaparral Energy, Inc. (NYSE: CHAP) today announced 2018 year-end
SEC reserves and preliminary operational results, as well as
additions to its hedge portfolio.
Highlights
- Increased year-end 2018 proved
reserves to 94.8 million barrels of oil equivalent (MMBoe), up 35%
compared to year-end 2017 proved reserves adjusted for 2018
divestitures
- Increased STACK proved reserves to 73.7 MMBoe, an increase of
approximately 49% compared to year-end 2017 proved reserves
- Replaced 519% of estimated 2018
STACK production
- Produced an estimated 21.7 thousand
barrels of oil equivalent per day (MBoe/d) for the fourth quarter
of 2018
- Grew STACK production to an
estimated 16.6 MBoe/d during the fourth quarter of 2018, up 60%
compared to the fourth quarter of 2017
- Drilled and completed the
five-well, Kingfisher County King Koopa partial section spacing
test in the fourth quarter of 2018 and encouraged by early
results
- Further strengthened the company’s
hedging profile to protect cash flow
“We are very pleased with the significant growth
in our year-end reserves and our continued strong operational
results,” said Chief Executive Officer Earl Reynolds. “Our premier
STACK assets continue to build economic proved reserves and provide
significant long-term drilling opportunities. Although the recent
drop in commodity prices has created uncertainty in the market, we
remain focused on delivering exceptional operational results and
profitable production growth while minimizing costs. We are
currently working with our board to finalize our 2019 business plan
as we look at various capital program alternatives, which adhere to
our strategic objectives of profitably growing production and
delivering strong returns through intense focus on execution and
costs, while maintaining more than sufficient liquidity. We are
confident in our ability to operate in a lower commodity price
environment while still creating value for our shareholders.”
Operational Update
Chaparral added a fourth rig during the fourth
quarter of 2018 to advance its Kingfisher County King Koopa and
Canadian County Merge Foraker spacing tests, as well as progress
through the remaining joint venture wells with Bayou City Energy.
The five King Koopa wells and the original parent were placed on
production throughout December and initial production and pressure
indications are encouraging, with limited communication between
child wells or the original parent, suggesting Chaparral’s spacing
and frac design are working effectively. Initial results for the
King Koopa test will be available when there have been a sufficient
number of days of production to report. The company is currently
drilling the 11-well Foraker full section spacing test in Canadian
County and plans to have well results available in the first half
of 2019.
Total company production for the full year 2018
was an estimated 20.5 MBoe/d, of which 36% was oil and 25% was
natural gas liquids (NGLs). STACK production for the full year 2018
was an estimated 14.5 MBoe/d, an annualized growth rate of 52%
compared to 2017, of which 35% was oil and 26% was NGLs. Total
company production for the fourth quarter of 2018 was an estimated
21.7 MBoe/d. Fourth quarter 2018 STACK production was an estimated
16.6 MBoe/d, which represents a 60% increase when compared to the
fourth quarter of 2017 and a 6% increase compared to the third
quarter of 2018.
2018 Year-End Proved
Reserves
Chaparral’s preliminary determination of
year-end 2018 proved reserves increased 35% from year-end 2017 to
94.8 MMBoe after adjusting for 2018 divestitures, with 34% oil and
27% NGLs. Approximately 57% of the proved reserves were classified
as proved developed. The company’s reserve estimates were prepared
by third-party reserve consultant Cawley, Gillespie and
Associates.
Proved reserves for Chaparral’s STACK assets
increased by 49% on a year-over-year basis, from 49.4 MMBoe to 73.7
MMBoe. In the STACK, Chaparral replaced 519% of estimated 2018
STACK production.
Hedging Update
Chaparral has significantly added to its hedge
position with incremental hedge capacity associated with its fall
borrowing base redetermination since the end of the third quarter
of 2018. Most notably, the company has added 760,000 barrels of oil
hedges in 2019 at an average price of $56.81 and an additional
340,000 barrels of oil hedges in 2020 at an average price of
$53.88. The company has also added natural gas hedges of
approximately 2.1 billion BTUs at an average price of more than
$3.02 in 2019.
Below is a summary of all derivative contracts
for 2019 and 2020 as of January 8, 2019.
Hedge Positions |
2019 |
|
2020 |
Crude Oil Swaps |
|
|
Hedge
Volume (BBL) |
2,322,200 |
|
1,887,000 |
Average
Price ($/BBL) |
$56.20 |
|
$50.33 |
Crude Oil Roll |
|
|
Hedge
Volume (BBL) |
530,000 |
|
410,000 |
Average
Ceiling Price ($/BBL) |
$0.52 |
|
$0.38 |
Natural Gas Swaps |
|
|
Hedge
Volume (MMBTU) |
9,461,500 |
|
3,600,000 |
Average
Price ($/MMBTU) |
$2.85 |
|
$2.77 |
Natural Gas Collars |
|
|
Hedge
Volume (MMBTU) |
240,000 |
|
|
Average
Ceiling Price ($/MMBTU) |
$5.07 |
|
|
Average
Floor Price ($/MMBTU) |
$4.00 |
|
|
Natural Gas Basis Swaps (PEPL) |
|
|
Hedge
Volume (MMBTU) |
5,701,300 |
|
|
Average
Price ($/MMBTU) |
($0.67) |
|
|
NGL Swaps |
|
|
Propane
Hedge Volume (Gallons) |
11,466,000 |
|
4,284,000 |
Propane
Average Price ($/Gallon) |
$0.74 |
|
$0.74 |
Natural
Gasoline Hedge Volume (Gallons) |
4,956,000 |
|
1,890,000 |
Natural
Gasoline Average Price ($/Gallon) |
$1.39 |
|
$1.39 |
|
|
|
|
About Chaparral Chaparral
Energy (NYSE: CHAP) is an independent oil and natural gas
exploration and production company headquartered in Oklahoma City.
Founded in 1988, Chaparral is a pure-play operator focused in
Oklahoma’s highly economic STACK Play, where it has approximately
127,000 net acres primarily in Kingfisher, Canadian and Garfield
counties. The company has approximately 265,000 net surface acres
in the Mid-Continent region. For more information, visit
chaparralenergy.com.
Investor Contact Joe Evans Chief Financial
Officer405-426-4590joe.evans@chaparralenergy.com
Media Contact Brandi Wessel Communications
Manager405-426-6657brandi.wessel@chaparralenergy.com
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