Roan Resources, Inc. Provides Positive Update to 2Q’19 Guidance and Provides Operational Update
14 Junho 2019 - 9:00AM
Business Wire
Roan Resources, Inc. (NYSE: ROAN) (“Roan” or the “Company”)
announced it is positively updating guidance for the second quarter
of 2019.
Specifically, the Company anticipates second quarter production
to exceed 50 thousand barrels of oil equivalent (MBoe) per day,
which compares to adjusted guidance of approximately 49 MBoe/d,
when accounting for ethane rejection(1).
Additionally, due to drilling and completion costs continuing to
trend lower, the Company is projecting CAPEX to come in
approximately 10% below original second quarter guidance of $155
million.
The Mad Play unit, along with the Mayes wells from the Earl and
Victory Slide units, continue to be strong producing wells. Updated
results for these wells are as follows:
- 4-well Mad Play unit had an average per
well 30-day IP rate of 1,602 Boe/d (44% oil, 20% NGLs, 36% gas)
from a normalized 10,000-foot lateral
- 3 Mayes wells from the Earl unit had an
average per well 30-day IP of 1,466 Boe/d (39% oil, 24% NGLs, 37%
gas) from a normalized 10,000-foot lateral
- 2 Mayes wells from the Victory Slide
pad had an average per well 30-day IP rate of 1,109 Boe/d (71% oil,
14% NGLs, 15% gas) from a normalized 10,000-foot lateral
The Company anticipates 14 gross operated wells to be turned to
first sales during June and July. These wells are spaced and being
completed in accordance with the Company’s improved development
program of 2019 and anticipates strong performance results from
this group of wells.
“We remain focused on executing on our development program and
achieving free cash flow by the fourth quarter of 2019 while still
growing production 20-25% year over year,” said Joseph A. Mills,
Roan’s Executive Chairman of the Board. “With respect to
operations, based on preliminary results, our second quarter
production results are outperforming on a lower capital spend. We
are expecting several strong wells to come online through July that
will further exemplify the meaningful operational optimizations the
Company has made. In addition, the Company remains very engaged
with the strategic initiative process with its advisors and has
executed multiple NDA’s with interested parties.”
1)
The Company elected to reject ethane in
the month of June, which impacts monthly volumes by approximately
3.3 MBoe/d. Previous second quarter guidance of 50 MBoe/d
incorporated ethane recovery in June.
About Roan Resources
Roan is an independent oil and natural gas company headquartered
in Oklahoma City, OK focused on the development, exploration and
acquisition of unconventional oil and natural gas reserves in the
Merge, SCOOP and STACK plays of the Anadarko Basin in Oklahoma.
For more information, please visit www.RoanResources.com, where
we routinely post announcements, updates, events, investor
information, presentations and recent news releases.
Cautionary Statements
This press release includes "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. All statements, other than statements of historical fact,
are forward-looking statements which contain our current
expectations about future results. These forward-looking statements
are based on certain assumptions and expectations made by the
Company, which reflect management’s experience, estimates and
perception of historical trends, current conditions and anticipated
future developments. Such statements are subject to a number of
assumptions, risks and uncertainties, many of which are beyond the
control of the Company, which may cause actual results to differ
materially from those implied or anticipated in the forward-looking
statements. When considering these forward-looking statements, you
should keep in mind the risk factors and other cautionary
statements found in the Company’s filings with the Securities and
Exchange Commission, including its Current Report on Form 8-K,
filed September 24, 2018 and any subsequently filed quarterly
reports on Form 10-Q or current reports on Form 8-K.
We caution you that these forward-looking statements are subject
to all of the risks and uncertainties, most of which are difficult
to predict and many of which are beyond our control, or incidental
to the development, production, gathering and sale of oil, natural
gas and NGLs. These risks include, but are not limited to,
commodity price volatility, inflation, lack of availability of
drilling and production equipment and services, environmental
risks, drilling and other operating risks, regulatory changes, the
uncertainty inherent in estimating reserves and in projecting
future rates of production, cash flow and access to capital, the
timing of development expenditures and the other risks.
Should one or more of the risks or uncertainties described
occur, or should underlying assumptions prove incorrect, our actual
results and plans could differ materially from those expressed in
any forward-looking statements.
All forward-looking statements, expressed or implied, included
in this release are expressly qualified in their entirety by this
cautionary statement. This cautionary statement should also be
considered in connection with any subsequent written or oral
forward-looking statements that we or persons acting on our behalf
may issue.
Except as otherwise required by applicable law, we disclaim any
duty to update any forward-looking statements, all of which are
expressly qualified by the statements in this section, to reflect
events or circumstances after the date of this release.
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version on businesswire.com: https://www.businesswire.com/news/home/20190614005078/en/
Investor Contact:Alyson GilbertInvestor Relations
Manager405-896-3767IR@RoanResources.com
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