Sanchez Energy reported an excellent third quarter, highlighting their industry-leading well costs and acquisition successes.

Related: Sanchez Energy to Increase Upstream Spending

During an earnings call this week, Sanchez executives shared the company’s significant process improvements and efficiency gains during 2016 Q3 including an average well cost is below $3.0 million each.

For their Eagle Ford development, Sanchez remains primarily focused on Catarina and the Maverick area of Cotulla. The company currently runs three rigs with plans to drop to two rigs during the fourth quarter. Their new, advanced completion designs are showing significantly higher oil yields of up to 250 barrels per million cubic feet of gas.

Third quarter highlights include:

• Total production of 4.7 million barrels of oil equivalent (“MMBoe”), or approximately 51,500 barrels of oil equivalent per day (“Boe/d”)
• Average drilling and completion costs at Catarina and Cotullawere $3.0 million per well
• Company’s best wells coming in below $2.8 million per well in both areas
• Company estimates it has over 350 Upper Eagle Ford locations with returns in excess of 50%
• Revenues of approximately $114.8 million-up 3.5 percent when compared to the second quarter 2016
• Company reported a net loss attributable to common stockholders of $70.2 million for the third quarter 2016;

Read more at sanchezenergycorp.com