Fri, Mar. 6, 11:54 AM
- Abraxas Petroleum (AXAS +3.8%) enjoys a second day of solid gains following better than expected Q4 earnings and a 40% Y/Y increase in revenues.
- Canaccord upgrades shares to Buy from Hold and raises its price target to $3.75 from $3.25, noting the company's strong operational ability and balance sheet, which AXAS can use to accretively add to its asset base.
- AXAS already has positions in two of the leading U.S. resource plays, the Williston Basin and the Eagle Ford, and more under the radar assets with strong upside include those in the Powder River Basin and Permian Basin, the firm says.
Wed, Mar. 4, 5:30 PM
Wed, Mar. 4, 4:49 PM| Comment!
Dec. 16, 2014, 11:59 AM
- Abraxas Petroleum (AXAS +7.4%), down as much as 12% in premarket trading, has since powered higher after reporting that it plans to cut its 2015 drilling budget while expecting reduced Q4 production volumes.
- Baird downgrades shares to Neutral from Outperform with a $3 price target, down from $6, saying the reduced production guidance on operational constraints ends the major sustained internal momentum that formed a cornerstone of its bullish thesis; while upside potential appears dashed for now, a strong balance sheet offers downside protection, the firm says.
Dec. 15, 2014, 4:57 PM
- Abraxas Petroleum (NASDAQ:AXAS) says it will cut its 2015 drilling budget to $54M from $200M, with most of the reductions coming from the Eagle Ford where it will now release the rig after the drilling of the R. Henry 1H; AXAS also is postponing its planned 2015 Permian development until commodity prices recover.
- AXAS also cites several factors in lowering expected Q4 production volumes to 6.7K-6.8K boe/day, while still expecting to reach its forecast exit rate of 8.5K boe/day in the coming weeks when the Stenehjem wells are all flowing to sales.
Dec. 15, 2014, 9:12 AM
Nov. 28, 2014, 9:17 AM| 13 Comments
Nov. 5, 2014, 7:03 AM
Nov. 4, 2014, 5:30 PM
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Sep. 15, 2014, 6:32 PM
- Abraxas Petroleum (NASDAQ:AXAS) +1.2% AH after raising Q3 production guidance to 6.9K-7K boe/day from 6.5K-6.7K boe/day, and lowers expected operating costs to $12-$13/boe from $13-$14/boe.
- AXAS says three wells at its North Fork prospect in North Dakota have been on production an average of 27 days, producing 1,269 boe/day per well during the period.
Aug. 6, 2014, 6:48 AM| 2 Comments
Aug. 4, 2014, 4:38 PM
- In an operations update, Abraxas Petroleum (NASDAQ:AXAS) says Q2 production averaged ~4,987 boe/day (69% oil, 23% natural gas, 8% natural gas liquids), above earlier guidance of 4,600-4,750 boe/day (65% oil, 28% natural gas, 7% NGLs).
- Says the Dutch1H well at the Abraxas' Cave prospect in the Eagle Ford averaged 786 boe/day over the first 30 full days of production.
- Expects Q3 production of 6,500-6,700 boe/day (72% oil, 21% natural gas, 7% NGLs); leaves unchanged FY 2014 guidance of 5,800-6,000 boe/day with an exit rate of 8K boe/day.
Jul. 9, 2014, 2:55 PM
- Abraxas Petroleum (AXAS +2%) trades higher after an operations update on its Eagle Ford and Bakken assets says three new wells in North Dakota are producing a combined 2,845 boe/day.
- AXAS also says two recently completed wells in Texas are flowing to sales at encouraging rates, with a third Eagle Ford well still being drilled.
Jun. 12, 2014, 5:09 PM
- Abraxas Petroleum (AXAS), which had been gaining after a second production guidance upgrade in a week, is now -3.5% AH after announcing plans for a public offering of 10M common shares, with an underwriters' option for another 1.5M shares.
- AXAS intends to use the proceeds for general corporate purposes, which includes an acceleration of its Eagle Ford drilling program.
Jun. 12, 2014, 4:40 PM
- Abraxas Petroleum (AXAS) +2.7% AH after raising production guidance to 5.8K-5.6K boe/day (70% oil) from 5.5K-5.7K just a week ago.
- AXAS also raises its capex guidance to $190M, up from $160M last week and $125M at the start of the year; operating costs are left unchanged.
- Existing credit facility terms are modified to extend the maturity to June 30, 2018, reduce interest by 50 bps across the grid and reduce the commitment fees to 37.5 bps.
Jun. 4, 2014, 4:40 PM
- Abraxas Petroleum (AXAS) +3.2% AH after raising its production guidance for FY 2014 to 5.5K-5.7K boe/day from its prior estimate of 5.2K-5.3K.
- In an operational update on its Eagle Ford and Williston Basin properties, AXAS says the Snake Eyes 1H well in the Jourdanton prospect in Texas averaged 759 boe/day through the most recent 30 days of production.
- AXAS recently elected to increase its 2014 capital budget to $160M from $125 to drill three incremental Eagle Ford wells.
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