Seeking Alpha

Athlon posts strong production gains, buys Texas assets for $88M

  • Athlon Energy (ATHL +0.5%) says Q4 production rose 69% Y/Y to 14,689 boe/day vs. 8,710 boe/day in the year-ago quarter, with oil volumes growing 83% Y/Y; average FY 2013 production rose 73% to 12,213 boe/day vs. 7,047 boe/day during 2012, with oil volumes growing 85% Y/Y.
  • Agrees to acquire ~5,600 net acres in the northern Midland Basin for $88M; current production at the properties totals ~750 boe/day (60% oil).
  • Approves 2014 capital budget for drilling expenditures of $595M.
  • Expects 2014 production of 19,750-20,750 boe/day, exceeding previous expectations.
  • ATHL also files for a 12M-share common stock offering by selling stockholders; the company will receive no proceeds from the sale.
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Comments (2)
  • User 353732
    , contributor
    Comments (5057) | Send Message
     
    ATHL may be the best of the recent E&P IPOs; however, none of these companies can organically grow themselves to the size of a medium sized independent, which makes exit within the next 18 to 24 months the big strategic issue for both Boards and shareholders.
    25 Jan 2014, 02:41 PM Reply Like
  • Hendershott
    , contributor
    Comments (1618) | Send Message
     
    Very nice first horizontal well. 1734BOE/d DH
    25 Feb 2014, 08:01 PM Reply Like
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