Abraxas (NASDAQ:AXAS) has made some big changes to its business since 2011. It focused on several plays including the Bakken, Eagle Ford, Powder River Basin, Southern Alberta Basin, the Pekisko Fairway, Permian Basin, Uinta Basin, Green River Basin, and onshore Gulf Coast. This was a logistical nightmare, and one of the reasons its stock has depreciated in value by over 50% from its 2011 peak. It is now levered to two plays, the Bakken and Eagle Ford. These changes have made a more focused model, and one that should out perform through the drill bit. Abraxas is also deleveraging through the divesting of non-core assets. It is increasing liquidity. It is increasing production while decreasing well costs.
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