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Alta Mesa Resources slides 16% post Q2 results

Aug. 14, 2018 10:38 AM ETAlta Mesa Resources, Inc. (AMR-OLD) StockBy: Vandana Singh, SA News Editor3 Comments
  • Alta Mesa Resources (NASDAQ:AMR-OLD -15.5%) reports Q2 total production of 2,334 MBoe, equivalent to 25,600 boe/day that was impacted by offset well shut-ins for fracture stimulation effectiveness
  • Average realized prices (including hedging): Oil: $54.29 /bbl; Natural gas: $2.02/Mcf; NGL: $18.47/bbl
  • Outlook: The company expects 2018 exit production of 38,000-40,000 boe/day and average daily production of 29,000-31,000 boe/day.
  • To expand the Kingfisher Midstream segment, the company has begun to transfer produced water business to Kingfisher Midstream; the transfer is expected to complete in 2018; also, now the platform is no longer expected to achieve previously provided EBITDA guidance.
  • The Board has authorized repurchase program of up to $50M.
  • Previously: Alta Mesa Resources misses by $0.14, misses on revenue (Aug 14)

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