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Freitag,
03.02.2017 12:30
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W&T Offshore Announces Year-End 2016 Proved Reserves, Production For 2016, An Update On The A-18 Well At Mahogany And An Extension Of The Appeal With IBLA Regarding BOEM Orders
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PR Newswire
HOUSTON, Feb. 3, 2017
HOUSTON, Feb. 3, 2017 /PRNewswire/ -- W&T Offshore, Inc. (NYSE: WTI) today reported its year-end 2016 proved reserves, production for the fourth quarter and full year of 2016, an update on the flow rate at SS 349 A-18 well at Mahogany and an extension on the appeal before the United States Department of Interior Board of Land Appeals ("IBLA") regarding Bureau of Ocean Energy Management (BOEM) orders.
Year-End 2016 Proved Reserves
The Company's year-end 2016 SEC proved reserves were 74.0 million barrels of oil equivalent ("Boe"), or 444.0 billion cubic feet ("Bcfe"), with 55% comprised of liquids (44% crude oil and 11% natural gas liquids ("NGLs")) and 45% natural gas. Approximately 64% of our 2016 proved reserves were classified as proved developed producing, 23% as proved developed non-producing and 13% as proved undeveloped. Total production of approximately 15.4 million Boe in 2016 was substantially offset by upward revisions due to performance despite lower SEC average prices.
The present value of our reported SEC proved reserves, discounted at 10% ("PV-10"), was $754.9 million. The 2016 SEC PV-10 is based on an average crude oil price of $39.25 per barrel and average natural gas price of $2.48 per Mcf, both before adjustment for quality, transportation fees, energy content, and regional price differentials. For 2015, the average crude oil price was $46.79 per barrel and $2.59 per Mcf and PV-10 was $965 million.
For comparative purposes, utilizing the forward closing prices on the New York Mercantile Exchange (NYMEX) for crude oil and natural gas on December 30, 2016 (the last trading day of 2016), total proved reserves at December 31, 2016 would have been 77.6 million Boe, with a PV-10 value of $1.2 billion, an increase of $457.3 million over the SEC PV-10. This would also have resulted in a reserve replacement rate of 102% in 2016 over 2015. The NYMEX based PV-10 uses an un-weighted average crude oil price of $56.31 per barrel and $3.07 per Mcf for natural gas as shown in the table below.
In the SEC case, positive revisions totaled 14.2 million Boe, primarily as a result of better than projected performance in several of our key fields, the addition of certain incremental proved drilling locations, as well as ongoing success in managing, and reducing lease operating expenses across the vast majority of our asset base, thereby extending field life. Offsetting our positive technical reserves gains, was a 1.2 million Boe negative revision to proved reserves due to a 16% decline in the crude oil price and a 4% decline in the natural gas price (based on SEC rules and protocol), which are used to calculate 2016 proved reserves.
| Proved Reserve Reconciliation | ||||||||||
| Year To Date 2016 | ||||||||||
| | | Oil & NGLs | | | | | | | | PV-10(1) |
| | | (MBbls) | | GAS (MMcf) | | MMcfe | | MBoe | | ($ in thousands) |
| Balance, December 31, 2015 | | 42,118 | | 205,416 | | 458,126 | | 76,354 | | $ 965,631 |
| Revisions due to: | | | | | | | | | | |
| | | | | | | | | | | |
| Pricing (2) | | (852) | | (2,300) | | (7,411) | | (1,235) | | |
| Performance (3) | | 8,512 | | 34,414 | | 85,485 | | 14,247 | | |
| Production | | (8,743) | | (39,731) | | (92,188) | | (15,365) | | |
| Balance, December 31, 2016 | | 41,036 | | 197,798 | | 444,011 | | 74,002 | | $ 754,933 |
| | |
| | |
| (1) | PV-10 for this presentation excludes any provision for asset retirement obligations or income taxes. |
| | |
| (2) | In accordance with guidelines established by the SEC, our estimated proved reserves as of December 31, 2016 were determined to be economically producible under existing economic conditions, which requires the use of the 12-month average commodity price for each product, calculated as the unweighted arithmetic average of the first-day-of-the-month price for the year end December 31, 2016. The West Texas Intermediate posted price and the Henry Hub spot price were utilized as the referenced price and after adjusting for quality, transportation, fees, energy content and regional price differentials. In determining the estimated realized price for NGLs, a ratio was computed for each field of the NGLs realized price compared to the crude oil realized price. Then, this ratio was applied to the crude oil price using SEC guidance. Such prices were held constant throughout the estimated lives of the reserves. Future production and development costs are based on year-end costs with no escalations. |
| | |
| (3) | Due to positive performance revisions and lease operating expense reductions. |
The table below is a reconciliation of proved reserves calculated at SEC pricing compared to proved reserves at NYMEX on December 30, 2016.
| | | YE 2016 - SEC Pricing (1) | | YE 2016 - NYMEX Strip Pricing (2) | | NYMEX vs. SEC Variance | ||||||||||||
| | | | | | | | | | | | | | | | | | | |
| | | Equiv | | Equiv | | | | Equiv | | Equiv | | | | Equiv | | Equiv | | |
| | | MMcfe | | MBoe | | PV-10 | | MMcfe | | MBoe | | PV-10 | | MMcfe | | MBoe | | PV-10 |
| PDP | | 283,881 | | 47,314 | | $449,407 | | 301,198 | | 50,200 | | $ 735,549 | | 17,317 | | 2,886 | | $286,142 |
| PDNP | | 104,362 | | 17,394 | | 228,918 | | 109,823 | | 18,304 | | 338,696 | | 5,461 | | 910 | | 109,778 |
| PUD | | 55,769 | | 9,295 | | 76,608 | | 54,577 | | 9,096 | | 138,016 | | (1,192) | | (199) Werbung Mehr Nachrichten zur W&T Offshore Aktie kostenlos abonnieren
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