Earthstone Energy executives announce they are looking for more investment opportunities in the Eagle Ford Shale after cutting staff expenses by 12% in 2015.
Related: Carrizo Oil & Gas Focuses on Eagle Ford
Earthstone Energy released its Q4 and full year 2015 results showing a net loss of $116.5 million for the quarter and $116.7 million loss for the year. During an earnings call on Monday, the company's CEO called it a 'decent' quarter, despite the downturn.
Executives also announced an annual savings associated with general administrative costs to be about $1.3 million, mostly from expenses related to personnel.
“During 2015 (...) we cut virtually all of our long term contractors, some employees, rolled back salaries 10% and eliminated some benefits. We did what we had to do, however I am pleased to say that staff morale and determination to succeed is high.”
Eagle Ford Operations
In the fourth quarter, Earthstone drilled four-well Eagle Ford Boggs Unit in Karnes County and report that there are 12 wells that were waiting on completion by year's end. Looking to 2016, the company anticipates completing these wells in the second half of 2016.
- One well with a lateral length of approximately 7,200 feet will be completed with 32 stages
- Three wells with lateral lengths of approximately 6,500 feet will be completed with 30 stages
- Completion costs are expected to be less than $100,000 per stage
Read more about Earthstone Energy in the Eagle Ford
Other 2015 Highlights
- Q4: Average daily production of 3,872 Boepd, a 40% increase compared to the fourth quarter of 2014(2);
- Q4: Revenues of $8.3 million
- Full 2015: Average daily production of 3,936 barrels of oil equivalent per day ("Boepd"), a 63% increase compared to the full year 2014
- Full 2015:Revenues of $49.4 million